8-step guide to buying a previously-owned boat

Buying a used boat can be broken down into 8 steps

Buying a boat is no small matter and often requires years of careful consideration. Here, we outline 8 key steps to help you make this purchase under the best possible conditions.

1. Define your plan

Before taking any steps, it is essential to clearly define your purchase plan. The more specific your plan, the more effective your search will be.

Ask yourself the right questions:

What type of boating do you have in mind?
What is your level of experience at sea or with boating?
In which area do you want to sail?
How long will your outings be (day trips, weekends, cruises, etc.)?
Who will you be sailing with (family, friends, crew)?

These factors will help you narrow down your choice to the boat best suited to your needs.

The experienced team at A&C Yacht Brokers will guide and advise you every step of the way during this pivotal moment.

2. Set Your Budget

Determining your purchase budget is an essential step, but it’s just as important to anticipate the costs associated with using and maintaining your boat.

Be sure to factor in:

insurance
regular maintenance
equipment replacement
safety equipment
hull cleaning
a potential berth

These expenses can represent a significant portion of your overall budget and must be taken into account from the start.

3. Select several listings

Once you have clearly defined your project and established your budget, you can begin your search.

It’s not always easy to determine whether a listing perfectly matches your needs. That’s why it can be helpful to have guidance during this step.

Feel free to contact the A&C Yacht Brokers team for additional information about the boats that catch your eye. Through this discussion, we can also guide you toward listings that are perfectly suited to your project.

4. Visit the selected boat(s)

The visit is a crucial step in your decision-making process. It allows you to assess the boat’s condition firsthand and verify that it meets your expectations.

During this inspection, pay particular attention to the following points:

Overall cleanliness, which often indicates the level of maintenance
The boat’s underside (by lifting the floorboards): condition of the valves, keel bolts, and absence of defects
The woodwork, particularly around the portholes (signs of moisture or water ingress)
The deck: condition of the gelcoat or paint
The rigging and sails

If you are unable to travel, you may appoint a trusted person to conduct this inspection on your behalf.

5. Make an offer and sign the letter of intent

After the viewing, if the boat meets your expectations, you can make an offer to the seller.

Once the offer is accepted, a letter of intent is drafted and signed by both parties.

A deposit of 10% of the sale price is then paid. This deposit binds both the buyer and the seller and reserves the boat (its status then changes to “sale in progress”).

The letter of intent generally includes conditions precedent, such as:

An inspection report prepared by a certified expert
Securing financing

These conditions help ensure the transaction’s security.

6. Finalizing the Purchase

The A&C Yacht Brokers team arranges the final signing of the sale.

The bill of sale is drawn up in several original copies for the various parties and the relevant authorities. If the boat has multiple owners, each must sign the document.

Payment of the balance (minus the security deposit) occurs at this stage, either directly by you or through your financing institution.

Prior to this, several essential checks are performed:

Absence of liens or mortgages
Payment of the DAFN (Annual Registration Fee)
Presence of a European Certificate of Conformity (ECC), particularly in the event of a change of flag