It's just not done?
- Thread starter justsomeguy
- Start date
The insurance company will require a survey, regardless of how much insurance you intend to buy. And what's more, the marina will certainly have minimum insurance requirements that you will have to meet.
If he only gets liability he will not need a survey none of them I got quotes from asked for a survey on a liability only policy. But some marinas require as much as million dollar coverage due the cost of the high priced boats/yachts berthed in there marina
Looks like a nice boat, with great potential, at an affordable price. The "informal surveyor" advised a haul out and bottom survey. I would also add that an independent surveyor who represents your interest and not the broker's is of utmost necessity. May be a good idea to have a mechanic do a detailed inspection on the engine & tranny since it has been rebuilt.
Just out of curiosity, do you plan to keep the boat in Mexico?
Yep, most marinas now require that you add them to your insurance policy as an "additional insured party". Liability amounts vary; I think mine is $300,000. + I have the boat listed on a personal liability umbrella policy.
Just out of curiosity, do you plan to keep the boat in Mexico?
Yep, most marinas now require that you add them to your insurance policy as an "additional insured party". Liability amounts vary; I think mine is $300,000. + I have the boat listed on a personal liability umbrella policy.
OK, so i read part 3. Looks like you found a reasonably seaworthy older boat owned by a responsible owner. If she is your boat based on what you know your final step will be to short haul the boat and sound the hull, and inspect for groundings and rudder damage. You need to spend this last effort and money to make sure you don't buy a boat that will keep you in the yard peeling laminate, sealing, glassing and painting an un-sellable boat for the next 2 years; because that would crush your spirit. 
And yes, you will be spending $15k on electronics and navigation gear and it will make you very happy. And you will end up with a nice bluewater boat for less than $60k. That is the price of admission...you in?
And yes, you will be spending $15k on electronics and navigation gear and it will make you very happy. And you will end up with a nice bluewater boat for less than $60k. That is the price of admission...you in?
I am writing a 4 part article on how to buy a sailboat "From Afar", it may take me a lonnnnnnggggg time to finish it, but here is a useful tip on bargain hunting,
Motivation Factor = $List Price/ Average blue book (what a bank would lend normally)
Highly Motivated Seller = -10% to 7%
I won't list the other brackets but last one...
It's My Baby = 30%+ ( oh my we need to sell them our 6 pairs of racing gloves too )
Jim...
PS: Take your time and look at the online market too!
Motivation Factor = $List Price/ Average blue book (what a bank would lend normally)
Highly Motivated Seller = -10% to 7%
I won't list the other brackets but last one...
It's My Baby
= 30%+ ( oh my we need to sell them our 6 pairs of racing gloves too )Jim...
PS: Take your time and look at the online market too!
Just pull the trigger on it and stop trying to talk yourself out of it. The boat looks nice. Get the survey to make sure nothing is below the waterline and then make yourself happy. If you truly love this boat and think that it could be the one, go for it!
I have thought about eventually getting an older boat and putting some love into her to get her where I want her. Nice thing for me is that I can do a ton of the work myself on my off time and I enjoy working on boats. Besides, working on the boat teaches you a lot about it. You will know where every wire run is, how everything works, and every nook and space in the boat.
I have thought about eventually getting an older boat and putting some love into her to get her where I want her. Nice thing for me is that I can do a ton of the work myself on my off time and I enjoy working on boats. Besides, working on the boat teaches you a lot about it. You will know where every wire run is, how everything works, and every nook and space in the boat.
When I bought my second boat, I paid for the haul-out, just to see the Keel. For a short period of time (and the Admiral was none too happy), we owned 2 boats (my fleet, I called it). Season was quickly coming to and end, and I had a bite on the old boat. I insisted the potential buyer pay for the haul out and survey if he wanted one....but given my situation, I knocked some money off the price of the boat. I figured if the buyer did not take it, I would have to pay storage on 2 boats....it all worked out, both buyer and seller felt they got a reasonable deal.
Everything is negotiable....so if you really like the boat, try to negotiate a lower price, and still keep it subject to repairs and whatever else you find during the survey.
Everything is negotiable....so if you really like the boat, try to negotiate a lower price, and still keep it subject to repairs and whatever else you find during the survey.
Attachments
I have bought two boats with survey( i paid for) and both times got large deductions for needed repairs.... The sellers didn't roll over jumping to give deductions, but both wanted to sell and realized that most serious buyers would likely get a survey.... I would only survey what i am very interested in and either way negotiate for what i consider a fair price..... I would not buy without a haulout and survey(my cost). I have been around boats my whole life, but still hire a surveyor as i like a second 0pinion... Regardless you always have lots of fun fixing and changing out stuff and really making it your boat....
fair winds
fair winds
Thanks. I think so too.
Funny story...I saw this O'Day 322 several years ago, when looking for my first boat. I was too slow in making an offer, and she sold the week before I called to make an offer. I was heart-broken. Bought the next boat I saw, and sailed the H280 for 5 years or so. Then got an email from the guy who bought the O'Day "out from under me". He had moved, needed to sell the boat, and wanted me to make an offer....
I did not want it to slip away again, so,we bought it...thankfully, sold the Hunter within a month.
Photos and videos at this website...
Www.wcwebs.net/oday322
Funny story...I saw this O'Day 322 several years ago, when looking for my first boat. I was too slow in making an offer, and she sold the week before I called to make an offer. I was heart-broken. Bought the next boat I saw, and sailed the H280 for 5 years or so. Then got an email from the guy who bought the O'Day "out from under me". He had moved, needed to sell the boat, and wanted me to make an offer....
I did not want it to slip away again, so,we bought it...thankfully, sold the Hunter within a month.
Photos and videos at this website...
Www.wcwebs.net/oday322
I think it would be difficult to get others to pitch in. The seller isn't likely to allow a haul out and survey until you have agreed on a price and have a firm contract. At that point, the other potential buyers have little motivation to share the expense considering they only get a shot if you decide you do not want the boat. If there is more than one other contributor to the survey expense, then some kind of pecking order has to be determined. And, of course, the seller has no agreement with the other contributors, so does not have to sell to any of them, honor the pecking order, or sell the boat at all except to you for the price agree upon in the contract.
If you are serious about the boat, make a list of all the things you know you are going to need to buy and estimate those costs...add those to the cost of boat and survey and then add the additional costs for repairs identified in the survey. If after that, you still want to proceed, maybe you can negotiate some consideration for new items found in the survey. You may want to consider taking that "big number" you came up with and seeing what else is available for the money. I have owned a few fixer uppers...and ended up doing a lot of "fixie-upping" vice sailing.
If you are serious about the boat, make a list of all the things you know you are going to need to buy and estimate those costs...add those to the cost of boat and survey and then add the additional costs for repairs identified in the survey. If after that, you still want to proceed, maybe you can negotiate some consideration for new items found in the survey. You may want to consider taking that "big number" you came up with and seeing what else is available for the money. I have owned a few fixer uppers...and ended up doing a lot of "fixie-upping" vice sailing.
Centerline is "right on the numbers". If you feel that the boat is right you pick the surveyor that you trust. Expect that a boat that age will have some issues. Good luck.