Buying a yacht in another country has a lot of attractions. Of course, pricing is a big factor, but so is the sheer number of new and second hand boats available. After all, British dealers tend to supply boats that reflect the more conservative criteria of mainstream UK demand to preserve a long-term profit.
As a result, when it comes to buying a yacht in Spain, as well as in countries like Holland and France, you’ll discover numerous brands and models that are not commercially imported into the UK. This opens up a world of possibilities, allowing you to find boats that are tailored to your specific needs rather than conforming to the demands of the general UK market.
Follow the below-mentioned tips if you are thinking of buying a yacht abroad:
1. Consider Boat Mechanics:
Your ideal boat might be perfect from the outside as well as have a perfect interior. But if you’re buying the boat from abroad, it is most likely fitted with their requirements and gears. For example, the charging outlet is different in different countries. While problems like these may be readily resolved during a refit, before getting the boat, get it inspected by a third party to ensure you understand the degree of any adjustments you’ll need to make.
2. Consider currency exchange and cost in transit:
When buying a yacht overseas, you’ll almost certainly have to deal with currency exchange. The value of a foreign currency might change by the minute, costing you a lot of money. To avoid this, a foreign exchange specialist such as NewbridgeFX can help you protect against exchange rate volatility. You may also have to return to the UK with your new boat. More power to you if you sail it yourself, but you’ll most likely be paying for shipment or a crew to sail it for you. To avoid unpleasant surprises, factor these possibilities into your price range.
3. Always get help from a broker:
Purchasing a boat from another country necessitates navigating the murky waters of international contracts, rules, and currency. It’s usually a good idea to work with a reputable boat or yacht broker who can act as a mediator between you and the seller to avoid difficulty and distress. Your broker serves as a barrier between you and the seller and can prevent you from awkward circumstances. They’ll explain your contract to you and make any required changes, assuring your safety.
Get in touch with NewbridgeFX to discuss how we can save you money on your international payments, and protect you against exchange rate movements