Yacht Sales BVI
Process of Yacht Sales BVI
Selling a yacht in the BVI is actually a much more simple process than in much of the world. As any savvy government would, the islands that make our beautiful yachting playground more ideal than any in the world, have decided to encourage yachting activity with an exemption of taxation on the purchase or sale of a boat when done here. Of course, any vessel which trades hands must be in valid import duty status for her class, but other than that, the emphasis is on an active yacht industry and incentives are in place to ensure high activity.
Make the decision to sell
Your boat is your other half. we all joke about ‘The Other Woman’ and compare the passionate energy and no-holds barred expense account for our beautiful yachts; however, the reality exists and at the end of each year we are astounded at what a lot of time and money has been poured into our beautiful hole in the water. These vessels are the fruits of our earning capacity, ambitions and desires- we are proud of them; nonetheless much of what we love is so specific to us, most others will just not see the value. This is the beauty of yachts, they are ours as we make and modify them. But when it comes to selling we have to understand- condition, original design or well and professionally executed upgrades are key- and we must be open to seeing what others see our boats as. Its not easy, selling a boat is a business decision. Unfortunately buying one seldom is so carefully considered!
Have a professional appraisal
Valuing your boat for sale is not a simple task. While at the outset it might be fun to imagine something asking to the automobile industry standard ‘Blue Book’ in reality the largest manufactures of yachts have only made thousands of boats, not millions. Very seldom does a yacht live 10 years without major changes in brand, design and processes of her equipment- its not unheard of to make a boat longer, deeper, heavier or lighter… you simply cannot pull an average from any spreadsheet and arrive at a yachts value. Thus, the experience cultivated by a professional working full time with buyers and sellers of yachts will be a huge asset in correctly valuing boat for a quick and mutually beneficial sale. A detailed inspection including a complete photo documentation of every vessel in a broker’s listings is key to helping buyers properly understand and value a boat from afar, and together we can ensure we show buyers what they need to act now and buy your boat.
Would it be better to charter the boat?
Above i have touched more than once on the understanding that yachting is not a cheap sport. Granted you can maintain a widely varying level of care, at the basic you must maintain a seaworthy yacht year in and year out, and this has a minimum cost. I would be willing to stretch a bit here, because i have learned through practice, that you can get away with spending as little as 5% of a boat’s value a year for many years and still have a decent ship- but most keep their yachts much nicer and find 10% a more reasonable number. Therefore you would be well to consider weather the occasional charter might serve your needs better than a private ownership.
Prepare your yacht
Okay so I haven’t convinced you to just keep your yacht and keep having fun- you want something bigger, faster or safer; maybe its not even a yacht but a plane or convertible car. Perhaps a cottage in Scotland… but anyway its time, the boat must go- how does that happen, what matters most? Most of you have been to a boat show and seen how yachts are presented….consider this; once upon a time someone paid way more than you did for the boat you have now-unless you were that crazy guy that bought it new! But i digress, the boat shows have it-and we pay for the way they sell- clean, empty and fully functional yachts show best.
Empty the yacht. leave nothing onboard except equipment directly related to operating or repairing the boat… spares, fittings, belts, filters, cleaners,GREAT!! Two kayaks and halloween costumes from 3 years of living aboard as well as every fiction novel and knick knack you collected along the way: get rid of that stuff! Empty, clean, polish,. wax, oil, make it nice man like a boat show yacht.
We humans are simple creatures. We like shiny stuff. We love it! Take advantage of this primal instinct and gloss it up. Polish the stainless, remove any rust or stains from gel coat and buff it up to a high gloss. Put a single fresh coat of varnish on trim down below. Scrub the cabin sole so its clean. Engine room too, make it nice and clean! This effort pays back maybe as much as tenfold at sale price.
the boat is going to go through a survey process which will be rigorous to embarrassing in the particular and (remember this is your baby, your pride and passion being picked apart here) cruel even… but the goal of the survey inspection to help the buyer know the vessel in detail, every flaw and potential problem would be well spotted now to prevent a purchase that costs more than planned. So go over your boat with the same eye, be critical- what is really wrong, what would you do if you had $20,000 to invest on the boat. .. and wanted to cross an ocean with her. Change clamps, get some good batteries, have the rigging checked and repaired if need, change filters and fluids, wash the bilges and service the thru hulls./ make your boat ready to be inspected!
