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Old 23-04-2016, 11:29   #1
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My Costs Of Refurbishing An Old Boat

New to boating I am.

I found an old boat I liked knowing that I'd have to spend a bit of cash on refurbishments and buying a dingy and other essentials.

The boat came with a bunch of systems, hot /cold water pressure, radar, chart plotter, self steering, refrigeration, Windvane, upgrade on rigging, 7 sails.
The surveyor gave high marks and the engine inspection gave a good report.

I like the lines of the boat and the cabin is cozy for two and 34ft seems like a nice size for a beginner.

I bought the 1980 34ft boat for $32K and have spend $15K on upgrades and essential equipment. I expect to spend another $12K...then hopefully done.

Upgrade Items:
dinghy,
dinghy outboard,
Bimini,
dock lines,
anchor line stern,
fenders,
instrumentation,
heat exchanger,
fuel filter,
pfd's,
radio,
pulley system,
furling system,
new transmission ( the existing is acting weird ),
new head sail,
satellite communication ( iridium NEXT, when it's available),
outboard mount and hoist,
galley supplies,
bilge pump,
bathroom faucet,
reflooring,
hull polishing,
below waterline repair,
New anchor windlass,
additional anchors.


I looked at other old boats before buying this one but it seemed to me all of them needed refurbishment. I considered spending more in the initial purchase and perhaps would not have had to spend as much on the upgrading - food for thought on a future purchase.
However, I am enjoying the work, hopefully I enjoy the sailing and get a few years of enjoyment . I don't expect to get the costs back on the selling of the boat.
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Old 23-04-2016, 14:55   #2
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Re: My Costs Of Refurbishing An Old Boat

We bought same year boat but that was some time ago. We added an inflatable and a solar panel and off we went.

If you are into sailing her, it is a good idea to buy all essentials "now" (a new sail can be one, maybe also a dinghy if you sail where anchoring is a norm more than docking). Then the non essentials can be purchased after the season when chandleries offer fall discounts. The sailing season is a good time to tell the essentials from the nice to haves.

Have fun sailing your new toy! Any day on the water is better than a day in the office.

b.
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Old 23-04-2016, 16:19   #3
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Re: My Costs Of Refurbishing An Old Boat

We bought a 1982 boat two years ago for $15K. So far our total spent is at $47K. We have about $21K more to spend to get everything done that is necessary. We have about $8K more on a wish list of things that would be "nice to have, someday," but can wait until we come upon a money tree or something.

Our refit items include:
Complete engine rebuild including new instrument panel, exhaust system and fuel tank
New shaft, cutlass bearing, and reworked prop
Several new bronze thru-hulls
Repairs to steering system
New furling gear
New standing rigging
All new running rigging
Repairs and painting of mast and boom
Navigation lights (LED) including tri-color masthead, bow and stern lights, and deck light
Wind indicator
New sails, main and roller furling genoa
New bow pulpit, and repairs to stern pulpit
Nature's Head composting toilet
All new interior cushions, made with Dryfast foam and covered in Sunbrella fabric
Interior LED lights
Hull and deck painting
New marine stove
All new freshwater hoses and plumbing fixtures
New bimini, mainsail cover, and steering pedstal cover
Seals and gasketing for all ports and hatches
Custom bronze screens for all ports
New batteries
2 new bilge pumps, 1 manual, 1 electric
Garmin GPS
VHF radio
Depth sounder
Boarding ladder
Dinghy
Repairs to companionway ladder (included welding work)
Cowl vents (4)
Ground tackle (2 anchors), chain and rode.
A lot of deck hardware, and more hoses, clamps, fasteners, sealants, glues, paints, and varnish than I care to even think about.

This list is by no means exhaustive....but you get the idea. We basically took it to the hull and replaced everything with the exception of the interior woodwork, which was in really great condition with the exception of being filthy and needing varnish.

So, all said and done, not counting things I consider routine maintenance items, but including our "wish list" our $15K boat will cost us about $80K in the end.
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Old 23-04-2016, 16:59   #4
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Re: My Costs Of Refurbishing An Old Boat

I apologize for my previous post. I misread your original post. I thought you were asking for people to chime in with their costs related to refurbishing an old boat. But after going back and re-reading it I realized that you were talking about YOUR costs. I didn't mean to intrude on your thead in that way. Sorry.
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Old 23-04-2016, 17:22   #5
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Re: My Costs Of Refurbishing An Old Boat

Quote:
Originally Posted by oldragbaggers View Post
I apologize for my previous post. I misread your original post. I thought you were asking for people to chime in with their costs related to refurbishing an old boat. But after going back and re-reading it I realized that you were talking about YOUR costs. I didn't mean to intrude on your thead in that way. Sorry.
In reflection of the original post, I guess for the most part I was trying to justify to myself the amount of money that I have been spending on the boat and whether it would have made more sense to just buy a boat in better condition.

I am interested in others that have bought inexpensive boats and have decided to pour some time and money into them. I know for some it's pleasurable to work on boats and for others it's a way of getting a boat without the high cost.

