Everything You Need to Know About Buying a Luxury Yacht in Australia

Buying a yacht is an exciting life event. As a larger investment, you will want to make sure you have done your research to achieve the best value for money and tick all the boxes when it comes to the vessel that will best suit your intended lifestyle. With the ultimate checklist for first-time luxury yacht buyers in Australia, you can follow an easy step-by-step guide for everything you need, getting you out on the open seas in your perfect yacht as soon as possible.  

Select the right yacht for your lifestyle

The first step to buying your luxury yacht is to decide what kind of vessel you need. There are key questions to be answered to help you make this important decision, including how you will be using the vessel, how long you plan to spend onboard for each trip, how many passengers you would like the yacht to carry, where you plan to sail and where you plan to store your luxury yacht when it’s not in use. These answers will provide you with solid guidance as to the size of the vessel you will need, what kind of horsepower you are looking for and the marina fees you can expect for storage requirements. 

Research the market 

As with any major investment, you will want to do your research before making any large purchase decisions. The most prudent buyers will watch the market for anything up to 12 months before making their purchase decisions, but with advances in online boat sales, you will be able to research yacht sales from the past 24 months with a few clicks to get yourself up to speed on how the market is trending on yacht sales around the country. This stage is also where an experienced yacht broker can come in handy. With years of experience in the luxury yacht industry, a reputable broker like Simpson Marine can help you with price guidelines and provide access to a range of incredible new and used boats for sale. The connections that a quality yacht broker has will also be helpful in later steps in the process in connection to finance and insurance, as they can make recommendations on trusted partners to use for these services. 

Conducting inspections and assessments on used boats

In an ideal world, the luxury yacht you want will be located right near where you live and will not require travelling for inspections or assessments, but this is not always the case if you are considering purchasing a used vessel. Once you have narrowed your choices down to a shortlist, you then need to arrange the necessary inspections and sea trials. No matter where the vessel is located, it is always a good idea to have a thorough assessment done on the yacht you are looking to purchase by a professional. Your luxury yacht broker will be able to put you in touch with a range of expert surveyors close to the location of the vessel you are considering who can conduct pre-purchase inspections and provide you with a detailed report on the boat’s condition. If the yacht you are considering looks good, you can then plan to travel to the location for a sea trial before committing to the purchase. 

Luxury yacht builds

If a new vessel is what you desire, working with an expert broker will help you facilitate the process of having your yacht built and will provide you with an extra set of eyes for the build. With years of experience in the yachting industry, a quality broker is key to building the boat of your dreams, negotiating prices, adding all the little extras that will make this luxury vessel everything you’ve ever dreamed of and more. 

Negotiations on price

Whether it’s a new vessel or a second-hand yacht you are considering, there is always room to negotiate on price. After the initial inspection is conducted on a second-hand yacht, you can consider the costs to repair any aspects that are required and use these quotes as a bargaining tool. Other factors like the age of the vessel, maintenance records and comparable sales around the country can also be handy negotiation tools. The areas you can negotiate on a new yacht build are more likely to be on the addition of extra features and unique aspects that you would like to be included in the original build. When considering the cost of retrofitting additional features versus including them in the build, the more affordable option is to have them installed by your chosen boat builder as part of the original fit-out. This is often the most convenient choice as well.  

Finding the perfect boat storage

The consideration of where you will store your luxury yacht after your purchase is something you should be looking at before committing to the purchase. As soon as you begin the search for your ideal boat, your search for a place it can call home should also begin. Finding the right marina can be a time-consuming process with site inspections and multiple storage options to be considered. Busy marinas may also have a waiting list that you might need to join if they have minimal berths available. 

Considering insurance costs

A luxury yacht in Australia is a large addition to your asset list and should be adequately covered by insurance. Though you may have an existing insurance broker for other assets you hold, there are specific aspects of boat insurance that may be better understood by an expert in marine insurance. Your yacht broker can put you in touch with a reputable insurance broker so you can have your yacht insurance ready for the day you take official ownership.

With the ultimate checklist for first-time luxury yacht buyers in Australia and a reputable broker on your side, there is nothing to stop you from finding the kind of vessel you need to live the beautiful sea-faring life you’ve always wanted. Please contact our professional team at Simpson Marine Australia at [email protected], we are keen to help you in every step of your yacht-owning journey.