Picture this, you have had your luxury yacht for more than a few years now. The fun times, and adventures your Captain and crew have provided for you have been numerous. As you look around at some of the newer boats in the harbor, you may be wondering, is it time to think about something new, or, maybe the old girl just needs a “new coat of paint.”
It is a dilemma that every yacht owner comes to eventually. The availability of upgrades and refits means that with the right engineers, and with enough time and money, you can make your ageing yacht as good, and in some cases even better than the day you bought her, or you can just sell her, and put the funds towards a new boat.
Deciding whether to sell or refit your luxury yet is not easy. Here are a few things to consider when thinking “sell or upgrade,” and the relative advantages and disadvantages of each option.
Refit Reality Check
For most boat owners, the question of “do I flip it, or do I fix it” really is as much an emotional decision as a financial one. It often comes down to, “do I love this boat so much that I would spend the money to upgrade it, rather than part with it?”
For owners that are truly in love with their boats, there is no option but “refit” regardless of the costs. For others only new will do! Sometimes it has to do with a change in life circumstances; maybe you no longer have kids living with you and want to downgrade to something smaller, or, maybe the opposite is true and your family has grown and you need more cabins.
How Yacht Management Can Help Either Way!
The decision to refit or sell is contingent on so many factors that it really becomes one of individual circumstances. But, whether you decide to sell or refit your yacht, having a good yacht management company in your corner, can be instrumental.
If you want to refit your yacht, of course our engineers and technicians are there for you 100%. If you want to refit, we will start with an inspection, so any repairs or upgrades can be completely planned out. Our engineers will focus first on structural issues, and look for any signs of water intrusion, damage to the hull and deck supports, and integrity of the hull-to-deck joints.
Our skilled marine mechanics will then go over your engines and other critical systems, testing compression, taking oil samples, and so forth. After our series of professional diagnostics, we will determine if your engines should be rebuilt or replaced. In a refit, usually we will recommend the latter, as it rarely is worth the time and effort to do a significant overhaul on engines past their prime, when replacing old worn engines for new ones is like giving your old gal a whole new life.
We will check your instrument panel and all electronics and make recommendations for upgrades and on the latest equipment, while maintaining proper integration with existing systems. Air conditioning, generators, fuel systems, even the condition of your gelcoat, will all be checked for wear, tear and remaining life.
We have given hundreds of boats a new lease on life with a refit. If that is your choice, once we start on the project you can trust it will be done right and as quickly, and cost effectively as possible. Before long, your yacht will be as good as new, often times even better.
On the other hand, if you decide to sell, there are many ways we can help you to “seal the deal.”
Selling a yacht can be a lot like selling a high-end property. Real estate agents refer to “staging a house,” before they put it on the market. It is how they make the place look less used, or less “lived in,” and more like layout for a magazine spread. FYM can help you “stage,” your yacht the same way!
It starts with removing clutter. Only the bare essentials will be kept on board. The next step is cleaning and detailing. Everything needs to be cleaned and scrubbed to the nines! Nothing will turn off a potential buyer more than dirt!
You need to make sure all brass, stainless, or other metal fittings are polished. In addition:
- All vinyl surfaces and enclosures need to be scrubbed and polished
- Oxidation needs to be removed from all ports or hatches
- All interior and exterior woodwork needs to be polished and detailed
The exterior of your boat is your first impression. It must sparkle and gleam like the smile of a super model.
Of course, beyond your boat’s physical condition, you need to make sure all of her systems show that she has been well-maintained and that she is in prime running condition.
When it is time to sell, one way to make sure that your yacht is in perfect selling condition, inside and out, is to take advantage of the planned maintenance that you will get with our On Demand Yachting solution. Our proprietary On Demand software will not only track and maintain your boat’s proper weekly and monthly maintenance schedules, it allows you to monitor all of the service work being done on your boat in real time. That means at any time, you can approve or decline any service work. You have the ability to monitor all systems checks weekly or monthly, and your potential buyers can see when they were completed and by whom.
Ship Shape and Beyond
When it comes time to sell your boat, or refit your boat – it really is easy to see why having good yacht management is important. You simply want any refits or upgrades to be done right, so you can enjoy the new life in your vessel for years to come, and/or any potential buyer to feel good about your vessel as soon as they step onboard. With On Demand Yachting, you are covered either way!
Operating a motor yacht can be costly. You can reduce your expenses, and avoid costly repairs by keeping her well maintained. On Demand yachting from FYM can help. If you would like to learn more, or if you have any questions or comments about this blog post, do not hesitate to contact our Yacht Management specialists, or call us at (954) 900-9968.