Yachts are incredibly expensive things, that’s just a fact of life, they cost a giant amount of money. All yachts do, no matter what size or in what shape or in any sort of state, a yacht will always be in the four-figure mark at the very least. There like that because they are giant vessels made entirely for pleasure, fun, and relaxation, so of course they would cost a lot. Sometimes though, we don’t really know how much that yacht is going to cost, or how much it can be sold for, we don’t always know its value.
That is where yacht appraisals come in, yacht appraisals are incredibly helpful for every single little thing that they do. If you don’t know, a yacht appraisal is when a yacht specifically has its value determined by experts in order to figure out how much it can be sold for. That one little description alone should show much value an appraisal can have, they are incredibly helpful.
A yacht appraisal is incredibly helpful, they can show you if something needs to be fixed, if something can be improved, if something needs to be done in general for the yacht, they can tell you, and when you get it done, the value of the yacht increases. That way you are able to sell your incredible yacht at an incredibly fair price, so really everyone wins, you can sell your yacht, or see how much a potential yacht is actually worth it to buy, the appraisal inspector gets payed by you to do it, and the one you are potential selling to gets a yacht, or the one you’re buying from gets money.
So, it’s a really nice deal all around for all parties if you get a yacht appraised, it makes the process a lot easier, and it makes it a lot more valuable. Though of course, with anything that needs to be inspected, this can take up more time than it usually would if you wanted to buy or sell a yacht.
You could sell or buy a yacht without getting it appraised, in which case whoever you are buying it from would hide important details from you, you might be overcharged quite a bit, and if you were to sell without one, then you’d be taking a stab in the dark at how much it would be worth to sell, you could overcharge your potential customer, or you might be not charging them enough.
Both of those options do not sound that great, they both can lead to a lot of down sides when it comes to the financial portion of this exchange. So, all around it is an incredibly smart choice to go ahead and get your yacht appraised whether you’re selling one, or you’re going to be buying one. If you aren’t convinced whether you should or should not get your yacht appraised yet, then no worries, we are going to be going over quite a bit more in the next few sections, hopefully they’ll be able to convince you.
A few of things that we will be covering are, how to get your yacht appraised and a more in depth look into what a yacht appraisal is. These are both incredibly important, even though it may look like we are covering the same material that we just went over, though there is no need to worry at all, what we are simply doing is going into a more in depth look into a yacht appraisal, beyond the simple explanations that we just gave.
We do sincerely value your time, and we desperately hope that you don’t think that this was a waste of it as you are reading this. Hopefully you find the value and information that you are looking for, and hopefully we are the ones to provide it with this. So, with no more time wasting, here is a conveniently compiled list and analysis of how to have your yacht appraised.
What Exactly is a Yacht Appraisal?
A Yacht appraisal is a survey conducted by an expert who can determine the value of your yacht. As you can probably tell this is going to be the shorter of the two sections, as it is a little simpler. This makes things a great deal easier in the long run for everyone, especially for certain tasks that need to be done.
Usually, a yacht appraisal is used for divorce proceedings, and the yacht needs to have its value known to determine who gets it. That is the most common thing done when it comes to yacht appraisals, but that is not the only thing it is used for. As we said it can be used to determine how much it’s worth to a buyer, which is a pre purchase inspection basically, how much it can be sold for by the seller, etc. There is a lot of things that a yacht appraisal can be used for, but that’s not what we are really talking about right now.
As each yacht and vessel is different from others, an expert has to go onto the ship and look at every nook and cranny that it has to offer. They’ll look at all the equipment, the conditions that things are in, the hull, all the buttons and knobs, and everything else that they can find. They’ll look for every single little thing, and then compile all their findings into one estimation, giving everyone the value.
Once the appraisal itself is done, you can go on with any of your business transactions. The troubling thing about a yacht appraisal is that you need an expert to come out and take a look at the ship. They have to take time out of there very busy schedule to come by. So, it may take a while to schedule the proper times and such to have them come by and find everything that they need.
