- What To Know Before Buying A Boat
- What You Need To Know Before Buying Your First Yacht
- What Questions To Ask Before Buying A Boat
- Common Boat Buying Mistakes
What To Know Before Buying A Boat – Most people think that boats are a sign of wealth, but you don’t have to be ultra-rich to buy your own boat. In fact, if you are looking for your first boat, you have a few options when it comes to boats.
But before you make the big purchase and hit the water, there are a few things you should know. Check out this guide to help you know what to consider when purchasing a boat for the first time.
What To Know Before Buying A Boat
The first question you should ask yourself is what you will use the boat for and where you will use it. This will help you choose the right boat model and style.
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Do you like doing sports like tubing and water skiing? Or do you prefer recreation like fishing or relaxing with friends? Perhaps you would like to use your boat for a combination of activities.
With a variety of boat uses, there are a variety of boat types, styles and sizes, so it is important to do your research on the boat that fits your needs.
Some people like to keep their boats at home, so they can tow them behind trailers to explore many waterways. Others prefer to dock in a marina.
Consider the equipment you will need to tow the boat, the permits you will need to move it, and storage costs no matter where you store your boat.
The Five Things We Need To Check When Buying A Boat
Many people may forget to include maintenance in their boat budget, but maintenance is a major expense when owning a boat.
You will often need to perform both cosmetic and engine maintenance to ensure your boat is ready to be on the water. There is maintenance that you will have to perform annually, monthly and even every time before entering the water.
Therefore, make sure you understand what maintenance is like for the boat you are interested in before making the investment.
Just like a car, you have a few options about whether you want to buy a new or used boat. Used or used boats are much less expensive, although they may have already depreciated in value.
What To Look For When Buying A Used Boat
Before purchasing a used boat, it is a good idea to have it inspected by a professional to assess the condition and value of the boat.
Imagine summer at the lake, river or bay with friends and family, fishing, eating and listening to music. It sounds like a dream that most people believe is out of reach.
Buying a boat can be a big investment, but it is not impossible with the right preparation and research. Knowing the answers to the questions above are the first steps to buying a boat and spending countless days on the water.
Are you ready to get out on the water? Contact our experts to find out how you can finance your new boat today! While it is tempting to look at the sticker price of a boat for sale and get caught up in the dream, we always warn our clients about the additional costs of boat ownership that you will need to consider. After all, it’s easy to underestimate what it takes to own a boat, which is why our yacht brokers always accompany new boat owners with all costs that may arise.
Financial Questions To Ask Before Buying A Boat
Our brokers want our clients to love their boats with all their hearts and feel excited every time they are on the water, not have to struggle to make payments and end up experiencing buyer’s remorse.
It is highly recommended to keep the following costs in mind when purchasing your first boat to stay comfortably within your budget.
Operating costs vary greatly depending on the type of vessel. For example, fuel costs will naturally vary depending on the age, size and style of your boat (sport or day cruiser; motor yacht or sailboat, etc.). There are also expenses associated with oil, batteries, pumps, lights and specialized equipment and other rations that will ultimately need to be replaced. All of this will need to be budgeted appropriately.
Fuel and operating costs are never an exact science, but your yacht broker and your experienced boating family and friends will be happy to share some ideas with you and can help you know how much to budget for these items.
What You Need To Know Before Buying Your First Yacht
The cost of insuring your boat against damage will depend on things like the size and age of the boat, where it will be docked, the types of activities it will be used for, and other factors. In addition to insurance for your actual boat, you may also be required to have liability insurance and damage coverage.
Insurance costs can certainly add up, making it one of the highest costs of boat ownership, but like all insurance, it’s a necessary evil if you want to moor your boat anywhere. At Van Isle Marina, we can recommend excellent insurance brokers who can help you.
Docking a boat at a marina or storing it ashore at a storage facility will involve a variety of costs that differ greatly between marinas and facilities. For example, a secure storage facility can cost considerably less overall than mooring your boat on the water at a municipal marina, private marina, or exclusive yacht club. These costs can range from a hundred dollars to a thousand dollars (or more) per month.
Rates are often calculated per foot of your boat and are paid monthly or annually. Talk to your yacht broker about where you will store your new boat, specifically mentioning whether it will be stored in water or on land, as this cost will definitely affect how much boat you can afford. Check out Van Isle Marina’s mooring rates to get an idea of what mooring and storage could cost you.
What Questions To Ask Before Buying A Boat
In addition to the mooring fee, some marinas may also charge for things like liveaboard fees, optional parking, and utility fees for electric power and fresh water supply.
With most smaller boat purchases inevitably comes the purchase of a trailer. The trailer is a key component of boat ownership. At some point you will need one to drag your boat in and out of the water.
Sometimes the trailer you will use to transport your boat is purchased separately, while other times it is included in the price of the boat you are purchasing. Whatever the case, you’ll need to do more than just consider purchasing the trailer outright: there are additional trailer maintenance costs, with tires and brakes being the two most important items, plus insurance and any potential storage costs if You cannot keep the trailer on your property.
It is common to hear from boat owners that boat maintenance costs are approximately 5-10% of the boat’s value per year. However, it is difficult to move away from that percentage. There are many factors that affect the cost and maintenance schedule of a boat, the most obvious being how often it is used and weather conditions.
A Few Tips Before Buying Your Used Boat
Things that need maintenance are hull waxing and painting and engine tune-ups, while things that may need frequent repairs are plumbing and electrical problems; Again, it all depends on the age of your boat, its make and model, and how much sweat equity you can contribute.
You’ll need to equip your new boat with all the essentials needed for a day on the water, including life jackets, cleaning supplies, towels, fishing gear, first aid supplies, water sports equipment, and more. Some of these are relatively minor one-time expenses, but they all contribute to the total cost of owning a boat. Read the complete navigation equipment checklist.
Like new cars, boats can come standard (factory built) or come with various optional add-ons to enhance the travel experience. Your desire and ability to opt for these extras will depend on your budget and how much you are willing to invest.
Be prepared for the ticket price of the model you want to increase when you factor in any extras you want. This could include things like upgraded upholstery packages, sport fishing packages, GPS systems, anchoring systems, laundry rooms, engine power and the list goes on. Whatever it is, there’s probably an improvement in the world of boating!
Common Boat Buying Mistakes
There may be the option to purchase extended warranties on some new models. Study them carefully and make sure you understand what the limited warranty already covers and what the extended warranty extension will cover.
If you are financing your new boat, the amount of interest you will pay over time should also be considered an additional cost of boat ownership.
If you are new to boating, you must take a mandatory boating safety course to obtain your pleasure craft operator card. And if you have a VHF marine radio on board, a person on board must also carry a Restricted Operator (Marine) Certificate. These are not too expensive to obtain, but they are still costs associated with owning a boat. If you want to go a step further, registering your boat (for a fee) is another option.
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