Yacht ownership is a dream that's out of reach for many. However, it can make sense for business owners, who can take clients on board for a harbor cruise. A yacht also can become an additional source of income if used as a charter.

Yachts (often misspelled yaht or yact) can be sailboats or powerboats. They range from 30 feet for day or weekend trips to hundreds of feet, at which the terms megayacht, superyacht and ship become blurred. Prices range from $30,000 for a small used yacht to millions of dollars for a megayacht.

If you're considering a yacht, first charter one to get the feel. Then ask for a yachts list from a yachts provider. If you are looking for yachts, information is available on the Internet, but don't purchase a yacht sight-unseen unless you have complete confidence in your yacht broker. When looking for a yacht, consider the following.

1. Look for a yacht dealer nearby that offers a wide selection of boats that interest you.

2. Consider older yachts that provide the size and power you're looking for, but require updating.

3. Inspect your prospective yacht carefully. Have a knowledgeable party look her over completely before you sign.

Action Steps
The best contacts and resources to help you get it done

Charter a yacht for your next corporate getaway

Reward your staff with a cruise aboard a chartered yacht. You can conduct business in the yacht's boardroom, then finish out the day fishing for the next meal. You can go bareboat (no crew) or request a crew to fully focus on the business at hand - relaxing and enjoying the fruit of your labor.

I recommend: The 143-foot motor yacht Argyll, built in 2002, accommodates up to 10 guests in luxury, and is available in the New England states and the Caribbean. Snorkel, water ski or dive from the Secret Oasis, a 58-foot sailing catamaran charter from Voyage Yachts.

Dive into the boating life with a mid-sized yacht

What better way to seal a deal with a client than to take him out for a glorious day of fishing on your brand-new yacht? You can find so many yachts, new or used, in the 30- to 100-foot range that it may make choosing difficult.

I recommend: The 35-foot Silverton from HS Yacht is a diesel-powered fiberglass motor yacht with two staterooms and cherry wood throughout. Hatteras Yachts' Hatteras 80 MY Sky Lounge, at 79 feet, features a circular staircase leading to the Sky Lounge, where touch screen computers and large windows will help you navigate the waters ahead.

Find yachts that satisfy your boating aspirations

If you're ready to make a serious investment, consider a megayacht (more than 100 feet) or a superyacht (200 feet or more.) These yachts feature luxury amenities you could expect at home, including gyms, pools, and multiple bedrooms.

I recommend: Orucoglu Yacht and Marine Construction is offering a 270-foot twin-engine motor yacht that you have to see to believe. Look to SailingBoatsForSale.com to purchase your next superyacht.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Look into the tax advantages of yacht ownership. You may be able to write off the interest if it qualifies as a second home. You could also save if you charter your yacht.