HOW TO BUY A YACHT - THE SIMPLE STEPS TO TAKE!
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- Опубликовано: 3 окт 2024
- After publishing hundreds of videos showcasing yachts for sale, I took a moment to sit down with one of the world's most experienced yacht brokers to discuss the steps that need to be taken to buy a yacht.
Cromwell Littlejohn, CCO of Northrop & Johnson is an amazing font of knowledge...and he also answered the age old question of why some yachts are advertised as "Not for Sale to US residents in US waters"!
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I really enjoyed this video! Is it possible to do a video talking about how to go about getting a yacht crew? I understand N&J has some expertise in that too, and it would go hand in hand. Thanks!
What a great suggestion. YES! I shall certainly feature that in the future.
found this video he did 3 yrs ago ruclips.net/video/xSTMagPdNkA/видео.html
@@Yachtsforsaleblog Awesome! Looking forward to it!
Hi David, a recommendation is to get a sound engineer to look at your microphone setup or try to do something with the acoustics in the room. Your channel always provides good information about what is happening in the yacht environment, and is a pleasure to follow. Keep up the good work, thanks.Cheers
Agreed! I think it could be simple as getting a pop filter in front of the mics and possibly applying a low pass filter in post to clean it up most of the way.
I will add that this video was unwatchable by me. I watch using earbuds and my choices were to allow those incredibly harsh, high pitched "s" sounds to cause me pain or to turn down the volume to the point I could not hear what was being spoken.
I have enjoyed watching many, many or David's videos over the past few years, but watching him speak with no ability to turn on the sound is not interesting enough to watch (As handsome as David is - even when his nose was bandaged) and will unfortunately spell the end of my watching/subscribing to the channel.
Those Microphones are an obvious attempt to up the sound quality, but without the expertise to condition their output properly, they are doing serious damage to the channel.
I tried to turn on close captions and leave the sound off, but I couldn't get any for this video. would you be willing to post a transcript?
Agreed, but one can also use an Equalizer / Audio tuner on their computers to adjust the pitch / tonality / etc. In truth, this audio was much more tolerable than most RUclips productions where the audio is butchered. As someone below said, a low pass filter would basically lop off the high pitch s's.
Enjoyed but you really need to have 3 videos here. 1: Initial Purchase and how to (like this one, very informative by the by) 2: Yacht ownership (both the day to day running Technical/Staff and management of the Yacht/Crew) 3: Mooring and everything that goes with that.
Quite a few people see the cost only as the price sticker of the yacht and forget that there is a hell of a lot more rough estimate 20% annually of the initial purchase price as a very rough marker?
Really enjoy the content!
David's done previous videos about the upkeep and _generally speaking_ it is 10% of the cost, not 20%. It can always fluctuate depending if the owner isn't keeping it in prime condition or if the owner is super-extravagant and does lots of social gatherings. Chartering helps _mitigate_ the cost, but that's roughly covering the costs for the time it's being chartered.
I would enjoy seeing the daily/monthly yacht ownership "duties" as well as about mooring and off-season/dry dock activities.
@@grondhero there are so many mitigaating factors that can and do affect ownership costs as My Dad would always have said BOAT stands for.... Break Out Another Thousand! :-)
Did you not see David's multi-part videos dealing with those subjects?
@@kokomo9764 nope we’re they live streams or have you a link?
It's quite an old video and definitely something I should cover again. Here is the link: ruclips.net/video/xSTMagPdNkA/видео.html
Great video and it answered all my questions about the process of buying a yacht! Thank you David!
Another Great video David. Thanks so much for posting.
Another great video David, going over things others don't, glad you go deeper than just showing us Yachts for sale...jmo
Thanks John!
YES OFFICE!!! 👏🏾 👏🏾 NICE VIDEO!! I LOVE LEARNING HOW TO BUY AND EVERYTHING INVOLVED WITH BUYING, I REMEMBER THE SERIES THAT YOU HAD A FEW YEARS AGO 😎
Great blog as always David, very informative and clear up the process of buying a yaught.
Hi dear do you need help getting a new boat?
All this reminds of the saying “if you have to ask you probably can’t afford it” bring out another thousand = boat
Someday maybe
Love the content nice work!
