Considering Buying a Yacht? Here's What You Need to Know

The recent boom in the Australian yacht industry has shown that more and more people are realising the great opportunities owning a new or previously owned yacht can bring. Whether you're looking to go on annual holidays with your family, entertain guests or simply escape the hustle and bustle of everyday life, owning a yacht can be an affordable and rewarding experience.

If you are dreaming of owning a luxury yacht and venturing in search of some secluded tropical island somewhere, you're not alone - having your own boat or yacht is something many Aussies strive for. But before you take the plunge, there are some things to consider to ensure you find a suitable yacht for your intended purposes and budget. So, if you've been considering buying a yacht, read on as we outline what you need to know before diving into this big financial decision.

When it comes to buying a yacht, there are several things to consider. First and foremost, you need to decide on the size, as this will determine how many people and how much cargo you can comfortably accommodate. Additionally, you'll want to think about the type of yacht you want, such as a sailboat or motor yacht, as well as the style and design. Other important factors to consider are the yacht's features and amenities, its speed and handling capabilities, and of course, your budget.

Let's take a look at some of the common yacht types and explain why they may be a good option for you.

If you're looking for an economical way to enjoy the open waters, traditional sailboats make an excellent choice. A classic design powered by the wind, sailboats provide a peaceful and serene experience for those who enjoy a slower pace of travel. They also offer a more eco-friendly option compared to motorized yachts, as they rely solely on the wind to propel them forward.

For those who prefer to go faster and have more space, motor yachts are an ideal option. These vessels are equipped with powerful engines and often come with a range of amenities such as onboard entertainment systems, kitchens, and bedrooms. They are perfect for longer journeys or for those who want to travel in style.

Catamarans offer a stable and comfortable ride due to their two-hulled design, making them a great option for those who are prone to seasickness. They also have plenty of space on board, making them ideal for larger groups or families. Catamarans are also capable of sailing in shallower waters, allowing you to explore areas that may be inaccessible to larger boats.

These high-end vessels are designed and built to provide the ultimate in comfort, style, and performance. Typically large in size and offering a wide range of amenities and features, some of the common features found on luxury yachts include spacious cabins or staterooms with private bathrooms, multiple decks for lounging and sunbathing, state-of-the-art entertainment systems, gourmet kitchens, and high-end finishes and materials throughout. 

Ultimately, the best yacht style for you will depend on your personal preferences and intended usage, so take the time to do your research and choose wisely.

The cost of buying a yacht will vary greatly depending on the make and model, size, features, and condition. Generally speaking though, you can expect to pay anywhere from a few thousand dollars for an entry-level sailboat up to hundreds of thousands for larger motor yachts. Additionally, you'll also need to factor in the cost of insurance, mooring fees, repairs and maintenance.

What types of maintenance and upkeep do yachts require?

If you are wondering, “how much does a yacht cost yearly to maintain and keep in good condition” - the answer will vary depending on the type of yacht you own. Generally speaking, all yachts require regular maintenance to ensure that they stay in good working condition, and this can include everything from cleaning and polishing to engine repairs and hull maintenance. If you are able to learn how to do some of these tasks yourself, you can save a significant amount of money over the long term.

It's also essential to properly store and cover the yacht during off-seasons to prevent any weather-related wear and tear. This means making sure it's docked properly and investing in a quality cover to protect it from the elements.

By conducting routine checks and replacing any equipment such as ropes, anchors, and sails that have been worn out, you'll be able to enjoy your yacht for many years to come. Taking the time to maintain and care for your yacht properly will not only extend its lifespan but also increase its resale value.

For a lot of buyers, one of the first steps in the yacht buying process is to find a reliable and knowledgeable broker. An experienced broker will be able to guide you through the entire process and provide valuable advice on which type of yacht is best for your needs. They will not only be familiar with the various manufacturers, features, and pricing options available but they can also assist in arranging a sea trial for you to take your yacht for a spin. Yacht Brokers Australia maintains a website listing highly experienced brokers in each Australian state and territory. The brokers listed on their website are all experienced professionals who can handle finding boats of different types such as cruising yachts, sport boats, motor cruisers, houseboats, and even dinghies! By using their website, yacht owners can also find a marina berth for their boat.

Yacht safety 101

When it comes to yacht safety, being prepared is key. Whether you're a seasoned sailor or a newcomer to the world of yachting, there are a few key things you can do to ensure that you stay safe out on the water. First things first, make sure that you have all the necessary safety equipment on board, including life jackets, fire extinguishers, EPIRBs, and flares. It's also important to be aware of any weather conditions that could affect your trip and to have a plan in place in case of an emergency. By taking these steps and being proactive about your safety, you can enjoy all the joys of a day spent on a yacht without having to worry about any potential risks.

A good idea before taking ownership of your first yacht and sailing off into the sunset is to attend a course on safety and navigation. This will help you become more familiar with the basics of sailing, as well as teach you the best techniques for staying safe while out at sea.

Common mistakes to avoid when buying a yacht

Buying a yacht is a dream come true for many people. It offers freedom, luxury, and adventure all in one. However, the process of buying a yacht can be complex and intimidating, especially for first-time buyers. There are several common mistakes that buyers make that can potentially turn their dream into a nightmare. One of the most common mistakes is not doing enough research before buying the yacht. It is crucial to research different types and models of yachts, as well as their maintenance costs, before making a purchase. Another mistake is underestimating the overall cost of owning a yacht. From maintenance and repairs to dock fees and fuel costs, owning a yacht can quickly become expensive. To avoid these and other common mistakes, it is essential to seek the advice of a yacht broker. They can provide guidance on what to look for and what to avoid, ultimately helping you make an informed decision and enjoy your yacht worry-free.

Hopefully, by now, we have answered the question, "Is it a good idea to buy a yacht?” The answer, of course, is a resounding yes! Owning a yacht provides the perfect opportunity to explore new places, relax, and enjoy some quality time with friends and family. However, it is important to understand the cost and responsibility associated with owning a yacht before taking the plunge. When done right, yacht ownership affords a comfortable place to relax, build lifelong friendships, and make lasting memories.

Unfortunately, for a lot of Australians, the dream of owning a yacht will remain just that, a dream. That's because not everyone has the means or the time to commit to looking after a boat. But if you are serious about getting out on the water, there are some excellent boat finance options available that could make it a reality. Here at Driva, we might have made a name for ourselves by helping thousands of Australian get behind the wheel of their new car, but we also understand that boat ownership is a goal for many. That's why we can help you find the perfect loan to buy your yacht and make the dream of sailing away come true.

Whatever your reasons for wanting to buy a boat, we can help you find the perfect yacht for you. By matching your unique profile to the perfect loan from our network of lenders, we can help make sure you get the best deal and take ownership of your dream boat as easily and quickly as possible. With Driva, you can be sure that your boat finance journey will be smooth sailing!