Before buying a yacht, there are many things you need to consider. What most people forget to acknowledge, however, is the preparation required to ready yourself for selling your yacht. All boat owners will inevitably have to make the choice to sell at one point or another, so if you thought that purchasing a yacht was a big commitment, figuring out whether to keep or sell your boat may be an even more difficult decision for you.
Owning a boat is a great experience that can help create lasting memories and bonds between friends and families. Yachting can open your world up to new people and opportunities. Because of all the great memories made on your boat, it may be troublesome to think about selling it for a newer model or having to give up your boat-owning lifestyle completely. Despite how difficult it may be, there may come a time when selling your boat is the best option for you.
10 Reasons You May Want to Sell Your Yacht
As hard of a decision as it is to make, all boat owners eventually have to figure out if keeping their boat, selling theirs for a newer model or getting rid of their boat completely will benefit them the most. Thinking about when and why you should sell your boat is an important step when becoming a boat owner so that you can acknowledge when the time to sell has come.
Here are ten signs that it may be time to sell your boat:
1. You want to upgrade to a different or new boat.
As your family grows, technologies advance or features upgrade, you may find yourself drawn to bigger or more current yacht models. As your boat needs and desires change, the yacht model that best suits you may no longer be the one you have.
When you find the right yacht for you and immediately want to purchase it, it is important to have thought about and discussed this situation with any co-owners of the boat. This way you can have a plan of action decided on for how to begin the boat-selling and buying process.
It is important to have thought this scenario through because even though you may want to put money down on a new boat immediately after spotting the one you want, you need to make sure you think through the logistics of getting a new boat. Thinking logistically includes making sure you have a place for storage, a means of transportation and funds prepared to make a new purchase.
Because you may need to sell your old yacht before purchasing a new one, consider selling your boat through a yacht broker — their knowledge of the industry can help ensure you can find a buyer and can sell your boat for a fair price.
2. You have less time to spend on your boat.
It is possible you will find yourself in a situation where you still love your boat, but life constantly gets in the way and does not allow you much time out on the water. As career paths change, families get bigger, kids participate in more activities, social lives get more hectic or summer vacation comes to a close, boat trips may move down in importance in your family’s life. Regardless of the reason, many yacht owners find themselves in the predicament of wanting to use their boat more but not being able to find the time. If this is the case, consider selling your boat for someone else to enjoy while also putting a little extra money in your pocket.
3. You are no longer as interested in your boat.
Buying a boat is an exciting idea in theory, but it may just not be right for you. Maybe after spending more time on your boat, you realize that regular boating trips are not for you or you realize your boat is no longer much of a priority to you. If this is the case, it may be beneficial to you to begin the process of selling your boat.
4. The increased cost of owning a boat is not worth it to you.
Over the past year, boat prices have risen by almost ten percent, with new boats having low inventory and waiting lists for purchasing. As the industry becomes more popular and boat owning becomes more common, this allows the prices for boat upkeep to increase as well. Annual boat maintenance costs an estimated five to ten percent of the initial cost of your boat.
If you find yourself thinking that you put too much money into your boat and that there are other activities that you would rather put money toward, it may be time for you to sell your boat. While owning a yacht can be fun, it becomes less so when you think about the rising monetary aspects of keeping your boat. If there are other expenses more important to you and thinking about where you are going to get the money you need to keep your boat afloat, sell your boat and either use that money for something else or add it to your savings. You may find it is in your best interest to use a yacht broker to quickly sell your boat with the highest return possible.
5. You have plans to downsize.
If you plan to downsize and lessen expenses in parts of your life, your boat may be one place you can cut back. You can do this either by purchasing a smaller, more manageable yacht or by selling your boat altogether.
Choosing to sell your boat may not necessarily be what you want to do, but it might be the most economically responsible choice to make. Selling your boat will reduce and eliminate many expenses, including insurance, storage, trailers, marina fees, maintenance fees, equipment and accessories. If you sell your boat, you do not have to worry about any of these expenses, and you can allocate the money you would spend on your yacht to something else.
6. You plan to move away from the water.
Living on the coast or close to a body of water makes owning a boat seem like an exciting and reasonable investment. When you decide to move, however, having a boat can become less practical. Relocating may be the sign you need to sell your yacht. For example, if you live near the coast and use your boat in a marina, then decide to move far from the ocean but near a lake, you will not want to use the same boat for these two places. You will want to invest in a boat better suited for the type of water, temperature and weather you will be in.