I bought the boat thinking there was not too many things to repair or to upgrade, but as I did deeper into the boat looking at all the systems, my list lengthens. I tend to worry about the "what-if's" - and these concerns do add to the every growing list of to-do's.
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Old 23-04-2016, 18:16   #6
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Re: My Costs Of Refurbishing An Old Boat

I sure know what you mean. Every project we do leads to the discovery of 3 more that need to be done. It's never ending. But I guess we must like it....we keep doing it.
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Old 23-04-2016, 18:42   #7
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Re: My Costs Of Refurbishing An Old Boat

Quote:
Originally Posted by bradpb View Post

(...)

I am interested in others that have bought inexpensive boats and have decided to pour some time and money into them. I know for some it's pleasurable to work on boats and for others it's a way of getting a boat without the high cost.

I bought the boat thinking there was not too many things to repair or to upgrade, but as I did deeper into the boat looking at all the systems, my list lengthens. I tend to worry about the "what-if's" - and these concerns do add to the every growing list of to-do's.
I think it all boils down to how you are using the boat: the less you sail, the more time and money you may find to justify your "musts haves". Must haves are good excuses to avoid sailing. A boat tied to the dock can swallow any amount of your time and money. But sailing is not why most people buy boats. There are also other, deeper layers, to owning x tonnes of plastic, aluminum and electric wires.

For any "X" item that you assume you "must" fix, change or buy, ask yourself the simple question: will the boat sink if I do without? Electronics are one good example, comfort details are another (e.g. hot water) and their list is bottomless.

In real life terms, your 30k that will end up in a 60k soon may be a good deal. The other boat that started at 15k and is nearing 80k may be a good deal too. I have seen a fine S&S hull not too long ago that was priced at 15k. The same boats in seaworthy bristol condition are priced at between 70 and 90k (askings).

What one does with their money is up to each and everyone. It is fun buying and outfitting as much as it is sailing. There are much worse things people can do with their money like keeping it in a bank. Splash, outfit and have fun riding.

b.
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Old 23-04-2016, 21:10   #8
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Re: My Costs Of Refurbishing An Old Boat

Quote:
Originally Posted by barnakiel View Post
I think it all boils down to how you are using the boat: the less you sail, the more time and money you may find to justify your "musts haves". Must haves are good excuses to avoid sailing.
b.
Note to self; when broke, just go sailing. Yes, that sounds pretty good!
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Old 23-04-2016, 21:33   #9
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Re: My Costs Of Refurbishing An Old Boat

Quote:
Originally Posted by barnakiel View Post
I think it all boils down to how you are using the boat: the less you sail, the more time and money you may find to justify your "musts haves". Must haves are good excuses to avoid sailing. A boat tied to the dock can swallow any amount of your time and money. But sailing is not why most people buy boats. There are also other, deeper layers, to owning x tonnes of plastic, aluminum and electric wires.

For any "X" item that you assume you "must" fix, change or buy, ask yourself the simple question: will the boat sink if I do without? Electronics are one good example, comfort details are another (e.g. hot water) and their list is bottomless.

In real life terms, your 30k that will end up in a 60k soon may be a good deal. The other boat that started at 15k and is nearing 80k may be a good deal too. I have seen a fine S&S hull not too long ago that was priced at 15k. The same boats in seaworthy bristol condition are priced at between 70 and 90k (askings).

What one does with their money is up to each and everyone. It is fun buying and outfitting as much as it is sailing. There are much worse things people can do with their money like keeping it in a bank. Splash, outfit and have fun riding.

b.
This may be true, to a point. And maybe more so for some people, but quite honestly I have known a lot of people who have restored old boats for sailing or cruising, and most of them got the boat to a condition they were happy with and did just that. Some didn't, but I think those were mostly people who really didn't know what they were getting into and gave up once they figured it out. (And one guy I know that has been working on a 28 footer for over 6 years. I think it must be an excuse for him to get out of the house. I'm not sure if he does actually sail.) We usually take from 1 to 3 years to complete ours, depending on the boat's size and initial condition. Then we go sailing....a lot.

We do what we do with the end result of sailing in safety and comfort in mind, not just because we enjoy throwing money into a fiberglass pit and being covered in the dust from same. This boat will be our live aboard cruiser and probably our last sailboat so we want to do right by her, and for ourselves. Our house is for sale now, and as soon as we walk away from the settlement table the retirement papers are ready to hand in. With any luck that will happen soon and we will be headed south by fall.

We do it this way because we want to live in a boat that feels like a home, not like a worn out second hand RV. So I put a lot of love and care into the interior, just like I would into the interior of any home. And we want to set out knowing we have improved our chances of success by starting with a boat that is safe, seaworthy, and everything works. So we go through every system and try to touch every part of the boat. We're not interested in doing it inch by inch over a decade so we usually buy the boat, take it all apart at the very beginning, repair, replace, and reinforce everything that needs it, and then enjoy the heck out of it for the rest of the time we own it with usually only routine maintenance and the occasional repair after that. It works for us.

