Thinking of buying a boat? Whether you’re planning to purchase a small second-hand jon boat or invest in a luxury yacht, there are a few important things to consider before you splash your cash. Too many first-time captains don’t take their time when buying a boat and end up making costly mistakes. Below are just a few common boat-buying blunders that you should steer clear of.
Buying more boat than you can handle
Size matters when buying a boat. Bigger boats are often more challenging to steer, harder to find a berth for, more labor-intensive to maintain and more expensive to buy/run. The smallest boats are often about 8 ft in length, while the largest private boats reach lengths of over 80 ft. Consider what size you’re comfortable with and how many people you’re realistically going to take onto your boat. If you’ve never owned a boat before, it’s wise to start with something relatively small. For those with their heart set on (and the money to afford) a large superyacht, consider whether you need to hire a crew to steer and maintain your boat.
Choosing the wrong type of boat for your needs
There are so many different types of boats that are designed around different uses. Consider why it is that you want to own a boat. Want to go fishing in shallow waters? Pontoons or flat-bottomed centre console boats could give you the space and stability you need. Want to try watersports like water skiing and tubing? A bowrider or small speedboat could be excellent for providing speed and agility. Want a boat that you can sleep in? A cabin cruiser or yacht with sleeping quarters could be essential. You can go fishing with a bowrider or sleep on the deck of a pontoon – but it’s not ideal.
Overlooking the running costs
Many people focus solely on the upfront cost of owning a boat, forgetting that owning a boat is much like owning a car. You need to be able to afford mooring fees, insurance, fuel and servicing/repairs. These running costs can all vary depending on the size of the boat, location and usage. Consider what your monthly boat budget is and try to find a vessel that will keep you within this budget.
Not researching into the seller
Buying from an award-winning boat dealer can give you the peace of mind that your boat is top quality and there are no hidden catches. You may find cheaper deals when buying from a private buyer or unreputable dealer, but there’s a greater risk that you might buy a boat with undisclosed defects. You may also not get access to perks like warranties, finance and free servicing.
Not getting a professional survey
Just as you should carry out an inspection on a house before buying it, it’s also wise to carry out a professional inspection on a boat – especially when buying privately. Such an inspection can flag up any problems that you may need to be wary of. Surveys may not be so necessary if you’re buying a simple dinghy, however should always be considered if you’re buying a yacht or a houseboat.
