Want to live life on the water? Today, more than ever before, it’s possible to buy a yacht and live aboard it as your primary residence. Many young people are now making their first home a boat. If you’re not a sailor but would like to become one, there are many things you need to know before buying a yacht. There are numerous costs associated with the purchase of a new or used boat—not just the initial price tag but also ongoing expenses. The cost of buying and owning can be significant, so proceed only if you have the required financial resources and time commitments. And remember: If you buy an older vessel that needs repairs or maintenance, factor those expenses into your budget. It’s also worth noting that insurance is mandatory if you own a boat.

There are several things to consider when buying a yacht:

1. How to finance the purchase – If you’re buying a new vessel, you’ll probably be able to finance it with a bank loan. If you’re buying an older boat, financing may be more difficult.
2. Where to buy – You can purchase a boat from a broker or directly from a seller. A broker’s commission can be as much as 10% of the purchase price. If you purchase directly from a seller, the commission is usually less.
3. Accessibility to your boat – You’ll need to consider the proximity of the boat to your home/work. Is it conveniently located? How easy will it be to get on and off the boat?
4. Barrier to entry when buying a boat – First, decide what type of boat…