Hello David, what a road traveled in recent years, to arrive at a superb and very interesting presentation. 👍👍👍
Thanks for making this video always interesting David
This new sit down chats are a great addition to an already great channel.
Please look at the acoustics in the room.
5 star content as always.
How about a video on financing a boat on your own / with friends / shared ownership/ buying for charter?
Having a good broker is a must as they make the process actually quite enjoyable. My last yacht was through a different firm and as David said, it is rather straight forward and everything went well with no wasted time.
Great video. While I do not want to stop seeing yachts, I also have really enjoyed this video!
I'm loving this all the questions and all the informations I needed to know big thumbs up
This was simple and very informative. Well done!
David, you missed the first vital step, rob a bank
I'll do a vlog about that...step 1. Saw of the barrel of a shotgun...
Great video, but I missed the first step: When you decide to purchase a yacht, where do you go? It’s easy to find boats for sale online, but quite often they’re not listed with price, or are far away, if not another country… In the US, you can’t go see a house anymore these days without a Real Estate agent, and both buyer and seller should have one… is it the same with yachts, where I should pair up with a broker to go find me boats in my scope, to then go see them? And can one just set up an appointment to tour a yacht, especially if it’s in use (say charter season)? If I were to fly out to the Bahamas or the Mediterranean, I’d like to maximize the number of boats I can see in those few days I’m there… so perhaps a video on “How to find the right yacht for you”?
Good information here! Thanks for sharing!
This video answered all the questions about the yacht buying process, which was great. Now, maybe you could do a video about the next step. How do you crew the yacht? Can the broker help with that? Is there an agency for that? How do you pay the crew? What does the crew expect from the owner? Who makes sure the captain and crew are qualified and properly certified?
Hi Ted, MOST top notch yacht brokerage companies do have their own crew recruitment division. Also, most yachts are sold with crew and one can either take the crew and replace them over time or have the previous owner keep his crew and you only get the vessel. In your negotiation with the purchasing of the vessel, one can stipulate your crew requirements.. ie: crew from USA only or women can't be better looking than your wife, or, you want crew that speak your home language...!
Very Interesting.
Great video very informative thanks for bringing it to us.
Very informative. Bravo!
Great video ✌🏴
Just Make sure You have your mic at the right angle,, Couldn't hear you some of the time..
Great information. Thank you.
Interesting video
Great Video. Very informative. It strikes me It would be helpful to do several of these; from Say Cali or Wa State in US. And say one from Bajamas & a few from other Far Countries. In that you would have a feel for the Why's of flagging & have a good base a few scenarios/examples or way's of process.
Great video and thank you for having Cromwell answer the favorite American question! :) It seems like buying a yacht has the procedures of buying a car _and_ buying a house _combined!_ (Why is everyone named "Littlejohn" tall?)
If you have the opportunity, I would love see a video detailing what "behind the scenes" yacht ownership is like, such as do most owners create separate banking accounts? Do they tend to have to approve every expenditure or certain expenditures (I'm presuming that the captain is entrusted with a credit card and the owner looks at the monthly statements), how does one find a good marina/port? (Every port I've seen that takes luxury yachts have people that come take away the waste and trash, but every port I've been to, the owners have to do that - unless I've just been oblivious as I don't own any type of boat.) Do most owners keep up with crew rotation/turnover?
Finally, since different boat sizes/weights have different license requirements, where does one go to get licensed? What's the first license to get? And what are the stages? (I've heard in the U.S. that the Coast Guard gives introductory classes, but not sure if they license.) Can an owner legally pilot his own boat _without_ a license? (Or only 'at sea'?)
Thanks for watching and commenting. This is the first of a series of videos, and tomorrow I shall be filming the final episode about getting out on the water for the first time...it shall answer a lot of your questions!
informative content david.hope youre enjoying your time in florida.;)
Very interesting David.Could you do a similar video on the same subjects with regards to the UK and EU.Thank you.
Hi Peter - I certainly will!
@@Yachtsforsaleblog Thank you.
@@peterherd5982 hi dear do you need help getting a new boat?
Interesting video, thanks for that.
I’m going to purchase in 3 years
Hi David and Crom. An interesting video. Obviously it's simple to buy or sell a yacht with a good broker (david N&J), marine lawyer, surveyor etc. Great vlog thanks 😊
What about determining where we are going to keep the boat if we get one?