Inventorize your yacht
Create the inventory
While of course all the stuff inside your boat has a value, it is important to remember a few things when it comes to inventory. First and foremost is most buyers don’t want your stuff! Next is that anything included in the inventory will be checked for condition and function at survey time- so there is no benefit, and even potential harm, in listing equipment that needs repair or replacement- as it will be recommended as such at survey and become a valid cause for concern and negotiation prior to acceptance of vessel by the buyers. Take a careful stock of what is there- the more detail the better but as always be sure that what is listed adds real value, or there is no benefit to listing it!
Get photos of yacht
Photos sell stuff. We all know that. If only yachtsmen were so easy to trick with bikini clad women.. Granted they all seem to like them well enough, few will lay down cash on that alone- and so we must actually present the vessels themselves when gunning for a sale. Remember- these boats ARE ‘the other woman’ and that is where we must sell. Showing a boat its best- clean, empty and seaworthy- and showing her in a clear and transparent as well as complete way is the best way to find a buyer ready to buy that boat. Take photos that you think will show the boat at her prettiest angles, that will show the cockpit and interior spaces most effectively, that show her anchor and sail handling gear, and her navigation equipment as well as her engines and electrical storage or generation facilities- these photos are all part of your basic advertising. Then you should have another set, real close ups and completely thorough look at the boat- use a macro lens where needed, show the entire boat in every corner every fitting every thru hull or wiring run, everything. Let a buyer see your yacht online- this way the guy you end up showing the yacht to will buy it! Your broker will take photos for you, although you have to either provide him with sailing or motoring photos, as well as pretty sunset shots from your favorite beach looking at your boat- OR you have to give your broker permission to take the ship out and get the photos he needs to do the job right.
Where to get yacht pictures the BVI
If selling privately we strongly recommend using a company such as yachtshotsbvi to take photos that will really sell!
List with boat agent or website
What is really going to sell a yacht?
Ultimately what is going to get a buyer here on island is not WHERE you offer the boat for sale, but how. Most professionals are on a site called yacthworld.com. These brokers are serious about selling boats, they have signed agreements with sellers and a commitment to making a sale happen. Ultimately, professional brokers work. This is why the industry survives, because it works. If you really want to sell a boat and fast, for the most money, a yacht broker as your agent is the best way to go. Of course some folks have time on their hands, and i do don’t doubt at all that any intelligent person can effectively sell their boat in short order for top dollar…and to them i say, here the advice is still valid! read on.
How to pick a yacht sales BVI agent
When talking with a potential broker you must as a few key questions to determine if you are going to actually sell your boat, or just give someone else a chance to one day make a commission off it … Ask the broker how many boats have they sold in the past year, or three? What is the average value of their sales? Have they sold a vessel of your model and or year; or even the same make? What do they know how to do is going to help you sell your boat faster and for more money. If the broker cannot tell you on the spot why he is the one to work with, he probably isn’t!
Where to list yachts online
As a serious buyer there is one resource online that stands out over and above all competition and that is yachworld.com. It is there for serious sellers to advertise their boats. Many other sites of course have buyers very eager to make deals happen particularly outside of the professional circles.
Form-list my yacht?
For an easy to use online yacht listing form including a full inventory guideline and photo suggestions please click here!
Buying a yacht in the BVI
Costs of purchasing a yacht
Commission at closing: boats sold through professional yacht brokers are sold in a partnership where the seller benefits 90% of the proceeds from the sale, where the broker takes just 10% in compensation for his analytical and marketing expertise as well as hours spent in the process of informing buyers to arrive at the right one to make that sale we are all shooting for. Thus with the goal being to execute sales, brokers do not charge any fee until the day of closing of a sale on a vessel- this only makes sense, as really its a partnership between the seller and the broker- and partners each get their just due at the closing of a sale.
Seller fees – covered by agent.
What you need to know when selling your yacht
- Identify what is the purpose of buying your yacht
- Health/age (knee etc problems)- ask
- How much money can you spend on the yacht
- Financing is not possible
- Is the money available? (boat can be sold, waste of time)
- The bureaucracy of buying a boat in the BVI
- Not too bad, no licence, free to use
- No registration required (no driver licence). Unlike car, there is no inspection, no licensing for private use.
- Your boat does not have to be insured. Nevertheless, most marinas have a “marina policy.”
- Need Title Search (government agency searches history for stolen/disappeared yachts)
- Registration- 1500 to 5000 in the BVI
- Why get your boat inspected
- approximate cost
- haul out – getting your boat of water
- How long does it take?
- usually at least 2 weeks
- minimum 1 day – no survey, no bank transfer
- why not rush – protect yourself from stupid mistakes