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If you are at a point in your life where you are interested in buying a luxury yacht, we have some tips for you before you dive in. As any yacht is a major investment, we’ve compiled some information about choosing the right yacht, costs of owning a yacht, maintaining your yacht, upgrading your yacht and much more.
Today’s yachts typically fall in to three main categories – standard yachts, mega yachts and super yachts. Standard yachts are anywhere from 30 feet to upwards of 150 feet long. Mega yachts are typically about 100-200 feet in length. And finally super yachts are the yachts that measure in at 200 feet and longer.
When buying a yacht, a buyers first consideration is typically the cost of purchasing the yacht. While you may be able to find “starter” yacht’s in the 30 to 50 foot range that range anywhere from $100,000 to $200,000, most yachts will very quickly scale up from there. Depending on the year the yacht was made, the materials used, the length, onboard electronics and amenities, and a number of other factors, the price of a yacht can vary wildly from ship to ship.
In addition to the costs of simply buying a yacht are the costs of maintaining a yacht. Included in this are fuel costs, dockage costs, cleaning, repairs, crew, and plenty of other unexpected costs. Depending on the size of your yacht, you could be looking at another couple of hundred thousand to even a couple of million dollars in yearly costs for yacht ownership.
When deciding on a yacht, you should consider not only the size of the yacht you’d like but also how often you intend to use it, and what you intend to use it for. This will help you answer a couple of important questions like how and where you may want to dock the yacht as well as what your average yearly maintenance costs may look like. This may also help you figure out if you would prefer to buy a new or pre-owned yacht, as some older yachts use materials that aren’t used any longer.
You will also want to weigh the costs and advantages of buying a yacht based on certain features and buying a yacht and then upgrading it’s electronics and features. For example, many yacht owners will purchase a pre-owned yacht for a lower price and then hire an experienced marine electrician and marine engineer to upgrade and replace a number of onboard electronics and equipment. Things like this can also help with the future resale value of a yacht.
Buying your first yacht is a big decision and a big investment, so it’s best to have as much information as possible when making that decision. If you’re thinking about becoming a new yacht owner, it’s important to know an excellent marine electrician and engineer, which is why you should know Tess Electrical. Feel free to speak with our experienced marine electricians about what we can do for your first yacht.