Improving resale value

[David Guthridge]

Price!!!

I was a Real Estate Broker for 15 years and if there was one thing I learned was that any house will sell if the price is right. Reguardless of it's condition. This also holds true for boats. Three years ago Ilooked at no less than 25 boats in the 25-28' range. Some were newer and very clean and priced high. Some were trash and still priced high. I found a Pearson 26 with a newer engine, newer riging, 10 sails, 2 spinnakers, all kinds of equipment and just had the bottom painted but the rest of the boat was a mess. The dockmaster told me it hadn't been out of the slip in 2 years. An inch of bird poop all over it. I got it for $4000. About half what most Pearson 26s go for. After a few months of cleaning she looked like new and I couldn't be happier. So, all those people who harp on cleanleness are right if you want to get what your boat is worth.

 

[Brian]

David, your point is valid...

If one wants to get half of what ones boat is worth. However it has been my experience that most full price buyers can't, or won't, see through the poop.

 

[Todd Alt]

Price to sell

Get your junk out of the boat. Clean it up best you can, AND price it to sell. A broker once pointed out to me that there are a heck of a lot more sellers than buyers. Just because your duff was behind the wheel doesn't make your boat worth a premium. If you have made a lot of upgrades in equipment such as electronics, canvas, or amenities below then you may fetch a higher dollar than another model of the same vintage and make, but you will not see a full return on your money when selling. It is money in your wallet to get rid of a boat sooner rather than later. Waiting for that one buyer who fully "appreciates" all that you have done becomes a boat sitting in the cradle and that will just cost storage and lose value with age.

 

[Steve]

trade it in

The best way to get value for your old boat is to trade it in for a new one and make a good bargain with the new boat dealer. This can be done!

 

[Pete Brady]

Don't count of getting it back!

After a lifetime of boats I have learned that I must NEVER expect to get back what I put in a boat. I upgrade for my enjoyment and not for resale. I recently purchased a 1986 34.5 and have already put $20,000 more than the “book” value in her. The value to me though is priceless, as I now have all the features of a second home on the boat, which increases its value to me.Thanks

 

[Pete Brady]

Don't count on getting it back!

After a lifetime of boats I have learned that I must NEVER expect to get back what I put in a boat. I upgrade for my enjoyment and not for resale. I recently purchased a 1986 34.5 and have already put $20,000 more than the “book” value in her. The value to me though is priceless, as I now have all the features of a second home on the boat, which increases its value to me.Thanks

 

[Gord]

Pete B is right

I’ve never had a boat, that I didn’t re-fit to suit myself. In every case, the upgrades were worth more than the boat. On the upside, my last two boats sold (quickly) to the first authentic visitor. The selling prices were at high end of ‘market value’, and well below my invested cost.Repeating what others have said - For mere re-sale value, take a page from the (home) real estate book; and invest in (aesthetics) cleaning, tidying, and paint (wax etc?).Regards,Gord

 

[Jim A]

I will not even look at a new boat unless

ut has sweet AC/heat!

 

[SailboatOwners.com]

Final results

Final results for the Quick Quiz ending October 5, 2003:Which improvement most increases resale value?37% Interior: new cushions, AC, refrig, fancy heads 24% Technical: improved rigging, barrier coat, glass or engine mods22% Sails: New or premium18% Electronics: Plenty, and integrated

 

[Jerry Sapienza]

Selling Your Boat

When selling your boat, do what the dealers do with traded in boats prior to selling.1. Take all "junk" off boat. All lockers must be clean and empty.2. Take all valuable gear not necessary or original off and either keep it or best sell it. Example, you only need 2-3 sails to sail a sloop. If you have 10 sails, sell 7-8 privately. (Try Bacon, the dealers sell them their extra sails from each trade in). If you have 5 winch handles, leave 1-2 on boat and either sell or keep extras.3. Have the boat cleaned professionally. Or do an excellent job cleaning it yourself. Make sure every inch inside is clean.4. Most important, when you buy a boat, don't "improve" it. Most improvements done by a non-professional subtract from value not add. You may like those two giant stereo speakers in the cockpit on each side of the companionway, but most people see them as an eyesore.Believe me, you will get more money selling extra grear than it increases the value of your boat. Most of that old equipment you love is just that. Old! What most people really want in a used boat is clean, clean, clean!

 

[Jerry Sapienza]

Draw Up Diagram?

Unless the boat you have is anchient, don't you think still having the original owners manual is a much better sign of care than drawing up hand pictures of through hull placement? I would never buy a used car with a lost owners manual. If the original owner could not even care enough to keep the owners manual, how much did they care about maintance?

 

[Peggie Hall/HeadMistress]

I agree with everything you said except #4

Owner added upgrades and extras DO add value to a boat...maybe not to its survey value, but against similar boats that have none. Granted, they have to be the kinds of things most people want...your speakers example could indeed detract from it in many buyers' eyes. But anything that most people want--installing a microwave, access hatches to otherwise inaccessible areas, a good CD player, chart storage--any added storage--only enhances a boat's perceived value. Things like extra sails may actually add to survey value. I've found that it's best to remove everything you want to keep...they can't want it if they never see it. If you can sell something (sails) separately for more than it will add to the price of boat...AND it won't detract from the value of the boat...then by all means remove it and sell it.But one of the reasons people buy used boats is because they get a lot more for a lot less money than brand new boats offer. So include anything that will make your boat stand out from its competion...perceived value is what sells boats. Btw...I've done this a few times--bought and sold.

