Common sense boat buying

Buying a yacht is generally a big financial commitment for most people. Ensuring that you sell or buy successfully requires a little effort on your part.

Let’s start with the physical yacht itself. There are four really important things that you need to ensure as part of a purchase or sale:

• Integrity of the hull and deck

• The state of the engine(s)

• The state of the rigging

• The state of the sails

Many buyers abdicate responsibility for these four key points and engage a surveyor to give them a condition report. If you really want to extract value from a survey, then the surveyor needs to be directed — and that means doing a thorough initial inspection yourself before handing over to a professional.

The hull is what keeps the boat afloat! There seems to be an almost obsessive concern about osmosis on the part of many buyers, when a much more likely cause of sinking is inadequately maintained sea cocks. How many buyers lift up the cabin sole and check that all the sea cocks operate correctly and that the hoses are not perished? Too few in my opinion. Ask the vendor when the boat was last out of the water and what hull maintenance has been done in the last two years — and why. Ask whether the yacht has ever been grounded or involved in an accident.

You don’t need to go out on a sea trial to know that an engine is sound. Run it. Look at it. Listen to it. Check the exhaust fumes. Put it in gear against secure berthing lines and let it run up to operating temperature. Ask direct questions about the maintenance regime.

Look at the rigging. Is there any sign of corrosion or cracking? Are the chainplates securely anchored? When was the standing rigging last renewed?

In the case of the sails, make sure you know what’s in the sail wardrobe. Examine the fabric. Is the stitching sound? UV radiation damages sail fabric — especially the stitching — so use your own eyes.

I don’t value a boat by the marine electronics installed aboard. These can be changed relatively easily. The continuous improvement in price and performance of electronics, along with the ability to buy in competitive or tax-friendly locations like Gibraltar, means electronics are much less important in any buying decision.

Finally, examine the safety gear and make a list of what is in date and what needs replacing.

Do all of this before making an offer and before you engage in survey costs.

So, what do you need a surveyor for? A good surveyor helps identify genuine material defects. A report padded out with photos of winches or copied specs from a broker’s listing is about as useful as a chocolate watch. If you’ve already gone over the boat properly yourself, you won’t need a surveyor to tell you the fire extinguishers are out of date. A good surveyor will be happy to focus on the areas you flag up — it makes the job more worthwhile for them and gets you engaged with what could soon be your boat.

If your chosen surveyor insists on covering areas you’ve already inspected, say so. You’re the customer, and you have choices.

Then there’s documentation to consider. A good broker will ensure there’s clear title to the vessel. If the boat has changed hands in the past five years, the vendor should provide the previous Bill of Sale, as required by most yacht registries. What is the VAT status of the vessel? Can the vendor provide proof of VAT payment? (Especially important post-Brexit if you’re moving between the UK and EU.) Does the yacht meet the EU RCD (Recreational Craft Directive)? Look for a CE certificate or plaque somewhere in the cockpit to confirm compliance.

This might sound daunting — but it shouldn’t. It’s just common sense.

Boatshed Gibraltar is here to help guide you through the whole transaction and beyond — making sure you not only acquire a sound yacht, but also have the berth, insurance, and professional support you may need to enjoy your boat from day one.

John Alcantara – International Boat & Yacht Brokers
🌐 www.boatshedgibraltar.com