If anyone knows about the pitfalls of buying and chartering yachts, it is triple round-the-world sailor and Vendée Globe racer Conrad Humphreys who, despite his fearless nature at sea, recommends erring on the side of caution when it comes to handing over hard cash in exchange for a boat.
“The boats I have bought and chartered over the years have usually been high-end racing yachts, and I certainly have a few cautionary tales as a result,” explains Mr Humphreys. “The first thing I would say is that anyone who decides to use a broker to buy should not be timid about negotiating the fee – the standard charge is as much as 8 to 10 per cent of the value of the boat, but most brokers are willing to be flexible on this and you could end up paying as little as 3 per cent. Compared with an estate agent’s fee, 8 per cent is quite extortionate, so there is really no reason why anyone should pay it.
