If you own a boat or a luxury yacht, quite naturally, you may have to sell it sometime in the future or may desire to sell it in the future. But, after shelling out 100s of millions on it, it will not be easy to just give it away anyhow for any price. But why would anyone buy a used yacht at such an expensive cost? Many times, you sell your vessel without using it properly. So, what should you do so that both you and your buyer are happy with the deal?
Here we will discuss a few tips that will increase the resale value of your used yacht, and your buyer will never mind giving you a desired price for the pre-owned yacht on sale. It is crucial for you to understand that to get the desired price for your used yacht for sale, you will need to first keep your boat in the best condition. It depends on how well your yacht is maintained. Here are a few recommendations that you must consider while putting up your luxury yacht for sale. Be it a veteran or a first-time yacht seller, these tips will help you solve the critical part of the process.
Essential Tips to Increase the Resale Value of Your Vessel
Buying a boat is a very expensive affair. Being the owner of a vessel, you already understand very well that no buyer would buy a boat in poor condition. So, maximising the market value of your boat is an essential part of ensuring that you get the desired price for a used boat. Here are some simple tips that you can follow to increase your chances of getting the best return on your investment.
1. Keep Your Boat Protected
Every expensive asset should be covered and protected so that, when you think of reselling it, it does not emerge as an obstacle. It definitely helps increase the resale value of your boat. With time, exposure, and usage, it is very normal for the condition of your yacht to diminish. The condition of both exteriors and interiors would deteriorate. The impact of sun, rain, salty water, and wind can affect the exterior, mechanical parts, and even the upholstery of your boat. To avoid this, invest in a high-quality cover that will keep your boat in the best of health.
2. Park Your Boat in a Safe Place
Consider parking your boat in a safe place that does not impact it in any way. You can park it inside a garage or storage unit, which can provide it maximum protection. It will be protected from all harsh weather conditions in this case.
3. Regular Maintenance is Essential
The good condition of a boat ensures safe sailing for crew members and passengers. To increase the resale value of your yacht for sale, it is essential to perform regular maintenance services. You must note that cleaning, waxing, and oil changes are an essential part of yacht maintenance that keeps your vessel in good condition. Additionally, keep your yacht clean inside out, and perform regular servicing of the yacht engine and all other mechanical parts. Also, do all the necessary repairs as and when required. Consider performing upgrades whenever needed. This will help you get the best price for your yacht on sale.
4. Routine Inspections are a Must
You must get a routine inspection done at regular intervals to keep your yacht in the best condition. Regular inspections will help you identify and address the problems and your yacht will be saved from further deterioration. Make sure the inspection covers all important components such as the hull, propulsion, and electrical systems, among others. For any kind of repair or replacement, always go to reliable and certified original equipment sellers or makers. Regular inspection may also recommend required maintenance, like oil changes, filters, lubrication, and adjustments. These are preventive measures to increase the resale value of your used boat.
5. Do Not Do Uncontrolled Modifications
Avoid making any drastic modifications to your boat. It is fine till you keep the modification limited to the decorative elements for aesthetics. Big modifications may affect its resale value. Any modification that affects the boat in a big way is a simple NO! And whatever small modifications you get done, make sure you hire a reliable and professional company to do that.
6. Do Not Try To Save Money on Safety Equipment
Safety equipment is a must to increase the resale value of your used luxury yacht. However, never purchase cheap safety equipment. It may risk the lives of crew members and sailors. Make sure, you buy high-quality, certified, and reliable safety equipment so that your vessel meets all legal requirements for safety equipment (that includes fire extinguishers, flares, life jackets, navigation lights, and communication systems). Additionally, replace or repair all damaged equipment. Comply with the standards to ensure safety on board and show compliance to potential buyers.
If you follow all the above simple tips and take good care of your yacht to keep it in the best possible conditions, it will help you get the desired return on investment.