 

[Jerry Sapienza]

Keep it simple and Clean

I sold (privately) my 1986 Catalina 30 in 1999 to the first person who came to look at it. When I bought it in 1991, it was a dealer trade in and I was the first person to look at it.Secret each time was, boat remained basically stock, and any mechanical change made (new Alternator, new alternator bracket, new ignition system, were recommened upgrades from Catalina (a great company) and done professionally. I had the paperwork to prove it.Canvas was removed and repaired prior to selling. Electronics were modern.Moast important is CLEAN, plus the survey in both cases, when I bought and when I sold, was very positive.We purchased a new Beneteau 331 and it will be kept in the same condition. I saw a 1 year old B 331 that was alreday "improved" by the owner, completely ruining the resale value according to the dealer.

 

[Jason]

Clean and complete is all that I think helps

If it needs paint or has ripped cushions fix them. How fancy a radio, radar, engine, etc the boat are expensive and you will never recoup your investment.

 

[atgep]

Poly-glow

I just used polyglow on my 16year old cat 25. She now only looks 3-4 yrs old. It took about 6 hours to do the whole hull. I WILL NEVER USE WAX AGAIN!!! This would surely bring the beas bang for the buck.

 

[Stu Jackson]

And when...

atgep of jville ...the glow goes, so does the finish.From my review of the archives, it looks great for a year or two, but then goes to heck, turns yellow and you can't get it off.Sure hope you're right (or wrong).Stu

 

[Bill Lloyd]

The comparison will sell the boat

I have an 84 Hunter 31 to which I have added AC/heat, 12V refrigeration, autopilot, new pressure water pump with an accumulator tank, increased the battery bank to over 420 amps, recovered the salon cushions, added a high tech battery charger & upgraded the speed log transducer to one with a check valve. I don't expect to get any of this back if I ever decide to sell her, BUT when she is compared to other boats without those things, she will sell first & more quickly. That will be the payback, not money, but time on the market.

 

[Jeff M.]

The other side of the coin...

Although I'm relatively new to sailing, I traded in older Jeeps and vintage Broncos for years and just about everything I've read here is true. MAKE IT LOOK GOOD!!! I have found that a good paint job and a squeaky clean interior will out-sell a thumping stereo and a huge set of tires everytime! As to the flip side of the coin, I purchased a MacGregor 26 this summer for about half of her book value. Why so cheap? She was sitting on a slightly rusted trailer in the yard covered in dust and bird poop, the drains from the cockpit and engine well were clogged with pine needles so both were full of gungy water, the interior smelled like an old clothes hamper, the outboard was a 2 stroke and the owner couldn't get it to start, the only addition (if you can call it that) was a stereo that looked like it cost $29.95 at K-mart, and his only advertising was a hand-written sign taped to the stern. He'd been trying to sell her for quite a while as he was moving out of state. However, after a big-time inspection, I found that under all the crud she was essentially in excellent condition. Main, jib, genoa and spinnaker all in excellent condition (genoa and spinnaker were still in factory wrappers!), boom vang, mast raising system, all controls run aft, 3 anchors and a ton of rode, hull and topsides unscratched, no mold, no coyboy modifications, etc. Seems the boat had been used a few times a year and well maintained until he lost interest about a year before. He took my first offer (well below his asking price) and I drove off with her the next day! One long weekend later (along with a bunch of soap and water and a fresh fuel filter and sparkplugs) she was again looking and running sweet. I've been sailing her 3-4 times a week after work and am now anxiously awaiting the winter haul-out so I can start outfitting her for pocket cruising at Lake Tahoe and other NorCal lakes. (after I get a bit more experience, I might even trailer her down south and make a run to the Channel Islands) After all the planned upgrades, I'll probably have a total of 10-12 grand into her so if I sail her for 3-4 years and then sell her for what I originally paid for her, I'll still feel like I got a great deal. I'm not outfitting her to increase re-sell value, I'm doing it to make her more fun! So, like they say in real estate, find the ugliest house in the best neighborhood you can afford and get to work! Thanks for letting me put in my 3 cents worth (inflation, you know!) and please keep all your postings coming as I am really learning a lot here!Thanks to you all,Jeff

 

[Tony Murray]

clean and bright

Keep it clean and bright...make the interior colorful and pleasing to the eye but don't over do it. I would even consider changing the running rigging if it is discolored and ragged.

 

[Larry T]

The Best Add-on

For me - and I hope the next owner - the best upgrade was roller furling! Keeping my wife and I off the foredeck is a great safety feature and I hope a prospective buyer will see the added value. There are lots of other things we've added - like a excellent battery charger, upgraded electrical panel, stereo, extra storage access, new VHF Radio, masthead light and a device to prevent headstay wraps (VERY helpful) along with some other minor add-ons. All together a prospective buyer might see the added value but probably not. Like someone else mentioned, a clean boat is probably the most appealing thing a boat for sale needs.A NavStation is one thing I keep trying to find space for, but on a 27' it's pretty hard to find extra space!