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Old 30-12-2012, 23:28   #1
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Still looking at options. Trawer/SF/or sail.. I'm not looking to drop it all and cruise the world. Have a great job, low debt to income ratio, so I can get a loan. I don't want a $500k boat I'm looking under $100k if possible so I will want to finance part of my purchase. I'm not willing to take an equity line and tie my house up in a boat purchase.

Now that I said that. I understand powerboats and getting a loan. My question is about sailboats. Used of course. So I find one I like how does the finance company look at a survey on a sailboat. I'm sure anything I buy will need some work. So what about rigging? Is that a cost I'll have to figure on any boat I look at that doesn't say it's been replaced recently I under stand it's pretty expensive. Is that to be expected? If it looks good, but it's age is unknown or past "X" date will I have to change them. If so how long after the deal is done do they require to handle that? Sails? Is that the same way. Chainplates? honestly I read this forum alot and chainplates/rigging intimitdates me. Are surveyors going to be able to find out something that's not that obvious? How can I check these things myself before a survey? Other systems electrical, mechanical (ie engine/tranny), water, fridge, electronics. I've got all that stuff, same as a power boat.

Also I guess it's not just the bank, how does the insurance company look at these. Am I going to have to replace rigging every couple of years to keep the insurance company happy? Like I said I'm lost on sailboats. Well the part that makes them sailboats anyways.

I really like a Alden I've seen online, looks good in the pics, but I think it's been for sale a while like alot of boats on YW.

Thanks guys!!

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Old 01-01-2013, 12:33   #2
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Re: Survey

Hi,I think you have answered the questions yourself. If you don't know about it yourself ask someone who does! It is foolish to go to sea with a boat that is not fit to go to sea!!!! It does not mean that it has to be expensive, just that if it needs doing it has to be done. I have found that a good surveyor looks at a boat with cold calculating eye's and report's what he finds. when we look to buy that nice piece of kit we have been longing for we go ga ga for it and just jump in. Most jobs are a case of fitting/refitting parts that are readily available. so doing it yourself saves money but if you are thinking of parting with 100k of your hard earned money you should be very carefull or HANG ON!!!! I have a boat for sale....Buyer Beware!!!

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Old 01-01-2013, 12:48   #3
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Re: Survey

The surveyor will note things that must be done. Usually it's things like "no double clamps on the XX seacock", rotten hose on the "whatchmacallit". The bank/insurance will require it be fixed, although no one will likely ever check. The surveyor will establish a value for the boat, which almost always is way higher than it's true value. Unless you lead him there, the surveyor will likely not look that close at the rigging in my experience. If you press him he will likely refer you to a rigger and or sailmaker for those. Ditto for the engine.
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Old 01-01-2013, 12:52   #4
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Re: Survey

This is a topic that has come up a few times, so a search could yield a lot.

That said there are a few books on DIY surveying and reading those and then going and looking at a few boats is where it all seems to start.

However you seem to have missed a few of the initial steps. Finance and insurance are important, but even more important is to work out your time frame and needs. That is, when do you need the boat and what do you want to do with it?

There are two key skills a cruiser needs. One is an eye for what must be done to make a boat seaworthy and the other is experience and training in boat handling.

If I could sum up the difference between a powerboater and a cruiser it would be that an experienced powerboater steps on their boat and goes a short distance, whereas an experienced cruiser knows that much preparation is needed as they will be traveling hundreds or even thousands of miles.
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Old 01-01-2013, 13:53   #5
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Re: Survey

Your main questions seem to be will you need to replace rigging and how do the insurance and finance companies deal with survey findings.
First rigging: It all depends. ok I know that is not a great answer but it is the best one I can give. If you have a 30 year old boat and the rigging has no record of being replace then yes you should replace it. If the boat is 5 years old and you plan to sail around the world then yes you should replace it. You get the point I hope. Talk to your surveyor ask about their experience with sailboats a good surveyor should be able to advise you.
Banks: All they care about it the number stating value the rest of the report is Greek to them and they could care less.
Insurance: Ditto above but they may want you to fix the findings from the survey. Depending on the boat age, value and use they may want a rigging inspection. Ask your agent BEFORE the survey. Most will take your word that things have been fixed and ask you to sign a letter of compliance. If you file a claim and they find it was due to something you said you fixed they will simple say sorry we will not pay for your loss.
Hope that helps
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Old 02-01-2013, 05:27   #6
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I recently bought a 1983 Bayfield 32C so wonderful sailboats are available at way under 100k. Check with a credit union. I saved several points in interest rate and several years in loan term going that route compared with my bank. Most banks don"t understand sailboats, while a credit union, especially in a "salty" town will.

Get a separate engine survey and if rigging concerns you survey that separately as well. Ask to see the seller's maintenance logs.

And part of the fun of all this messing about with boats for me is learning DIY, as there is nothing you can't learn to fix. Most if the people you end up paying to work on your boat will be happy to teach you if you ask.
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St. Augustine, FL
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Old 02-01-2013, 07:20   #7
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Re: Survey

Most surveys catagorize the findings into ESSENTIAL, REQUIRED, RECOMMENDED
examples are:
ESSENTIAL: engine intake hose is ready to burst and sink the boat. Exhaust leak will kill you and your guests. Upper shroud chain late is fastenened to a deteriorated bulkhead...
REQUIRED: fire extinguishers expired, all insurance items
RECOMMENDED: rust and corrosion at transmission, cables stiff, winches need service

Bank and insurance companies will want a copy of a letter or work order showing the ESSENTIAL and REQUIRED repairs are completed or will be within 30 days.

Back to the rig and shrouds. Most 20-30 year old boats have the factory original rig.

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