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After working with hundreds of clients, we've compiled a few tips for interested buyers on how to prepare for your survey day and get the most out of your time with your surveyor.
At International Yacht Survey Associates, we find it really special to be part of someone's life when they are purchasing a yacht. It's usually a turning point (retirement or another milestone) that is a special moment. We usually start our survey day by meeting for one hour over coffee in a cafe to talk with our clients and get to know them.
1. Start by establishing a good, personal connection
We've found that the more we know about how you intend to use your yacht, the more customized and valuable our work will be.
When you meet with your surveyor, make sure you discuss your intended use of the vessel and where you're planning to use it. For example, if you're planning on doing long-distance offshore sailing, we will pay attention to the way the rigging is set up and may recommend a modification so that sail trim can be more easily controlled from the cockpit, reducing the need to go outside the cockpit during night sailing or tough weather conditions. If you're only ever going to do light day cruising, such a modification may not a priority.
2. Tell your surveyor about any areas of concern or interest you may have
Often, prospective buyers have an area of focus in mind. For example, some are interested in making sure that the rigging is sound. They may have concerns that their yacht was damaged under its previous ownership. They may not understand whether taxes have been paid or not They may need help finding support to manage the yacht in Greece while they live elsewhere most of the year. At International Yacht Survey Associates, we can help with all of these concerns.
Share your concerns and areas of interest with your surveyor so that you can work together to develop a plan to make sure you fully understand the issue and are comfortable making a decision.
3. Before the survey, share as much information as possible about the yacht with your surveyor.
If you have a link to the sale listing, it never hurts to send it along. The surveyor may have helpful knowledge of the vessel from the marketplace that he can share with you. In addition, the surveyor can review the listing and get a head-start on preparing for the day by formulating a list of questions.
4. Ask your surveyor what type of documentation he recommends. You may not need to pay for a full Pre-Purchase Report. Another report, like a Repair Cost Analysis Report, may be more meaningful for you.
We often work with clients who think that they need to purchase a full Pre-Purchase Report. While this style of report is useful for some clients, we often find that other reports are more valuable.
For example, we find that after the survey, clients prefer to have us create a detailed report and list of Critical, Secondary, and Cosmetic repairs instead of the report since it helps them during negotiations to understand whether pricing is correct.
5. Follow up with your surveyor after the survey
Make sure you get the surveyor's contact information so you can stay in touch and reach out after the survey for more information. Most surveyors are open to keeping in touch after the survey.
At international Yacht Survey Associates, we can also connect you to resources here in Greece, especially like lawyers who we know and trust, to help you navigate the Greek market.