Are you a first time boat buyer? Whether you’re in the market for you first boat or your tenth boat, it is important to thoroughly prepare for the process. The perfect boat for one person is the wrong boat for another which makes it critical to first identify your personal boating requirements. Once you know what type of boat to buy, other considerations come into play including whether to buy it new or used, how to pay for it, whether you need boat insurance, where you will store it, and how to improve your boating skills.

What Type of Boat is Right for You?

 Answering this question is the key to your long term satisfaction with the boat you purchase. If you’ve never sailed before, buying an Olympic class racing sailboat is not the best choice. This doesn’t mean non-sailors shouldn’t buy sailboats; it does mean that you need to buy the right type of sailboat for a beginning sailor.

Consider the size of the boat as well. If you’re new to boating, stick to vessels less than 22-24 feet in length. Larger boats are more difficult to handle and operate. Not only must you learn how to boat in general, with larger boats, you have more complex systems onboard, adding to your learning requirements. In addition, you may not be able to trailer larger boats, thus adding to the expense of boat ownership.

While larger boats feature more space and features such as a galley, head, and cabins, many smaller boats offer some private areas, though on a much smaller scale.

Buy New or Used Boats?

Buying a brand new boat has its advantages such as full warranty and factory condition, but it also comes with a higher price tag. Making the decision to buy new or used is a personal choice. If you want the peace of mind of a factory warranty and a known history, a new boat will provide that for you. If you’re budget conscious and don’t want to see your investment quickly depreciate, a used late-model boat may be a better choice. If you’re handy with tools and willing to put in a little sweat equity, an older boat can be a bargain.
 

Boat Financing

Unless you will be paying for your boat with cash, you will need to arrange financing. This can be as simple as paying for your boat with a credit card and later obtaining a loan or it could involve dealer or private financing. Larger boats may require pre-qualification and large down payments. Your local bank may have better interest rates than the boat dealer, so shop interest rates before you begin.
 

Boat Insurance

If you finance your boat, you will likely be required to obtain an insurance policy. Even if you pay cash for your boat, you may want to speak with your insurance agent about coverage. Not only is liability on the water a concern, but off the water as well. Find out if your boat is covered by your auto insurance when you are towing it. If you are storing the boat at your home, at a storage yard, or at a marina, you may need insurance to protect it from damages, theft, and loss. 
 

Boat Storage Considerations

Once you have picked out your dream boat, paid for it, and insured it, where are you going to store it? Many homeowners associations prohibit boat storage, at least when the boat is in full view. If you are planning on storing your boat at home, be sure to check to see if any local restrictions prohibit doing so. Smaller boats, such as jet boats and personal watercrafts, can easily fit inside a standard garage. However, make sure to factor in the trailer’s dimensions when measuring your space. Slips and dry storage are available throughout Austin, Texas. Find out the going rate for boat storage and factor the monthly cost into your boat-buying budget.