How can you tell if a vessel is in "good condition"?

The engine room is a great indicator of the history and upkeep of the boat.

One common and clear warning sign is an oily bilge. The bilge area is the lowest area on a ship where water that can't overflow collects from the drain, drinking water, and more importantly from the propulsion area of the ship where fuels, lubricants, hydraulic fluid, antifreeze, solvents, and cleaning chemicals drain.

The condition of the paint, the decks, and the upkeep of the interior of the vessel are good indicators of the condition in which you might expect to find the mechanical aspects of a vessel.

A broker like us will refer you to independent, accredited marine surveyors, (similar to an inspector for real estate), who we and our customers hire to perform full hull and engine inspections that include a detailed report on the condition of the hull and machinery for both insurance and value purposes.

What are the factors that determine a vessel's value?

A vessel's value is a function of its condition, its age, the builder, and the equipment installed.

For example, Northern European built boats from shipyards such as Lurssen, Feadship, Amels, and Hakvoort have a legacy reputation for quality, and fo rthat reason they all command a premium.

However, that same yacht from those same builders might be valued at a much lower price if:
• It was built to a poor specification
• if it has been improperly maintained

The main challenges and principal costs in maintaining a yacht

Yachts are complex, and it is a challenge for most new owners to know how to go about properly maintaining their vessel.

One of the first things a new owner should do is to create an annual planned maintenance system to keep costs predictable and properly maintain the value of your boat.

You may hear some owners saying that you should plan for an annual maintenance cost of 10% of the VALUE of the yacht each year. That's ok as a very basic indication, but you can get a more accurate figure by determining:

• How you intend to use the vessel
• If the boat will be sent over to the Mediterranean at times, or if it will stay local in the U.S. and Bahamas
• If you are going to keep a full-time crew
• If use will be strictly private, or if you will charter the boat out?
• How committed you are to assuring that the daily, monthly, and yearly scheduled maintenance throughout the year are accomplished correctly.

What does the annual sales cycle look like?

Historically the majority of sales close from March through May, and then from September through December. These more active sales periods occur just before before the Summer or Winter cruising season, and also coincide with the major yacht shows worldwide: the Monaco Yacht Show in September, the Fort Lauderdale International Boat Show in October, the Miami Yacht Show in February, and the Palm Beach International Boat Show in March. There has been a recent push for "virtual boat shows" like the one from "Boat International Magazine"

Current developments and trends in manufacturing, materials, design, equipment, regulations, and costs

• Customers are requesting more eco-friendly technology: hybrid propulsion packages, Low-E glass, and energy recovery systems)
• Owners looking for extended cruising capabilities and self-sufficiency for visiting remote destinations that require ice-class hulls, or increased cold storage for provisions
• In general there is a demand to build more capable and efficient vessels

Critical responsibilities that new owners must pay attention to, monitor and maintain

The safety of the vessel and it’s guests are imperative, and every yacht owner must take this very seriously MAKING CERTAIN that their VESSEL IS ALWAYS WELL EQUIPPED to deal with ANY EMERGENCY that might present itself.

If you plan on operating the vessel yourself, you should consider taking a captains course to familiarize yourself with local maritime rules and how to operate your vessel in the safest manner.