The dynamics of yacht purchasing have changed significantly since the onset of the pandemic in 2020. Initially, the market seemed to move at a rapid pace, but now a certain normalcy is gradually returning. Today, we observe a more moderate yacht market with well-considered sales and purchases. These changes affect potential buyers, who now face a range of new considerations.
A significant trend that is emerging is the increase in first-time buyers, who often have less experience and expertise. These new buyers have ambitious plans but increasingly require professional support to realize them. Another notable phenomenon is the rise in yacht owners who start boating relatively early. This shift is partly influenced by the global pandemic and the changed perception of time. Buyers are consciously making this transition and doing everything necessary to enable an adventure, committing to a high quality of life.
Despite these changes, prices in the yacht market remain stable, and the demand for high-quality boats is still high. However, there are some challenges, particularly related to Brexit and the associated bureaucratic hurdles. Navigating this complexity requires thorough preparation and support from an experienced broker.
Given these developments, it is important for potential yacht buyers to follow basic tips to ensure a smooth purchasing process. Here are six detailed recommendations:
1. Get professional advice
Before deciding to purchase a yacht, consult professionals such as brokers, lawyers, and tax advisors. They can help you avoid potential pitfalls and ensure that all legal requirements are met.
2. Conduct thorough due diligence
Carefully examine the condition of the yacht, its history, and all relevant documents to ensure you are purchasing a high-quality and legally compliant vessel.
3. Pay attention to the VAT status
Ensure that the VAT status of the yacht is clear and that all necessary documentation is in place, especially in relation to Brexit and potential tax implications.
4. Plan for the long term
Consider your long-term plans and goals when purchasing a yacht, including its potential use and maintenance costs.
5. Rely on experienced brokers
Work with established brokers who have expertise and a comprehensive network to assist you with all aspects of yacht purchasing.
6. Keep all documents carefully
Keep all relevant documents, contracts, and receipts securely to ensure a smooth sales process when needed and to avoid potential legal issues.
By following these tips, potential buyers can ensure that their purchase in the current yacht market becomes a successful and rewarding experience that meets their needs and goals.
Avcon Yacht, represented by their experts, offers you professional advice. From inspection to purchase and sale, they provide comprehensive support to ensure you can fully enjoy every journey on the water. Trust the expertise of Avcon Yacht for a worry-free purchase or sale of your yacht.
