Buying your first boat can be daunting for anybody. With so many potential boats to choose from one can become slightly disoriented, then when budget is included, more so. Boats can cost a lot of money and so when you are looking to buy your first boat it is very important that, assuming money is an issue you purchase effectively and shop around; whether second-hand or brand new. There is always room for error when it comes to buying new boats, you may purchase something that superficially looks good and meets your criteria, but au fond is no more than a big waste of money, and a thorough inconvenience. Here are some tips so you can be sure you aren’t throwing your money away when you are buying your first boat.
Work Out Your Budget
When you are buying your first boat the most important thing to have ascertained is your budget. As many already know, purchasing a boat can be very expensive, so occasionally it may be necessary to take out finance; the professionals from SeaDream Boat Financing specialize in boat financing, and you should find a financier catered especially to boats.
Many financing companies will specialize in cars and homes, so it is important that you find a lender who will specifically deal with boats as opposed to anything else. It will work better in the long run if this is the case, as you do not want to risk dealing with a company whose specialty is not your field of interest, this will surely only cause problems in the future and make your life difficult.
When you are working out your budget you should seriously consider if you need a boat. Sinking money into a boat only to discover that you don’t really enjoy saving is a big waste of money and you can find you will be kicking yourself and seriously regretting your decision to invest in a boat. You should work out your overall expenditure, calculate your savings, and look toward the best way for you to purchase a boat – finance can be a good option – finance is great because you will be able to pay in monthly installments as opposed to one lump sum that could deduct heavily from your savings, which of course nobody wants. As with loans, it is often better to pay monthly, then make one large purchase.
Establish if Shared Ownership Could Be Good
Many first-time boat owners choose to purchase a shared ownership boat. Shared ownership boats can be a great way to keep the costs down while you get your footing, and then later on, you can sell your share, or keep it. Shared ownership is completely subjective to the individual, as with much in life, some may like it, others may not, so it is important that when you are considering shared ownership that you consider the other party who will be sharing the boat with you. As with much in life, if you dislike somebody, living with them or working with them can become very laborious, and you may find yourself sickened by the idea of having to share a boat.
People may not respect your level of hygiene and fail to clean up after themselves, after using, and your schedules may clash – this is why you should meet the other party and seriously consider your potential purchase; interview them if you can. Shared ownership is a brilliant initiative, notwithstanding. If you find the right person you can make a friend for life and get yourself a brilliant boat for a fraction of the ordinary price.
Avoid a Renovation Project
Boats are much like houses, in that when you purchase them the vendor must provide proof of ownership and purchase and VAT slips. However, they are also much like houses in that many people (first-time boat owners) purchase boats that need a lot of work in the name of a ‘project’. This is a ridiculous notion, especially if you are a first-time boat owner, and should really be avoided.
If you have not even mastered sailing there is little that can be benefitted from fixing up a boat, save the initial cost, and if anything goes wrong, your money will go sinking to the bottom of the ocean.
Boats are very technical and hard to understand, which is why engineers specialize in them, so unless you are an engineer or a lifelong sailor it is best you avoid this.
Only purchase your boat from reputable vendors and avoid unscrupulous and untrustworthy companies that could be trying to fleece your money. Boats are a lot of money and for that reason, you must tread cautiously and avoid losing out to fraud or scams.