By all accounts, that yacht sitting in dry dock looks pristine. It has the basics you require: the right sized engine, exterior gloss, and shine, an impressive cabin. Don’t trust initial appearances. Due to the caustic nature of seawater and plenty other concerns, that vessel may be compromised in ways not immediately noticeable. A solid yacht inspection is a key element in your pre-purchase planning. Here’s what you need to know.
Why You Need A Yacht Inspection
First, realize that this inspection phase is usually not voluntary. If you hope to secure insurance or financing for your yacht, it’s going to be required. Expect repairs that ensure the safety of those on board and items pertaining to the seaworthiness of the vessel to be requirements by insurance companies.
Also known as a condition and valuation survey (C&V), the inspection should be compiled by a surveyor who knows his/her stuff. These surveyors are yacht experts who know where to look for issues; for example, some makes and models of vessels consistently display weak points. A good surveyor knows this and is on the lookout.
Don’t Use an Old Yacht Inspection
Tempted to take the prior yacht owner’s previous survey as solid evidence of seaworthiness? Think again. So much could have happened since that last report, and again, there’s no guarantee the evidence is visible to the untrained eye. A solid surveyor basically checks everything. We’re talking the hull, electrical systems, steering controls – you name it, they’re given the once-over.
Yacht Inspections are Valuable
Rather than considering yacht inspection to be a roadblock in your yacht purchasing journey, consider it a valuable buying tool. That inspection may reveal a major issue, like softening in the core of the yacht, that you would not have noticed until costly repairs became necessary. Before you sign on the dotted line and call that yacht your own, consider the work that will go into making it seaworthy.
Yacht Inspections Show the Big Picture
Keep in mind that you should not expect a picture-perfect report. After all, this is a used yacht, which means it likely is going to need some TLC. A good inspection will reveal how much you’ll need to budget for repairs; you can then decide whether the expense is worth the trouble. A good survey will provide a priority list of such necessary tweaks, making it easier to deduce what needs to be immediately fixed. Expect repairs that ensure the safety of those on board to be requirements by insurance companies.
Banking institutions use these surveys when deciding upon the value of insurance hull and loan amounts. A thorough survey will give you negotiating power – and likely cover the cost you incurred for the survey in the first place.