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We understand that a potential buyer would want to be absolutely certain regarding the validity of the information that is listed, especially in such a big and sometimes confusing market.

Prior to listing a boat for sale, we always check the ownership, to make sure that the seller has the marketable title and the right to sell the boat.

The broker must provide the potential buyer information related to the aesthetical part of the boat and, if the broker is quite experienced, information about any defects may have been detected by the broker during his visit to the boat.

Most sellers describe their boats (usually) as “excellent”, “immaculate” or use similar words.

So, it is very important for the broker to make a preliminary inspection to the boat, prior to listing for sale.

It is an absolutely loss of time and money for the potential buyer (and also for the broker) to have a neglected or/and unseaworthy boat listed for sale.

Furthermore, after evaluating the present state of the boat, we can safely advise the sellers for a reasonable asking price.

We have inspected, physically, the vast majority of the boats that are listed for sale with us.

For the ones that are not inspected by us, we ask from the seller a full report of the present condition of the boat or/and photos from “critical points”, validating the sea worthiness. In any case we always inform the potential buyers that we have not inspected these boats ourselves.

The information we provide the potential buyers is true and correct, and the photos shown in our lists are from the actual boats (with the name of the boat), not from sister ships or brochures, unless it is specifically mentioned otherwise.

On this point, we must make clear that a yacht broker IS NOT the person who will give any kind of guarantee to potential buyers, that the boat is free from structural defects (or hidden defects), or if the equipment is in working condition.

The SELLERS must be aware of a basic rule: what is listed in the inventory provided to the Broker MUST be in working condition. There is no meaning of listing an Autopilot, not working, or a plotter with “dead” Screen!!!!!!

It is always for the potential buyer to hire a qualified surveyor to conduct a condition survey in the boat (s) that he is interested in. We highly recommend all potential buyers to do so.

Like this, they will have the best possible knowledge of the real condition of the boat and will proceed safely to a realistic offer.

The majority of yachts offered through our website are owned either by individuals or family operated charter companies (owners of 2-10 boats) and they are located in Greece.

This is mainly due to the fact that:

1. Because of  high competition, the charter boats of this category are usually far better kept and maintained, comparing to the boats owned by the big charter firms.
2. We know these yachts very well (in many cases, as from “Day One”), and we can send reliable information pertaining to the vessels, prior to the condition survey.

We are also in contact with yacht owners in other destination at East Mediterranean (Turkey, Croatia and Italy), in order to be able to offer more alternatives to potential buyers.

For the boats located out of Greece, we claim to see full condition survey reports and/or reliable information about the present condition (photos mainly up today).

Most people want to buy a brand-new boat and rationalize it by saying, “Well, I don’t want to fool around with all the breakdowns and problems involved with a used boat. I want a new one that’s free of all that hassle.” You know the argument; we’ve all used it. Boaters who’ve had the experience of fitting out a new yacht know that they’re hardly trouble free.

And the cost? Financing a new boat purchase over ten, twelve or fifteen years is hardly good economics when the average period of ownership is probably less than six to eight years. What could give you more of a sinking feeling than to have to write a check to the bank when the time comes to sell because you owe more than its worth? That can really take the pleasure out of boating.

The point is that more and more yachtsmen are discovering that there are really great values to be had in used boats, particularly older ones that have reached the point where the shine is gone, the style is no longer the latest, the engine is blowing smoke and the interior is a bit more than just worn. The one great advantage of considering purchasing and refurbishing an older yacht is the tremendous differential in the cost of new.

A new boat 44 feet that sells for 400000 euro, might have a resale value of 200000 Euro eight or ten years later (especially if this boat has been used for charter). That’s a whopping difference of 200000 Euro, so it doesn’t take much imagination to see what could be done in the way of refurbishment with even half that amount.

When evaluating a budget for a used boat, think of the price in terms of what a new boat costs, for this puts the matter of cost in its proper perspective. Since the choice is between new and used, the difference in cost must be a factor in assessing what it will cost to own a used boat. There is a reason why a 10 years old boat is devaluated 50% or even more: its called wear and tear. It has a serious worth of lost value, which the most part of this amount would be required to bring it back to tiptop shape.

The next important consideration is how much can be spent for refurbishment.

The biggest mistake that most used boat buyers make, is to grossly underestimate the cost of putting things in order, even if they don’t plan to do all that much. A common example is someone who buys a ten-year-old 44 feet sailing cruiser for 200000 Euro and then thinks it only needs another 10000 euro to get it in shape. This, for a boat with a replacement cost of 200000 Euro (considering a price of 400000 when it was new). Obviously, 10000 is not realistic at all, and if that’s all he can afford, he can’t really afford the boat anyway.

From experience, we know that even late model boats require a certain percentage of purchase price to repair defects, engine overhaul, rigging, canvas, upholstery, carpet, upgrade electronics and all the other things that new owners usually attend to. This depends on size and value, but for a 8 to 10 year-old well-kept yacht could typically be about 10% of the price. For a 15 years old boat, that amount rises steadily, mainly because of increasing deferred maintenance, meaning wear and tear that stays worn and torn. By the time the vessel is over 15 years old, deferred maintenance reaches the point where the entire boat may need refurbishing, and we’re no longer talking about 10% but 20% of the sale price, even more.

A very good rule of thumb for estimating refurbishing costs is to allow at least 10-20% of the purchase price for a boat in average condition and up to 50%, or more, for one in poor condition. These numbers assume that most the expenses go to engine, machinery, various systems and interiors. However, more extensive refits require even more (such as repainting and major interior renovations or new equipment additions) and are not beyond the bounds of being a reasonable investment. Ultimately, it all depends on the replacement cost, purchase price and how far you want to go toward making the yacht look and function like new.

That’s the reason why buying an older vessel and only allotting a 10% repair budget is not always quite realistic. In that case, you own a boat that is still on the downward slide and your deferred maintenance and costs only continue to escalate as things break down and deteriorate at an ever-increasing rate. And if you can not afford it, this is not an enviable position to be in. It can really take the pleasure out of boating. If you’re looking at a larger boat than you would ordinarily consider, just because it is older and the price is lower, you need to re- consider of something smaller.

Many refits got off-track because the owner became distracted with luxurious interiors and fancy items while neglecting a pair of worn out engines or other important systems. When an engine goes “bang” the owner comes up short because he spent all his money elsewhere. For this reason it is imperative to schedule all work by priority. For example, restoring major systems to reliability must always come first, before considering cosmetics and amenities.

A TIP: A short use of the boat (after purchasing) will help you to put things in priority, easier.

A last word about budgeting: if your budget it tight, allow a part of your total budget for the unexpected. No matter how well you plan, there will always be an unexpected problem. If no problems arise, you can buy the electric winch will make your life easier on board or even Valentino signed plates for the galley.

Get good advice, hire the right people, plan carefully and the end result will be a project customized to your own satisfaction and, definitely, one which you can be proud of.

We, at YD YACHTS, always take into consideration these issues above when advising the sellers for what is the reasonable asking price for their boats.

A fair purchase price makes always the difference!!!!