Marine Surveyor Report 1994 Beneteau Moorings 405

[Clarke]

Hi All,

We are looking to finalise the purchase of our first yacht, a 1994 Beneteau Moorings 405. We have completed all the usual to do's: our needs, boat searches,reviews,inspections, false starts, sea trials and now finally the marine survey (see attached).

The report is as expected and the vessel needs a lot of work, which I am more than capable of doing 90% of the work and project managing the balance.

The question is based on the survey what do we think a fair market value would be for the yacht?

Taking into consideration $25K to $30K worth of work and upgrades.

Thanks in advance for the feedback and for participating in my first forum

[Eleuthera 2014]

Moorings = lots of use, too many cabins, loads of engine hours. 21 year old charter boat....

Be careful out there! Very careful!!! Good luck

[Eleuthera 2014]

Post my earlier comment, I read the survey...

I would run... No point throwing good moolah after bad... IMO

Good luck.

[Balance]

Hi Clarke,
A lot of work to be done, i know too much for me.
If this was my first boat, i wouldn't feel confident.
I like the in depth surveyors report thanks for posting as i found it interesting.
But if you're keen go in on the low side, you can always come up.

[GordMay]

Greetings and welcome aboard the CF, Clarke.

[Kenomac]

I read the report.

Keep looking. Look for something newer and less used. A handful of the necessary repairs equal the total value of the boat in decent condition.

Examples:

Rig replacement
Keel bolt replacement
And... I assume the sails are old and tired. So add sail replacement.

[Clarke]

Originally Posted by GordMay

Greetings and welcome aboard the CF, Clarke.

Hi all,
Thanks for the feed back

I guess that I should provide a little more personal background, I have been involved with yachts from a very young age, and I was 5 years old when my farther started building his first yacht a 38ft Hartley South Seas Ferro.

Over the next 8 years I was involved in all aspects of the construction of the yacht*

*Meaning - I was shoved into every nook and cranny that was too tight of dad to get to, you have to love child labor after the launch we spent the next seven years bay and day sailing and cursing the coast line of Australia.

Sadly life got in the way and I was pulled away from the sailing.

I was hooked nevertheless, I love sailing, working with my hands and working on projects. I have done every thing from renovating houses to entire blocks of units.

The key for me is the foundation and I couldn’t agree more with the quote from Gord May

"If you didn't have the time or money to do it right in the first place, when will you get the time/$ to fix it?"

When life gets in the road we lose our love and passion and neglect sets in.

The yacht is listed for $115K, I would look to acquire the vessel for $85k to $90k return the love and passion, however I do not know if that an end point of $110K to $120k would be commercial end point for this yacht being brought back to life.

What your thoughts?

[pbbmorton]

I would have a mechanic look at the engine.

Where your going wrong is in your estimate. The items that are likely in need of repair are critical before you user the boat (rigging (running and standing), keel bolts, engine) alone will end up begin closer to 50k if done by a professional. Getting there engine out could be expensive by itself. If you add the other items and you do it yourself you are looking at another 10k. And there are always a long list of items the survey never catches.

I am not saying don't buy it. If you get it right and spend the money you will have a solid boat with a good hull. But it should be very cheap. You will ended up spending what a newer boat will cost but you will know the condition is excellent.


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[Kenomac]

That price sounds insane for a 21 year old 40ft boat in poor condition. IMHO

Just a few years ago we sold our Hunter 450, which is twice the size of your 40.5 for $129k. A boat that was in immaculate condition, low 800 hours and had an expensive Profurl roller furling boom. The Keel bolts had already been replaced and the sails... Like new.

You need to broaden your search or get a new broker.

Your survey recommends engine replacement prior to any seagoing voyages.... you'll be so upside down financially on this boat by the time you get it seaworthy. I'd run.

[Valmika]

I didn't have time to read the report yet this AM but I will tonight. I bought a 1997 Beneteau 38 with over 4000 hours on the engine. I replaced both sails within a year, did a complete service (COMPLETE) on the engine and have never looked back. It has been a great boat and the price was right. I would say the 94 has been out of the charter market for 10-15 years so what has happened in the meantime. M=My guess with all the work needed would be 50-60 K depending on where you are located.

PS. Get rid off the Moorings strips too

[skipmac]

Hi Clarke,

If this is THE boat for you then OK. However, I have to agree with Kenomac. There's lots of other boats on the market of this size, age and quality in better condition for the same or less money.

That being said, from the survey it sounds like the basic hull/deck structure is in good condition so all else can be dealt with, at a cost. However, I think your $25-$30K estimate is very low. Just an engine replacement could take most of that. If you have to rebuild/replace the transmission it could take the whole chunk. Even if you the entire job yourself you could spend close to that by the time you add all the bits and pieces: hoses, fittings, exhaust, mounts, brackets, etc. etc. etc.

I speak as one who is in the fifth year of overhauling a 42', 30 year old boat. I went in with eyes open because I had very specific preferences and this boat checked all my boxes for less than anything else I found in three years of searching. I was able to purchase the boat for about $25K less than the same model in good condition would cost. When finished I'll end up with a bit more than one in good condition BUT I'll have new: sails, standing rigging, running rigging, all pumps, charger, inverter, electronics. I will not have a new engine but the old has about 2000 hours on it and so far runs like a top.

So in your case my math indicates knocking off more than $25-$30 if you want to do this one.

[wunderluster]

First don't start at the listing price and work backwards. A lot of people do that but the listing price can be an arbitrary number that someone thought would work. Get your broker to provide you with a list of comparable vessels and try to match yours with the SOLD price of those boats, forget the asking or list price. Then, estimate the list of repairs and add whatever your time is worth. It can be a great deal but don't be afraid to make what you may think is a ridiculously low offer. The seller is probably praying for any offer. I have sold a few former charter boats and it really isn't much different than any other boat, the value depends on the amount of care given, not just the use.

David

[SimonV]

Clark, a couple of points when asking for advice. Most of your replies will be from USA posters. And when we talk dollars $ 100k Au is $76k US, and US posters only think in US Dollars. Even in the current monetary climate Oz boats are still a premium due to our location. I read the survey and the boat seems to have good bones most is just maintenance. Engine who really knows, I have seen some with over 6k hour and still going strong and others at 1k fail.

[CampDavid]

I own a 96 400 2 cabin which is same basic boat non Morrings.

I think my boat is above average for its age and a very good I might 85 to 90k. It has 2000 engine hours. Ac, Icom 802, Espar Heater. New Canvas new portlights and hatches. New standing rigging in 2014

I would think you could ciuld ship a good back from the USA and save some serious money. Just my opinion
Prima 50 is not a bad engine however parts are stupid expensive

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[Kokanee]

I think its overpriced even for Australia.

For the condition its in, the owner won't be getting a lot of interest. If you like the boat, and enjoy doing the work, make an offer that will cover repairing or replacing double what you expect.