Looking to Buy

Buying Guide

All boats, even new, can have drawbacks. Pre-owned boats, if maintained and operated safely, can be trouble-free, whereas new boats are not always without complications and are known to rapidly depreciate. If the issues are found and resolved in a timely
manner, a previously-owned boat, that has been exceptionally cared for, can bring years of enjoyment.

Boat buying is more than just handing over a check. Buying a boat is certainly exciting, but it can be an arduous task, one that takes knowledge, money, and a critical eye. But once the ideal boat has been found, it makes the time-consuming process worthwhile.
And that is where a Certified Professionally Endorsed Yacht Brokerage firm, like Latitude, provides an invaluable service.

We have outlined some basic tips and suggestions for improving the odds that you acquire the perfect boat that meets your needs. Choosing the right boat is a matter of understanding what is really important to you and being vigilant in the search for
those options.

  • Do you prefer power or sail?
  • Do you want new or used?
  • Determine a realistic budget. Learn more about boat ownership and maintenance costs.
  • Asking prices are just a starting point; negotiate the price down!
  • Make an informed estimate of price on your own by using Price Guidebooks and by comparing to other boats for sale online.
  • Variables such as condition of the boat, “curb appeal,” builder’s reputation, service history, extra equipment, engine hours, and vessel specifications will influence the given value.
  • You may want to get pre-qualified for a boat loan before you shop.
  • Determine where you ultimately plan to use the boat, how often, and how far you plan to travel. These answers will help you choose which boat is equipped with the right equipment.
  • Where do you plan to dock or moor the boat? Do you have a special requirement for length, beam, or height?
  • What size do you feel comfortable operating?
  • What design do you prefer? Contemporary? Traditional?
  • Do you plan on living on-board?
  • Are you planning on chartering?

Depending on where you intend to keep your boat, you’ll need to know the State Sales Tax requirements. There is no sales tax, use tax, property tax or tax on service on boats in Rhode Island.

It is recommended to use a Certified Professional Yacht Broker, as brokers have resources available to them that are not available to most buyers.

Once you have zeroed in on the boat you want to buy, your broker will present a formal offer on an industry-standard purchase agreement to contract with the seller. The purchase agreement will list the details and inventory of items included and all conditions
of the sale.

During the Purchase Process, it is important to:

  • Make an offer using a Purchase and Sale Agreement with all the “subject to” items you want as purchase conditions: survey, sea trial, financing, and personal inspection.
  • Have a marine survey and sea trial performed.
  • Order a title search (lien search) to assure clear title. Larger recreational boats qualify for Coast Guard documentation.
  • Smaller boats qualify for state titling (if you are in a title state) or for a Uniform Commercial Code (UCC) whereby the lien on the boat is filed with the state.
  • Through our own extensive database and long-term industry relationships, we have the most up-to-date information at our fingertips to make sure we find exactly what you are looking for.

Reviewing your goals with Latitude is very important because finding your ideal boat can be time-consuming and complex.

You may only be in the boat browsing stage, or you may have found the right boat for you. Use Latitude’s NO COST professional help to assist you as you go through the buying stages of Search and Selection, Offer, Offer Acceptance, Survey, Sea Trial, Financing,
Insurance, and Closing.

Latitude Yacht Brokerage is pro-active in delivering a service that will ensure your new venture and boat ownership is a smooth and exciting launch toward an exciting new journey.

Let your Journey begin…

To learn more about what a Professional Yacht Broker can do for you please click here.

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