Believe it or not we are not loading the boat with a ton of luxuries, bells, and whistles either. No refrigeration, no AC, no TV or fancy sound system, a simple 2 burner stove, not even an integrated chart plotter. We'll be using a handheld GPS and charts, along with Navionics on the iPhone, iPad, and laptop we already own. we don't have a solar system, windvane, windlass, radar, AIS, or many of the other things most people consider necessary. We've sailed for 35 years without them. We may add them at some point, but we feel perfectly comfortable starting out without them.

Today we went to the Annapolis boat show and after going on 2 of the new boats I completely lost interest. I won't lie, I love the nice, big, comfortable interiors, but their lines do absolutely nothing for me, and I find their complexity daunting. After the second one I just wanted to head for the vendor tents to see if there were any deals to be had on the gear we need for our beautiful, graceful, simple, old boat.

To each his own.
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Old 24-04-2016, 08:27   #10
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Re: My Costs Of Refurbishing An Old Boat

I wonder how much of what we spend is justifiable? I bought a 1973 Pearson sloop that was in sad condition. I knew that it would be a major re-fit, including refinishing the hull. I paid $13,000 for it. I currently have $36,000 in it and I still really don't know how it sails! Can I get 36K out of it? I don't really think so, and I was in the business for many years so my guesstamations are usually pretty good. How to justify? I guess we like to restore old boats, and don't really think about the cost.
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Old 24-04-2016, 09:12   #11
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Re: My Costs Of Refurbishing An Old Boat

I am on my second refit and nothing will ever add up to make financial sense. It's a boat.
First boat $2800 purchase price , $45k - sold for $25k
Second boat purchased for $10k, 40k refit - not for sale but average market price $45-55k

The big items chew up most of the cash - paint, electronics, cushions, Bimini, dodger


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Old 24-04-2016, 09:22   #12
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Re: My Costs Of Refurbishing An Old Boat

Quote:
Originally Posted by barnakiel View Post
I think it all boils down to how you are using the boat: the less you sail, the more time and money you may find to justify your "musts haves". Must haves are good excuses to avoid sailing. A boat tied to the dock can swallow any amount of your time and money. But sailing is not why most people buy boats. There are also other, deeper layers, to owning x tonnes of plastic, aluminum and electric wires.

For any "X" item that you assume you "must" fix, change or buy, ask yourself the simple question: will the boat sink if I do without? Electronics are one good example, comfort details are another (e.g. hot water) and their list is bottomless.

In real life terms, your 30k that will end up in a 60k soon may be a good deal. The other boat that started at 15k and is nearing 80k may be a good deal too. I have seen a fine S&S hull not too long ago that was priced at 15k. The same boats in seaworthy bristol condition are priced at between 70 and 90k (askings).

What one does with their money is up to each and everyone. It is fun buying and outfitting as much as it is sailing. There are much worse things people can do with their money like keeping it in a bank. Splash, outfit and have fun riding.

b.
Since 1996, I have watch guys work on their boats more than they sail them.

It really seems to make them happy. I didn't get it at first but am now starting to understand after I completely sanded my topside hulls down to the old 1974 gelcoat. (and repainted......)

It had been completely painted over years ago. I also redid the bottom while I was at it.(2nd time)

Anyway, I paid $2,000 for the boat in 2011, Estate Sale, and have put maybe $8,500 into it but have mainly just sailed it these first 5 years.

New Main
Replacement diesel (that failed)
New Outboard
Bracket
Solar
Inverters
Dodger Jib repair (Paid $275.00, yesterday)
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Old 24-04-2016, 09:26   #13
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Re: My Costs Of Refurbishing An Old Boat

Do most posters here do the work themselves and the prices reflect parts price or price plus labour? Some cost estimates are scary!

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Old 24-04-2016, 09:56   #14
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Re: My Costs Of Refurbishing An Old Boat

Quote:
Originally Posted by bradpb View Post
In reflection of the original post, I guess for the most part I was trying to justify to myself the amount of money that I have been spending on the boat and whether it would have made more sense to just buy a boat in better condition.

I am interested in others that have bought inexpensive boats and have decided to pour some time and money into them. I know for some it's pleasurable to work on boats and for others it's a way of getting a boat without the high cost.

I bought the boat thinking there was not too many things to repair or to upgrade, but as I did deeper into the boat looking at all the systems, my list lengthens. I tend to worry about the "what-if's" - and these concerns do add to the every growing list of to-do's.
i have a 1980 lancer 36 that i love because of her performance. going to sell my home and live aboard full time and do some serious cruising and figuring what upgrades i'll need to make that happen. i've just about come to the conclusion that for what i could reasonably expect to sell her for i can buy a bigger, newer boat already equipped for my needs for about the same out of pocket that it would take to upgrade mine when i include the funds from the sale. if the lancer wasn't so old i'd dump money in her so i can keep her in a heartbeat but it looks like with the market the way it is i can have a twenty year newer and bigger boat already set to go. or close anyway.
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Old 24-04-2016, 10:15   #15
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Re: My Costs Of Refurbishing An Old Boat

I bought a 1975. 33' Morgan outisland in 2006 paid 14000 for it. Total new engine replacement, rewired a.c. and dc all new electronics, new head, new paint, new Windless, new sails new rigging, peal job, have 130,000 into it and yes it is for sale
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