19 September 2019
Many of us dream of having a yacht in the Caribbean, but what does it take to turn the dream into a reality (other than a bulging bank balance)?
Sailing conditions in the Caribbean lend themselves to smooth sailing, which is why the region is blessed with state-of-the-art marinas and berthing – with several more planned. The calm waters and sunny weather conjure up fabulous visions of a glorious life spent searching out new palm-fringed sandy islets. What could be better, than you, a boat and the warm, open waters of the Caribbean Sea?
Buying a yacht is a big decision. Whether buying new or second hand, power or sail, the initial outlay and ongoing costs are significant. So it is important to be realistic about one of the biggest and most important investment decisions you are ever likely to make.
For those who have the budget, congratulations – you are about to embark on an exciting and fulfilling experience!Few things are as exhilarating as the satisfaction and pride of owning your own vessel. Life will have new meaning now, so prepare to have some new adventures and lots of fun.
But first you need to purchase the right boat. Boat shows are a good first step as they are full of inspiring yacht concepts. Don’t allow the boundary-pushing designers blow your mind with their tech talk – be sure to attend a boat show with a specification for the type of boat you want, or more importantly perhaps, need. Do this by doing lots of homework, or engaging a broker or consultant to help nail things down. Otherwise you’ll be talked into purchasing a super-fast yacht with technical capabilities you’ll never use.
The Monaco Yacht Show, the London Boat Show in Southampton, the Gibralta Boat Show and the Fort Lauderdale International Boat Show all have plenty of choice for first-time buyers and seasoned buyers alike. You may, of course prefer to buy second hand and undertake a refit - if the price is right, then this is an excellent option for someone who wants to put their mark on a boat that isn’t a stranger to the seas. Either way, you’ll need to partner with designers or other yachting specialists who will have a huge impact on your yacht choice, or design. When you engage someone, it is crucial to find someone who listens and wants to collaborate – only then will they know exactly what you want and understand your taste and needs.
Regardless of if you plan to buy a regatta-ready charter yacht or design a brand new vessel, it is vital to be realistic about what you intend to use the boat for. If you plan to do a bit of gentle cruising with your partner, occasionally when the weather is perfect, you won’t need a mammoth triple-deck vessel with umpteen bedrooms and a kitchen large enough for large-scale catering. Many a first-time boat buyer who has snapped up their dream vessel only to realise, in truth, that it is way too big.
Consider these top ten tips for buying your boat.
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The type of boat.
The first thing to decide is what type of boat you would like to buy - consider what you want to achieve with your vessel and how you think you will use it. Will you day sail or stay on board for many days? Will you island hop or undertake long ocean passages? By being realistic about the usage, you will able to identify a boat type that will meet your needs the best.
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Nail the budget.
Whatever your budget, nail it – being sure to allow for the purchase price, storage, maintenance and running costs. As a rough rule of thumb a boat will likely cost at least 10% of the purchase price every year in maintenance and storage.
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Book a test ride
Be sure to test the boat our after viewing it – there is no substitute for trying before you buy. It is a big decision and any understanding owner or broker will be delighted to take you out for a test sail.
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Owner’s delight!
Congratulations – you are now officially a boat owner!! Time to enjoy your boat and get the best from it. If you intend to captain the boat yourself, it may be worth booking some private tuition to improve your skills, confidence and knowledge of the Caribbean sailing conditions. Join a yacht club if you can to get involved with social activities and cruises – you’ll meet like-minded people and will benefit from local know-how.
