Buying a Yacht
Buying a yacht is one of life’s greatest delights and satisfactions. However, the process of finding the ideal yacht is not a process to be carried out lightly or without an experienced professional to help steer you in the right direction.
Wealth of Experience
The purchase of a yacht is an intensive and at times, intimidating process. We work very closely with our clients using our wealth of experience in the local and international yachting industry, coupled with our intimate understanding of the international brokerage market we make the process of acquiring your yacht an extremely pleasurable and satisfying experience for you.
Our Buying Guide:
Purchasing a Yacht Through Octana
OCTANA can assist you in your search for your perfect yacht. We can advise and guide you through the whole process. For us the most important as aspect to choosing a yacht is to determine all your unique requirements and wish lists to find the perfect match. Here is our 5 Step Buying Guide.
Identifying your needs
We are not buying a boat. You are. We need to understand exactly what you are looking for. We will also contribute according to our experience to shed lights into matters that might have slipped your attention. Through our listings, Customer Management System, B2B tools, 3rd Party websites and expansive international network we will find that dream yacht you are searching for. First of all, you need to explain to us exactly what you are looking for us to be able to custom-make our help as much as possible so we may together find a yacht that most suits your requirements. The following list will give you an idea of determining what it is we would like to know. Of course, when you have very specific needs like a high-performance sailing racing boat, a fishing boat or a fast commuter, things are much easier. We will always ask the
Private or Charter?
This is the first questions you need to ask yourself. If you are looking for a private yacht, then things become easier (not necessarily easy…!). If you are looking for a charter yacht, than practically it is the charter market that will decide the boat you should buy! Unless you simply need to cover some of the yearly expenses. It will make sense only if you are willing to sacrifice your July and August time on the water, as these are the Med prime months for charter. But these are issues you can discuss with our consultants!
Crewed or Un-Crewed
This is another very important question that you will need to answer for yourself. It needs an objective eye on the way you envisage the use of your boat. Yes, you might be a seasoned skipper, but will you need some help with the ropes…? Do you want to have to climb in and out of the engine room? Whether you choose to have crew or not has to do with your expectations on comfort and luxury. Though in some places, where you do not have organized marinas, like many of the Greek islands, it is the difference between being free to explore the islands or having to stay with the boat. Crew is also an important cash flow consideration.
Motor or Sailing?
Fuel consumption is different depending on whether you choose a motor or sailing yacht. But it is not only about expenses… If you choose to go “motor” than you need to answer what type of engine and then means of propulsion you wish to have. In board, outboard, shafts, V drive, Z drive, IPS, Arnesson, the choices are many. With a sailing yacht your considerations will mainly be focused on the type of rig, sloop and ketch being the main considerations. If a sailing yacht is what you are looking for then you must consider the maintenance of the rigging and sails.
What is Your Budget?
This along with the questions about the size of your next boat, will decide whether you go for a new boat or a used one, as well as how old the used boat will be. But then again is your budget including VAT? Transportation? Is it necessary to set aside a budget for refit and maintenance works? For a used boat it is wise to estimate a 10% of the purchase price to be spent in repairs, maintenance and upgrades. Money cannot necessarily buy you a new boat for the following season, so time can also be a limiting factor.
Monohull or a Catamaran?
This reflects a lifestyle choice; the catamaran offers more living space and less draft. In the past this dilemma would apply only to sailors, but now we see all the time more and more motor catamarans making their appearance in the market. What you choose also depends vastly on your cruising grounds as well. Two of the most important benefits of the catamaran are the ease of use of a larger tender, thanks to the davits and of course the all round view from the protected saloon area!
Registration and Flag.
Finding the boat is not the only consideration. You need to decide whether to register it in a company or privately. And then you need to explore the options for port of registration (flag). We can guide you towards a solution there (sometime it is straightforward) or connect you with the proper people that will offer you an advice.
Exploring the market
Once we have a clear understanding of what would be the best boat for you it will be our task to explore the options and examine the market together with you. It is a fact of life that sometimes the customer does find a big number of available options. We will sit with you and go through them one by one and shortlist them. At some point, no further analysis will be possible without visiting the boat. We can do this for you, if you do not have the time to spend on this quest. During our visit we will make a video call (either simple or 360) so that you can also have an educated understanding of the condition of the market. On our return we will have ready an evaluation report for you, that will help you either to move forward with submitting an offer or rejecting the boat. The Sellers (and their brokers) do take the offers more seriously once they know the Buyers side has visited the boat.
Offers, Negotiations and Purchasing
An offer needs to be presented in a way that safeguards all interests. So, the offer is always subject to sea trial, condition survey and of course title check. A Memorandum of Agreement (MoA) will be signed (ideally drafted by an expert Yachting lawyer) ,if the offer is accepted, that covers all aspects of the transaction. Following the agreement, we can start the process of the sale. At the sea trials you will need a marine surveyor that ideally is insured for professional indemnity and is accredited by the insurance company that will eventually insure your yacht and an accredited engineer especially for motorboats. Your Octana broker can introduce you to surveyors and insurance companies. We will also sit down with the surveyor and create a “to do list” once you own the boat in order to make certain that you do not lose a single day of fun during your holidays. Once the sea trial and survey has been completed further negotiation may be necessary and your broker will work closely with you and your legal and surveying team to reach a final agreement. When there are VAT implications a specialized accountant can also be called to advise. The yachting lawyer will settle all issues reference to the transfer of ownership and assist in the registration under the existing or new flag and deletion from the old one.
Yacht Ownership…almost
Now you almost own a boat! Almost, as the boat becomes your once the payment has been made, you have received all the necessary documents and have signed a Protocol of Delivery and Acceptance. Before you do though, the boat must be insured. This should be your first action as an owner of the boat! Octana can help you with the proper insurance according to your needs and cruising grounds, as different countries require different minimum coverage. But the procedure is not over yet, as the boat is not yet in your marina. So, you need to find a way to transfer it there. Again, we are here to help, whether you want it shipped, trucked or sailed to your home port. We can suggest trustworthy partners for the transport or experienced reliable skippers for the trip and take care of all the legalities, which some time can be complicated and may require the help of customs’ agents.
The day after!
Once your new boat has reached your hope port, we will not turn our back on you and say “Case Closed”. We are proud to say that this is where we feel that our background and know how can be most valuable. We can assist you with securing a place in a marina, (not easy anymore in the Athens Riviera), finding crew, trustworthy and competent technicians, advice on upgrades and restoration. We can help you project manage your boat, which is not always easy, and create a five-year maintenance plan for you. And of course, we can help you with planning your next trip in the Greek waters so that you can get the most of your new boat, according to your preferences. Even if you are well acquainted with the Greek waters, we are certain that we can always surprise you. And last but not least, in the unfortunate event that you need some technical help and assistance while you are on holiday, we are there to assist!
