Buying a boat is guaranteed to be one of the most exhilarating moments in your life. But, it’s important not to get too swept up in the excitement and concentrate on avoiding these five common buying mistakes!
1. Not doing your research
It might seem obvious, but you need to conduct serious and thorough research before starting the process of buying a boat. Before you’ve even looked at listings for boats for sale, make sure to read up on everything you need to know about becoming a boat owner.
Guides like our boat buyer’s guide will provide you with all of the information you’ll need to consider; from documentation and licences to safety regulations, budget, and surveys.
In fact, even the most seasoned boat owners need to check up on updated information and guidance to keep on top of any changes that affect boat ownership.
Research from home is a good place to start. Once you have a good idea of what you want try to get the opportunity to join an existing boat owner for a trip or a passage where the extended time aboard will help you to decide whether this is the boat for you or if not what type of boat will suit you.
2. Not setting a realistic budget
When you set a budget, it should cover the cost of the boat as well as the additional items required, such as surveys and transport costs.
As well as one-off costs in the boat buying process, you also need to consider annual and ongoing costs such as marina and berthing fees, insurance, and maintenance costs. Speak to the marinas and find out availability and berthing costs.
3. Buying a boat too big
While it might be tempting to buy the biggest boat you can afford, many people forget that a larger vessel often means larger ongoing costs, berthing and maintenance fees. This can have an impact on your future finances, and may leave you wishing you’d purchased a smaller model.
Consider what you will be using the boat for, how often, and settling on an option that best fits that need.
A bigger boat can be more difficult to manouver and require extra crew which you may not always have available and this may then limit your enjoyment.
A newer smaller boat maybe a better option than an older bigger one. Or there again maybe not?
4. Not having the required documentation
There are a number of pieces of documentation you need when buying or selling a boat. In most cases, you will need to make sure you have the original copy in your possession.
You’ll need the builder’s certificate, bill of sale, VAT invoice and other items which you can see detailed in chapter two of our boat buyer’s guide.
5. Not seeking boat buying advice
Boatshows are fun and deals may be made. But, there are new and second-hand boats that you could be considering that will match your needs and requirements.
Many people make the mistake of not getting advice when it comes to boat buying, but there is value in getting an opinion from brokers, surveyors, maintenance engineers, boat owners associations and seasoned boat owners.
Always assess all of your options because most boat owners are very willing to share their experiences.
Promarine Finance is a leading provider of marine finance. If you’re thinking of buying a new or used boat or find out if you’re eligible, get a quote today.