Originally Posted by barnakiel
If you cannot estimate the cost of repairs
then you cannot estimate how much it is worth.
Find a sister ship that does not require repairs
Or else educate yourself, estimate the repairs then decide on your price
Or else hire others to do the homework and the jobs - make sure you add their charges to the pile of cash flow (negative).
You can only make a sound decision if you know how much the repairs are going to cost.
Search the average asking price
of the boat for this year, make, model and end condition that you are interested in, then deduct 15% to arrive somewhere close to the fair market value.
Determine what it will take to put the boat into the same end condition. (If you are not equipped to estimate this accurately, you are not equipped to entertain the undertaking, buy the boat in the end condition you want.)
If the financial savings of the outcome is worth your effort, go for it, if not don't.
I am currently restoring a 1975 Douglas 32 Mk II. When done, I will have more than twice (financially) into it ($50K) what I could sell it for. The time I will have into it (at my regular rate), will push my investment over $75K.
The trouble is, any boat I look at in the $75K range, will most definitely be newer (maybe 15 years old instead of 40) but not better. All of the stuff will be 15 years old, whereas mine will be new (and in many cases better).
I don't recommend people do what I'm doing. It is just the best solution I can find for me. (Yes, we know that we can't sell the boat for at least 7 years, or we'll not benefit from the value of our investment, but if we do sell 7 years from now, some lucky buyer will get a great boat, not the cheapest of its kind, but certainly the best value.)
All this said, I would sure like a walk-through transom, which in my mind is one of the greatest cruising boat inventions of the 20th century, (after GPS
and autohelm), and the only thing that really challenges my decision to proceed with the Douglas.