Buying your first yacht: ten questions to ask before you sign

Every first-time owner arrives with the same excitement and, quietly, the same worries. How much will it really cost to run? Who will look after her when I am away? What can go wrong at survey?

Start with the total cost of ownership, not the asking price. A reliable rule of thumb is to budget roughly ten percent of the purchase price per year for running costs, and to ask for the last three years of actual accounts.

Then ask who owns the relationship with the crew, the yard and the class society. A good advisor will introduce all three before you make an offer, and will be paid the same whether you buy or walk away.