Buying a Boat

General Tips for Buying a Boat

Purchasing a boat of any kind is very likely to be one of the most substantial investments you’ll ever make. This is why it is crucial to be aware of some of the potential pitfalls when it comes to buying new and/or used boats. It can seem like a daunting prospect; but there’s good news, because buying a boat is a much simpler process than buying a house!

Things to consider when buying a new boat

New boats aren’t without their drawbacks, and here are some pointers to help you avoid unscrupulous dealers and other issues that may arise:

  • Any dealer should be recognised by an associated boat manufacturer.
  • Check that the dealer or boat builder is recognised by the British Marine Federation (BMF).
  • You should have a valid contract that is recognised by the Royal Yachting Association and BMF.
  • Get confirmation of the full price upfront, and make sure that hidden costs will not be added during the purchase.
  • The price should be fixed, and you should know exactly when payments and deposits are due.
  • How will you make your purchase? If you opt to buy using Marine Finance, you’ll need to see if the company is responsible for registering the vessel on your behalf. If you are using a Marine Mortgage for finance, you’ll need to check if they recommend or insist on Part 1 Registration.
  • Do they guarantee a delivery date?
  • You must have documentation from the dealer or broker that proves the clear title.
  • You need to make sure that you have valid insurance coverage as soon as you become responsible for the boat.
  • The boat should be CE marked.

Things to consider when buying a used boat

In many cases a used boat can be just as good, if not better, than a new one. Here are some pointers to help you sort the wheat from the chaff:

  • When you make your offer, you must specify whether it is subject to a Marine Survey. It is advisable to use a qualified Marine Surveyor.
  • Just as with new boats, if you are using Marine Finance, you’ll have to confirm whether the company is responsible for the registration of the boat on your behalf. If you are using a Marine Mortgage for finance, you’ll need to check if they recommend or insist on Part 1 Registration.
  • You will need to clarify the full price upfront to ensure that no hidden costs are added later.
  • The price should be fixed, and you will need to know exact dates for payments and deposits.
  • There must not be any outstanding finance or payments such as a Marine Mortgage on the boat. Any finance and payments must be settled before completion.
  • Is your contract valid and recognised by the Royal Yachting Association and BMF?
  • Do you have a guaranteed delivery date?
  • Make sure that clear title is guaranteed.  The dealer, broker or seller should be able to prove this.
  • You will need to know the date from which you become responsible for the boat, and your insurance should be valid from this date.
  • The current owner must have all ownership documents and they should all be correct.

These are some basic pointers that are helpful when buying a boat, but it’s still wise to carry out your own research when making such a major investment. Check out the newly launched “boats for sale website” http://www.boats-for-sale-worldwide.com/.

Thanks for our guest author from “across the pond” for these useful tips when buying a boat!

Filed Under: Blog, Boats

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