If you move nowhere near a body of water where you have the leisure of owning a boat, it would be best for you to sell your boat entirely. The farther away you move from the water, the less practical and accessible, so it would be best for you to sell your boat before moving day.
7. Maintaining the boat has become too much for you.
Whether it be because of age, time management, monetary concerns or any other factor, the reality is that taking care of a boat may become too much for you. You do have some other options to consider before selling the boat completely, but in the end, it may be in your best interest to put your yacht up for sale.
Before you commit to selling your boat, think about some of the things you can do to maintain your boat by lessening the factor that has become too difficult for you. One option you do have before deciding to sell your boat because of your lack of time or energy is to hire someone to maintain your boat for you. This can become costly, however, because it is another expense to factor into how much money you need to set aside for your boat.
Another thing to think about is if money has become an issue, you can attempt to rely less on professionals and do some of the more simple maintenance work yourself. This option, understandably, may not be reasonable for you if you do not have the knowledge and skillset to do more in-depth maintenance or upkeep on your own.
However, if you have thought about different solutions that could factor into solving your maintenance issues and nothing seems to suit you, selling your boat may be the best choice. Maintaining a boat requires a lot of work and attention, and if you do not have that time and effort to put into your boat, then it is time to consider putting your yacht up for sale. Even if that is not necessarily the action you want to take, it may be the most realistic. Remember, there are professionals here to help make selling your yacht as simple and hassle-free as possible to take the strain of selling off of you.
8. It has been a long time since you last used your boat.
When you first buy a boat, it is a new and exciting thing for you, so you most likely put a lot of time and effort into spending time on the water. After a time, your boat may seem less like a novelty and more like a commitment. If you begin to feel like making time to go boating is more of a chore than excitement, it may be time to start the yacht sales process. You also should start thinking about selling if you know it has been a while since you used your boat. No matter how many times you tell yourself that you’ll get back into boating, deep down you probably know that your time owning a boat is over, and there are other things you now prioritize more than your yacht.
9. There is no reasonable storage for your boat during the colder months.
If the summer and boating season comes to an end and you find yourself without a place to store your yacht, you may have no choice but to sell. Since you can’t keep your boat out year-round, if at the end of boating season you find yourself without an adequate storage facility, use a yacht broker to sell your boat quickly and efficiently.
10. You plan to enter a new venture.
If after having your boat for a while, you decide to invest your money into other business ventures and assets, your yacht may be an expense you are willing to lose. Your boat is an expensive item that can bring in some revenue for you to rearrange and place into other investments. To get the best return for your yacht investment, consider working with a yacht broker to help you negotiate prices and get the best return for your boat investment.
Sell with Flagler Yachts
Coming to terms with having to sell your boat may be difficult for you, but at Flagler Yachts, we can help make this process easier. At Flagler Yachts, a boutique yacht brokerage, we can help you navigate the marketing and selling of your current vessel or the acquisition of your next one.
Established in 2017, we are experienced yacht brokers with knowledge of the industry that allows us to proudly serve yacht owners and sellers by helping them before, during and after the boat ownership process. We cater to the buying and selling needs of our clients with our innovative approach to marketing and acquiring the perfect vessel for each of our customers. We do not just sell yachts, but we scrutinize market data and trends to achieve the best deals for our customers and authenticate the quality of the available vessels.
How We Can Help You
When looking to buy or sell a boat, there are many reasons you should use a yacht broker like Flagler Yachts. The main reason is that working with a yacht broker can take some of the pressure off you. You will not have to worry about marketing your boat, arranging information or corresponding with potential buyers. Instead, we market, price, promote and ultimately sell your yacht for you.
Yacht brokers at Flagler Yachts have years of industry experience and knowledge in important boat selling aspects, such as advertising, conducting sea trials, documenting, arranging state-required escrow accounts and drawing up agreements. Based on our experience, we can help get you the best deals when buying or selling your boat, taking some of the pressure off you.
Our brokers have a better grasp on the industry, allowing us to obtain a fair and higher value on the boat. Also, boats often sell quicker through a broker because of the marketing time and budget put into the sale. We know accurate repair costs, which are vital for the transaction. Our brokers can guide you through the selling or purchasing process much quicker and easier than without us, as we can assure you have the proper paperwork and title service without hassle.
Contact Us Today
At Flagler Yachts, we are just as passionate as you are about buying or selling a yacht that exceeds your expectations at a reasonable price. Our service will save you time by previewing vessels, eliminating unworthy ones and reporting back to you to get your opinions. Our industry knowledge can save you money when both buying and selling, as we assess the vessel and know the current market conditions better than those outside of the industry.