There are several essential things to know before building a luxury yacht. These include the costs, performance factors, and how long you’ll need the yacht. There’s also a lot to consider when choosing a design and style for a luxury yacht, including how to sell it and who’ll own it. MJM Yachts can help you with custom yacht decisions.
Costs of Building a Luxury Yacht
The costs of building a luxury yacht vary, depending on how large you want your boat to be. Larger yachts are more expensive than smaller ones but come with more interior rooms and amenities. Also, unlike smaller yachts, large yachts require more maintenance and crew.
While construction is the highest single cost, many owners don’t consider all the other costs. In addition to the boat itself, the owners have to buy the latest toys. From helicopters to submarines, the price can be pretty high.
Design costs come before construction even begins. The interior materials and fairing are also part of the cost. Other prices include the engine, transmission, shaft, propeller, and other factors. Additional charges can add up quickly if you don’t understand everything that needs to be done. For example, a high-end sailing yacht might require multiple watertight compartments, stainless steel fuel lines, and a comprehensive electrical system. Other costs include the cost of plan printing and small items that may not be as visible.
Performance Factors to Consider
There are several performance factors to consider before building a luxury yacht. These include fuel requirements, travel range, living spaces, and more. Chartering a luxury yacht will help you understand the trade-offs between these features. You can also consult luxury yacht owners to find the best model.
A performance yacht is a much different animal from a regular luxury yacht. These yachts, also known as ‘go-fasts’ or ‘cigarette boats,’ are built to streak across the waters at breathtaking speeds. These yachts are reminiscent of sports cars in their lightweight bodies and the ability to tread along a coastline at an accelerated pace. Hence, they are often more extensive and expensive than ordinary luxury yachts.
Costs of Chartering a Luxury Yacht
Most charters include the cost of the ship itself, crew, and insurance. The charterer will also be responsible for all other operating expenses, such as food and drinks, fuel, dockage, and cruising taxes. Other costs to consider include personal laundry and communications. These additional costs usually add around 30% to the base cost.
The price of a luxury yacht can vary widely depending on the location, several guests, and the amenities on board These costs depend on the destination, fuel, and the number of passengers.
APA, or Advance Provisioning Allowance, is charged onboard. It is paid to the Captain before the charter and is a fixed base rate percentage. APA is payable in advance and accounts for about 20% of the base price of the yacht. If you have specific needs or requirements, you can request the Captain to calculate an estimate for you before making a booking. However, this is not an economical option – only the most experienced charterers can afford it.