If we will have a Captain or run it ourselves incase of Owner/Operator intention?
Can we get insurance if we are Owner/Operator Vs needing Captain depending on size?
How do we look about management if we need it?
Hi dear do you need help getting a new boat?
Are the contracts and process similar for smaller yachts in the low-mid six figure range?
Hi The Boat Dude, thanks for watching. YES - usually exactly the same process.
@ David I'm wondering why did Majesty Yachts stop making their 120 size vessels?
Nice video as always, but the sound quality made it a very hard listen.
What about flags of convenience like Liberia and other places like that
Great vid. Thanks. How about annual property tax?
Wow!
These videos from the studio are certainly interesting. Too bad there are no subtitles and my English is very poor :-(
Hi, I’ve sold my house in London and I have £1 million to spend on a catamaran what one should I buy?
Hi Going Mouch. Drop me an email at david@yachtsforsaleblog.com I'd be glad to help.
Hi dear do you need help getting a new boat kindly contact this email address below for more information
All fine for used yachts but what about discussing purchasing new. Are you better engaging a captain, management company or broker?
The next video covers exactly that subject!
Can you please add closed captioning to this video?
Rumor has it that some of the yachts are now even selling sight unseen.
Certainly not the most common thing but given certain travel restrictions and the red hot sellers market it's an option if you trust your broker.
Hi Markus, we have sold some yachts from buyers watching a video on RUclips or from brokers making a walk through video for the client. This is usually when there is already a relationship of trust with the broker, but in any case the yacht is subject to a survey.
A lot of steps were laid out from 1st interest to final closing, but I did not see any typical timeline/time period from beginning. To me that is important factor. Also this video assumes that there were no surveys done on a boat prior to its listing for sale. I would think that having a survey done when the boat is listed would be a great selling point.
Thanks for your comment - you're right, Sellers do not have the yacht surveyed when they list the vessel for sale. It is up to the buyer to arrange for the survey. If the Seller were to have the yacht surveyed I suspect that Buyers would still want an independent surveyor to survey it for them.
Question: Who pays the broker's fee? And how is that calculated?
Is there an industry standard of percentage of commission for the agents? As a Realtor our industry typically has a 5% commission 2.5 per each agent (buyers agent and a sellers agent) plus brokerage fees.
Question: How to buy a yacht? Answer: Go to David at N&J with cash in hand and the boat you want to buy and leave it to him.
Does Canada require a flag registration example registered in Toronto Canada??
Yes
Hi David. I am loving the videos. I have a question about brokerage. If I hire a Northrop & Johnson broker to represent me in a purchase does that agent have a fiduciary relationship with me if I want to buy a yacht whose list broker also works for Northrop & Johnson?
Hi David, Question: If a yacht is in say Florida and one can't travel to the USA due to covid-19, How would that play out..? Also, could the vessel be pulled from the water to do all relevant checks, hull survey, engines, sails and any other relevant survey in the USA even if it were to be registered in the Cayman Islands..? Thanks for the insightful video...
Step one - make sure you can get the money!
David, this was a very very informative video. It did get a little complicated about the not for sale in US, but I guess that's why you hire maritime lawyers. As always, very good video. Thank you for the wonderful job you do!
Thanks John. I watched the video before publishing and said “wow! There is a LOT of information there. Not sure how many people will watch all the way through…but it’s a LOT of information”!
And regarding the “not for sale in US waters”…basically you can’t bring goods, including yachts, in to the US and sell them if you have not paid duty on them. If the yacht is built in the US and flagged US it’s not a problem, but the vast majority of yachts are built and flagged outside the US.
@@Yachtsforsaleblog I worked for Teakdecking systems in Sarasota during the mid to late 90s and trimmed a lot of yacht decks for Palmer Johnson, lazara, and Broward. Not to dismiss all of the yachts around the globe that I trimmed on the floor with the prefabricated decks. I know a lot of laws and regulations have changed since then.
Thankyou
Another great video, David! What goes into getting the best deal would make another interesting topic for your series.
Most people would like to avoid a “cheeky” offer, but knowing what constitutes a reasonable price for a yacht is difficult without access to information.
