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Old 12-12-2012, 15:28   #31
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Re: Added Up The Receipts: $48,484

I kept a box full of tickets for the various things I bought for my project, until I added them up one day. I burned them all and feel much better now.
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Old 16-12-2012, 08:31   #32
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No surprise there. I started with a boat I purchased on eBay for $2800. I spent 45k refitting it. Work was extensive.

Rebuilt engine
New sails
New furled
New interior cushions, v berth etc
New gps
New Electrical
New windows
New dodger
BBQ
Custom swim deck
Tack tick
Lines, sheets etc.
Rebuilt interior teak electrical bulkhead
New head
Water tank
Rebuilt sump, reinforce hull with new stringers
Paint top and bottom
Trailer
Led interior lighting
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Old 25-12-2012, 18:44   #33
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Re: Added Up The Receipts: $48,484

Quote:
Originally Posted by Aloha_float View Post
No surprise there. I started with a boat I purchased on eBay for $2800. I spent 45k refitting it. Work was extensive.

Rebuilt engine
New sails
New furled
New interior cushions, v berth etc
New gps
New Electrical
New windows
New dodger
BBQ
Custom swim deck
Tack tick
Lines, sheets etc.
Rebuilt interior teak electrical bulkhead
New head
Water tank
Rebuilt sump, reinforce hull with new stringers
Paint top and bottom
Trailer
Led interior lighting
Was that intentional? Did you plan to spend that much on a refit? Do you think you came out ahead by doing a larger refit, compared to buying a boat in more complete condition? Or did you intentionally take this on as a project?
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Old 25-12-2012, 18:55   #34
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Re: Added Up The Receipts: $48,484

Boat refitting/rebuilding is generally cursed by the principle of "one thing leads to another; to another; to another; to another; ad infinitum . . ." That is where the simple morphs into the ridiculous with little or no conscious recognition of the total costs as they add up.

For instance, you notice a chain plate bolt head that is not orientated properly so you decide to remove it and straighten it. Sounds simple, but as you try to take the nut off the bolt the bolt snaps. So you think - geez - I had better check the others which leads to removal of stuff inside the boat so you can get to them. That leads to previously hidden possible problems that were not initially visible but now are visible. Next think you know the boat is disassembled into a million or so parts and thousands of dollars and mega-hours later you get it all back together. All because you noticed that one bolt was a little skewed . . .
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Old 25-12-2012, 18:56   #35
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Re: Added Up The Receipts: $48,484

Quote:
Originally Posted by Aloha_float View Post
No surprise there. I started with a boat I purchased on eBay for $2800. I spent 45k refitting it. Work was extensive.

Rebuilt engine
New sails
New furled
New interior cushions, v berth etc
New gps
New Electrical
New windows
New dodger
BBQ
Custom swim deck
Tack tick
Lines, sheets etc.
Rebuilt interior teak electrical bulkhead
New head
Water tank
Rebuilt sump, reinforce hull with new stringers
Paint top and bottom
Trailer
Led interior lighting
WOW... you've got $48k in an Aloha 27.....? OUCH!
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Old 25-12-2012, 19:30   #36
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Re: Added Up The Receipts: $48,484

Quote:
Originally Posted by Panope View Post
Your question is not rude at all. I may not be the best person to answer as I have never bought (or sold) a boat. My guess is that it would be cheaper to buy a finished boat.

The $$$$ factor for this project was never really considered. This boat has been in the family since I was 7 (1976) and I have an emotional attachment to it that overrides any possibility of my making wise financial boat decisions .

Also, I really like building stuff. It truly is half the fun (or more). I spread the project out over 12 years and worked on it when I had spare money and time. Would do it all over again for sure.

Steve
Your guess is right -- a finished boat is always cheaper, often many times cheaper, than a project boat + refit costs. So the best possible buy will always be a boat which has just undergone a thorough refit. The seller's loss will be your gain.