So, this process may seem a little time consuming, but it is completely worth it. You will simply have to be patient until the appraisal can be scheduled and done. Until the you can try and take a look at it yourself, see if anything needs a bit of fixing up, if anything needs to give a paint job, maybe replace a few parts, etc. If all your doing is waiting, then it wouldn’t hurt to go by and fix it up a little bit.
A word of warning though, like the old saying says, don’t fix what’s not broken. You really don’t want to be doing something that you probably don’t have the deepest knowledge in. It would be absolutely terrible if you accidently wired something wrong, or painted something wrong, or if you cleaned something wrong even, and then break the yacht, making the value of it go way down. I know that all kinda goes without saying, but really just don’t do anything that you will regret, it will not be a fun process.
Something that is also used by yacht appraisals is taxes. If you have a yacht appraisal done, then you can have a fair estimate on your taxes to pay for it. Which is incredibly nice to have, especially if the IRS is accidently charging you more than they should. It saves you money in the long run now that you have it available at all times and have proof of it by a professional estimate. Again, it’s an all-around win, everyone gets money, or is going to be saving money in this transaction, it’s a whole lot of good.
What Is in an Appraisal
Now, we know what an appraisal is, and we know why we should have one done for our yachts, hopefully it was able to convince you to get one, now we can move on to what actually happens in the appraisal itself. We are now going to be looking at what the surveyor is going to be doing really as they inspect your vessel, and what you should do when they are doing their job.
Typically, there is three different parts of the survey, or some variation of it that will encompass the entire vessel in order to find its entire value, which is incredibly good for everyone as this system is usually incredibly efficient. The three parts of this system are the system and conditions tests, the mechanical tests, and the rigging tests, if your yacht has rigs to be inspected. These are the three things that are really what gives a yacht value, and as such will have the most time spent looking at.
So, the systems and conditions tests are very simple to explain and to understand, as most of it is already in the name. The expert will go around the ship and check for its condition, see if the hull is intact properly, any running gears, seeing if all the electronics work, the plumbing, the electrical system, just to see if everything is functioning as it should.
The mechanical test is also incredibly good as it looks at all the gears, and the engine, and everything that is necessary for the entirety of the vessel to move in a physical manner. Another good example of what they will be looking at is the oil, to see if its expired and such. The last and arguably the least important thing that they will be testing and looking at is the rigging, they will just look to see if all the rope and sail and mechanics of the rig are intact and ready to be used properly.
Like I said, they can do these tests in whatever order they wish, whatever is most comfortable or efficient for them to work with generally. Whichever variation of this general test they decide to do should be completely suitable, but if you want them to do it some certain way, that doesn’t really interfere with what they need to do, then we’re confident that they won’t mind to much.
Of course, they could just entirely ignore this system and just review your vessel as they go along, which has worked quite well as well, but we do prefer the system, it gives it a little order and lets us know what to expect. Whatever way they do decide to do it though is completely well and good and should suit your needs very generously.
We talked about a lot about these yacht appraisals and they were all hopefully very informative. We spoke about what a yacht appraisal is, and what it does, and how it works, and really everything about it in general. The one thing that we did not mention though is the price, which we can really quickly mention. You pay based on square feet, for about every three feet costs about twenty dollars on average.
It can be a pretty steep price to pay if your yacht is big, but it is completely worth it if you are able to get your appraisal and avoid any unwanted taxes, and that you can sell it for a good price that will compensate you very nicely. Whatever you need it for, it will of course be well worth the price of what you pay, and it make sure that you are well on your way to making sure that it is all quite good and normal and safe.
The value of your vessel is a very good thing to know, and hopefully we were able to steer you into the right track into finding out what it is. There is a lot of things that you can learn from an appraisal, and we certainly hope that you learned a lot about them from us. So, again, we just wanted to say thank you very much for taking some time out of your incredibly busy schedule to come and read through this really quickly, we do sincerely hope that you were able to find what you were looking for, thank you very much again, this was how to have a yacht appraised.