4 minutes read
26 Sep, 2023
News & Advice
By Bryony Edwards
Sell Your Yacht Successfully: A Comprehensive GuideIs it time to sell your Yacht? Selling a yacht in the UK necessitates thorough preparation and thoughtful consideration. This guide for boat sellers outlines vital steps to ensure a successful sale, encompassing boat preparation by addressing any issues, decluttering, and giving it a thorough clean. Determining the right price involves careful assessment of various factors such as location and condition to avoid overestimation. Effective advertising with high-quality imagery and detailed descriptions is key. Additionally, assembling all essential paperwork like the Bill of Sale, VAT invoice, proof of ownership, and insurance documents ensures a smooth sale. Alternatively, engaging a boat broker provides expertise, market knowledge, convenience, and facilitates a streamlined selling process for the individual.
Preparing Your YachtBefore commencing with the advertising of your power boat or sailing yacht, presenting it in the best possible condition is paramount. First impressions are crucial when selling a high-value item like boats, just as they are for used cars and homes. A clean and well-maintained appearance helps potential buyers perceive the boat as having been properly cared for. Follow these steps to prepare your yacht for sale:
- Address any mechanical and visual issues: Potential buyers are deterred by even minor mechanical problems. Ensure all components, such as lights, handrails, buoys, engines, sails, and other equipment, are in good working order.
- Declutter the boat: Remove any personal items not included in the sale to create more space and prevent confusion about what's included. This also offers an opportunity to discover and retrieve items you've been searching for.
- Thoroughly clean the boat: A deep clean can expedite the selling process and potentially increase the selling price.
- Clean and polish the hull to enhance its appearance.
- Scrub non-slip surfaces with a suitable cleaner.
- Polish any stainless hardware that has lost its shine.
- Replace rusty or missing screws and other hardware or parts.
- Clean and dry the carpet, or remove it if necessary.
- Wash cushion covers and ensure all glass surfaces are spotless.
- Remove any mildew stains using appropriate cleaners.
- Sweep up loose dirt and wipe down the entire galley area, including inside lockers.
- Pay particular attention to the engine compartment; consider hiring a professional valet if needed.
Setting the Price of Your YachtDetermining the appropriate price for a used motorboat or sailing yacht can be challenging, as many boat owners often overestimate their boat's value. Avoid holding out for an unrealistic price, especially if incurring significant costs while waiting for a buyer. Various factors like location, condition, season, and maintenance schedules influence boat values, making it a challenging market to navigate. Boat brokers possess an advantage over private sellers in setting prices, thanks to their access to databases with actual selling prices of similar vessels. It may be beneficial to contact a local brokerage for assistance.
Advertising Your YachtAdvertising is a crucial aspect when you sell your boat. While options abound, deciding where to advertise can be overwhelming. While spreading the word at your marina and negotiating on-site can be effective, considering potential buyers from various locations, possibly even international, calls for a proactive approach. In the past, classified advertisements in newspapers and magazines were effective, especially if your boat's target audience read those publications. However, with the advent of the internet, online platforms like Clipper Marine offer more efficient solutions for advertising your boat.
Here are additional tips for effective advertising:
- Capture high-quality photos of your boat, both inside and out.
- Provide a detailed description of its features and specifications.
- Highlight any unique or desirable features, such as a new engine or state-of-the-art electronics, to make your boat stand out.
Getting Your Paperwork in OrderBefore completing the sale of your boat in the UK, ensure all necessary paperwork is in order. Requirements may vary based on the type of boat and the specific circumstances of the sale. Consulting with a brokerage beforehand can help ensure you have all the necessary paperwork in order. Ensure you have the following essential documents:
- Bill of Sale: A legal document confirming the transfer of ownership from the seller to the buyer, including boat details, sale price, and both parties' signatures.
- VAT Invoice: If the boat is subject to VAT, provide a VAT invoice showing the VAT amount charged, necessary for the buyer's boat registration.
- Proof of Ownership: Demonstrate legal right to sell the boat through a registration document, title certificate, or proof of purchase document.
- Boat Safety Scheme Certificate (BSS): For boats over four years old or intended for carrying over 12 passengers within inland waters, a BSS certificate is required to demonstrate compliance with safety standards.
- Insurance Documents: Provide proof of insurance for the boat, detailing the policy and coverage amount.
- Maintenance Records: Furnish the buyer with a record of maintenance and repairs to help them assess the boat's condition.