What market research sources do you use to determine current values and can the buyer have access to these tools? I’m sure I’m not the only person who likes to roll up their sleeves and analyze the data, though there will be those who rather leave it to the broker. Trust, but verify is not only appropriate for the survey and sea trial with large transactions such as these.
Thanks!
Hi Nick, such a great question. To answer this properly I’ll feature it in the next vlog I record.
Wonder about Norhavn Yachts. If I could ever afford one I live in San Diego just down the road from their offices were they have yachts for sale somtimes.
I’ve been reading a lot about them recently. Great company, they have a really winning formula.
I’ve been watching some Viking yacht videos and I really like the 93 Viking lay out it’s not too huge of a yacht and I probably wouldn’t use it for more than anything other then going on some trips to other country’s that aren’t too far away from the states and was wondering what you would have to do and go through just to buy a new yacht 🛥 instead of the hassle of trying to buy a used one ☝🏼 what would the difference in being able to buy a new yacht as a-posed to a used one ☝🏼 I think 💭 🤔 the Viking yachts 🛥 are American made
What a great question…that’s exactly what the next video will be about!
Can Canadian purchase a yacht in the free-trade zones??
Hi dear do you need help getting a new boat?
@@marcuswilliams4352 Just waiting for the currency exchanges then we can talk
@@normanddesmarais4375 okay drop your ‘email address so I can email then we can keep in touch and also more information
Didn´t watch the video yet but my guess would be:
1) become really rich (and cashflow positive)
2) hire someone to do it all for you.
That’s it! No need to watch the video now 😂
@@Yachtsforsaleblog Did anyway:)
Always do because I know it´ll be great!
What is the timeframe for a yacht purchase? From the point that an offer is accepted by the seller, is it a 3 week process, a 3 month?
We need a follow up video on the process of earning tens of millions of dollars in surplus income
Haha! RUclips is full of them!
Step 1: Have enough money to afford the yacht and the maintenance. The rest of the steps don't really matter.
The first step is to show them your bank account to prove you're not there just for the fun of wasting their time😂
Lekker man lekker
How to buy a yacht? Bring lots, and lots of money.😁
Hi dear do you need help getting a new boat?
The simplest step is to rent rather than to buy. Once you own it, trouble starts.
You should have first talked about how to select a boat or a boat company!
That would make a great video on its own. Thanks for the suggestion!
Well, obviously select Northrop & Johnson. ;)
Two simple steps to get your own yacht:
1) Win the lottery
2) Buy a boat
Lol, I was thinking similar "Step 1 get a bunch of money and plan on spending a bunch more"
I love your comment…but definitely the worst possible thing to do with a lottery win!
Couldn't be a more British name than Cromwell Littlejohn. Then you find out he's not even British.🤯
The NorththropJohnson Division of the company I work for Just ordered 8 nuclear reactors from Westinghouse
Having watched a previous video from this company re: yacht charter as a prospective owner, and whether they would consider an older yacht, I received no reply at all. Also no reply from the brokers in France. If I was an owner I would be pretty upset by the blanking of a prospect. You just do not know who comes along and plonks somewhere near the asking price for a boat. You almost, it seems, have to turn up to the office with a suitcase full of cash before they even talk to you. The glossy videos about how wonderful all the services are are not borne out by my reality at least. And I spent nearly 20 years on yachts so I know a little bit.
This is why i told my parents to get a smaller new one. They're doctors and whenever I start advising them on bill of sales and timings of monetary transfers, they lose their shit. All I had to do with Princess was create a new company and have my parents associate a correct amount of shares for California tax which they decided was easier to pay than when I offered to register it in Nevada.
Doctors fucking hate lawyers, which is why I became one. I just didn't think it would work out in their favour. Annoyingly.
I thought the first step was due diligence of the buyer.
Thanks for watching Frederik. Due diligence of the buyer is something that the broker needs to do, this video is explaining what a buyer needs to do.
@@Yachtsforsaleblog A future video on due diligence of the buyer.
@@Frederiktoday Actually that's a very good idea! Thanks for the suggestion!
Definitely get a pop shield, and turn up the de-esser. Put up some sound dampening, that room sounds terrible.
I'm not trying to be a dick. I love your videos, but this sounds terrible.
How to buy a yacht
#1 - Make a few million
Hi dear do you need help getting a new boat
@@marcuswilliams4352 No do you?
@@T-Sav am a dealer sorry