I have a friend who bought a boat -- a really big, cool boat, built in 1990 -- four years ago. It was in pretty good condition, and he got what he thought was a great deal on it. He paid $1.2 million for it. He then did a light refit and spend $500k. He just sold the boat and got -- $1.1 million for it. That's the way it goes! Money spent on a boat is not an investment -- except in joy (which is perhaps the best kind of investment, actually). In financial terms, it goes straight down the scuppers.

Your case is special, however -- the boat in your family since 1976. Wow! You did the right thing -- forget about the money! It would have been wasted anyway -- this is absolutely the best way it could have been wasted! Be sure to post photos.
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Old 25-12-2012, 20:16   #37
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Re: Added Up The Receipts: $48,484

Ten years ago I started a project boat. I'll bet I've spent 70K on a 25K boat, but it's all new now, everything works and is reinforced. Plus, it's the way I want it, as well as being a completely dry boat.
It was surveyed for over 200K. The only regrets I have are that I didn't start sooner.
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Old 25-12-2012, 20:46   #38
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Re: Added Up The Receipts: $48,484

when looking for boats, I found that I wanted to redo the
cushions
electric
engine
sails
and pretty much everything on the boats. figured that because of all the work I wanted to do, might as well get one that is solid and cheap. Then, refit from there. No sense in getting an expensive boat and refitting. purchased for like 3,500 and have about 8-10k in it already will have another 10-15 by the time I'm done. Not really worried about resale, but will have everything the way I want it.
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Old 25-12-2012, 21:20   #39
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Re: Added Up The Receipts: $48,484

Boy did you get off cheap!!! Quit counting at $40,000 and that was four years ago. You either have to have a lot of self restraint or imposed restraint by a budget to rebuild a boat on the cheap. The sad thing is my boat had most of what I thought I wanted on the boat when I bought it. This is my third build or major refit and shows how much I didn't learn. But hey, it's just the kids inheritance.
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Old 26-12-2012, 07:23   #40
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We pumped 24k into a 79 Bombay clipper doing the work ourself. We sold the boat for half that much after a 700 mile trip. We considered it an investment. We learned what we needed about sailboats and systems etc in general. And we learned we preferred cats to monos. The education we gained was well worth it. Now the process has begun again lol.
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Old 26-12-2012, 10:22   #41
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Re: Added Up The Receipts: $48,484

Yep, Bought a basically good boat for $300+k, spent $60k on new stuff, upgrades, rigging etc being anal, sold the boat 2 years later for the same price I paid less the brokers fee.... losing maybe $75-80k in the process. Lessons learned? Everything doesnt have to be perfect and new, and.....I dont need a 47 ft boat for 2 people!
The other end of the spectrum:
Interestingly... friends bought an old Pan Asiatic (?) 48 for $120k. The teak decks were so bad they were visibly warped. The engine drive refrigerator pump was mounted to the hull along side the engine ( belt was kept somewhat loose). etc etc. They did NOTHING to the boat and went cruising the carribean the same as we did. Finally they had to buy a new main sail by mail order. When they returned to the States, they sold the boat for the same amount they bought it for. Their cruise essentialy cost nothing for the boat.....
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Old 26-12-2012, 12:28   #42
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Re: Added Up The Receipts: $48,484

Quote:
Originally Posted by Dockhead View Post
Your case is special, however -- the boat in your family since 1976. Wow! You did the right thing -- forget about the money! It would have been wasted anyway -- this is absolutely the best way it could have been wasted! Be sure to post photos.
Thanks Dockhead. I never gave the money a second thought.

I do have a few photos in my profile "Album". Is there a way to have a link to this album appear as a signature? Or should I re-post the pictures as "images" to make them more available to members?

Cruisers & Sailing Forums - Panope's Album: Boats

Steve
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Old 26-12-2012, 14:25   #43
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Big ticket it's were the killer in my project

Furler and sails $5000
Rebuild bilge - unplanned $8500
Dodger $3000
Cushions $3500
GPS $2000
Hull and topside $8500
Interior wood $800
Electrical $1500 includes all LED lighting, panels, switches, batteries ($200 each)
Dinghy $1200
BBQ $350
Life jackets $500
Windows $1500
Misc

Transport $4500

Purchase price for boat $2800

It adds up fast
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