The following are a few tips
about how to buy a boat – the right way!
Here at Nordic Yachts Northwest
we recognize that life is full of obstacles and as salesmen, our job is to
overcome these obstacles when it comes to boat sales. Truthfully buying a boat
can be a simple and pleasurable experience – as it should be! But often times,
this is not the case.
You can look at the process of buying a boat as 10 steps:
- Focus your dream – decide what type of boating you want to do: cruising, fishing, or watersports… Think of what your boating needs and goals are.
- Educate yourself about the expenses (moorage, insurance, maintenance, etc.) that come with boating and determine what you can afford. Secure financing if needed.
- Find the boat! This is where a broker can come in handy – helping you find the boat that pulls at your heart strings.
- Take a test ride and see how the boat performs. Does it feel comfortable and safe? Is it fast enough? Steady enough? Roomy enough? Quiet enough?
- Propose an offer to purchase the boat with a 10% deposit. Determine the price, and contingencies. Financing, demonstration, marine and mechanical surveys are common additional expenses.
- The Seller will receive the offer to purchase from your broker, review it and will typically reply with a counter or accept the offer.
- Schedule marine and mechanical surveys if applicable.
- Review surveys and negotiate repairs of major findings, if there are any.
- Accept any previous agreed upon contingencies.
- Closing: this takes about a week. Final signatures, transfer of funds and delivery! Congratulations!
A few tips about the process:
- If you’re working with a representative broker let them initiate contact and schedule appointments, or at least disclose that you have a representative broker. If you find a boat you want to look at further, tell your representative and let them coordinate things.
- With the help of your representative broker, make an educated offer; look at the typical asking price and selling price of similar boats.
- It is best practice to let the broker or title agent handle communication between the Seller and Buyer, after all, that’s why they are there – to represent you & your interest!
If you're in the market for something new give us a call!
Cheers,
Steve Graf
Nordic Yachts Northwest
