If you are considering the purchase of a used yacht, either privately or from a broker or dealer, it is excellent advice to employ the services of a surveyor. Here is why.
Most purchase offers for yachts include a "subject to survey" clause, allowing the buyer to withdraw or renegotiate based on survey findings. Likewise, any deposit paid can be refunded if the survey results do not meet the buyer's expectations.
A marine surveyor plays a critical role as your safeguard against buying a problematic yacht.
The Role of the Marine Surveyor
The role of a marine surveyor is to assess and evaluate the condition, safety, and value of a yacht. They conduct thorough inspections to determine if the vessel meets safety and regulatory standards, is in good condition, and is fairly priced. This assessment includes checking the vessel's structure, systems, and components, and providing a detailed report with their findings to aid buyers, and sellers, in making informed decisions about the yacht.
It is highly recommended to have the yacht lifted out of the water for a thorough inspection, covering aspects such as the hull, hull fittings, propellers, thrusters, and overall structural integrity of the vessel.
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In addition to conducting surveys for yacht buyers, marine surveyors serve in various other capacities:
- Insurance company consultants: some marine surveyors are directly employed by marine insurance companies. They are tasked with conducting damage surveys and providing detailed reports following maritime incidents.
- Accident investigation: in the event of an incident or accident, marine surveyors are often called upon to investigate the causes. They may later serve as expert witnesses during legal proceedings.
- Specializations: many marine surveyors specialize in specific areas, such as inland waterway craft, sailing yachts, or high-performance yachts. Therefore, selecting the right marine surveyor who aligns with your specific needs is crucial when seeking their services.
Peace of Mind
A surveyor is your advocate, working on your behalf to inspect the vessel and ensure it's in a condition suitable for purchase. Their role is to provide you with the confidence that there are no unexpected issues, allowing you to proceed with the purchase with peace of mind.
Similarly, the comprehensive survey of the yacht may uncover issues that need attention during the sale negotiations, and in some cases, may even impact whether the sale proceeds at all. A surveyor is ethically obligated to bring to your attention any concerns that could affect your enjoyment of the yacht for the foreseeable future.
Valuation and Negotiation
After conducting the yacht inspection, the marine surveyor can provide a valuation considering both market conditions and the vessel's present state. This valuation is a reference for subsequent negotiations.
Negotiation, which may involve the buyer's broker (refer to our dedicated article), comprises discussions and potential adjustments in the seller's expectations and the buyer's offer. These negotiations are rooted in any issues discovered during the survey and aim to arrive at agreeable terms for the sale.
Knowledge
Your surveyor's expertise ensures a comprehensive examination of the yacht, from bow to stern. Should you decide to proceed with the purchase, you'll have at your disposal a concise and detailed report of the yacht's composition.
Resale
If you choose to sell your yacht in the future, having a recent or even a past survey can greatly contribute to presenting a dependable profile for potential buyers. It offers a comprehensive historical perspective. In fact, a previous positive survey can make a significant impact, potentially encouraging more forthcoming offers from interested buyers
How Much Does a Yacht Survey Cost?
The cost of a yacht survey can vary significantly depending on several factors, including the size and type of the yacht, its location, the complexity of the survey, and the experience of the marine surveyor.
On average, a marine survey can cost anywhere from a few hundred to several thousand dollars. It's essential to obtain quotes from surveyors and discuss the scope of the survey to get an accurate estimate for your specific situation.
Remember that investing in a thorough survey is crucial for making informed decisions when buying or selling a yacht, and the cost is typically a worthwhile expense in the overall transaction.
