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Old 05-09-2016, 08:55   #1
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First time boat buyer in Fl

Looking for insight on costs associated with purchasing a used sailboat in the state of Florida. Roughly 40ft mono. Beyond the agreed upon price I am looking for rough estimates on survey cost, sales tax (I believe it is 6%), and anything else that first time purchaser may need to take into consideration when budgeting. I understand costs associated with moorings or slips and budgeting for updates and fixes. Just looking for info on initial purchase. Typical rates if seller is using a broker, etc... Would be a cash transaction. Thank you in advance.


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Old 05-09-2016, 10:07   #2
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Re: First time boat buyer in Fl

I cant answer your question, but I will be interested in the answers you get because it is almost exactly what I am in the market for, and also in Florida. Good luck and happy boat hunting.
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Old 05-09-2016, 11:24   #3
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First time boat buyer in Fl

Sales tax is 6% as you mentioned, survey should be maybe $1000, USCG documentation was maybe $300 or so, state of Florida registration was only like $50 or something small. Seller is paying 10% to a broker. Buyer pays nothing.


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Old 05-09-2016, 11:32   #4
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Re: First time boat buyer in Fl

The much bigger question than the add ons of taxes and documentation and the like is needed changes before she sails. There are lots of neglected boats in Florida, and fix-her-up is a trap. Go for condition. Sail her before you buy, even if that comes with a charge.
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Old 05-09-2016, 12:35   #5
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Re: First time boat buyer in Fl

Good info. Thanks to all. I realize the condition is the key to actually staying close to budget. Will definitely survey and sea trial prior to any purchase. Thanks again.


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Old 06-09-2016, 08:47   #6
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Re: First time boat buyer in Fl

With all due respect, I think you are asking the wrong question. An initial survey and sales tax/registration are peanuts, maybe $1200 + 6% . The real money is in fitting out-- repairs, maintenance and upgrades/additions. For a well equipped boat in very good condition you might still spend $5-10k, for a more typical used boat it could easily be $10, 20 or more. It all depends on the specifics of the boat and what equipment you feel is a must have. Your surveyor should be a key player on this.
You might also remember that engine and rigging surveys are separate specialties and depending on the initial survey you might need to hire additional inspections.
There may be some boats out there in truly sail away condition but they are very rare.
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Old 06-09-2016, 08:51   #7
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Re: First time boat buyer in Fl

Miami tax is 7%
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Old 06-09-2016, 08:56   #8
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Re: First time boat buyer in Fl

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Originally Posted by nicolettejo View Post
Looking for insight on costs associated with purchasing a used sailboat in the state of Florida. Roughly 40ft mono. Beyond the agreed upon price I am looking for rough estimates on survey cost, sales tax (I believe it is 6%), and anything else that first time purchaser may need to take into consideration when budgeting. I understand costs associated with moorings or slips and budgeting for updates and fixes. Just looking for info on initial purchase. Typical rates if seller is using a broker, etc... Would be a cash transaction. Thank you in advance.


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I'm sure the state has a registration fee.

On your list of ongoing items don't forget insurance even if it is only liability.
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Old 06-09-2016, 09:35   #9
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Re: First time boat buyer in Fl

I am about to put about $12,000 into a 28.5 1985 Ericson that I have decided to keep because I like the boat. That is for standing rigging including mast wiring and chain plate rework, motor mounts , water pump rebuilds, exhaust riser, bimini, hull paint, sail covers, upholstery, new prop. and starter rebuild to name a few things. [this does not include remounting stations and life lines] One of these Ericsons just sold for about $7500 on the same dock I am on. Not unusual for Fl. Boats here sell for about 20% less than other areas in the US typically, but as mentioned above, not typically well maintained either.
I have owned the boat for 16 years and sail it every week but I am doing the above because I want to sail it to Key West and don't trust sailing that far the way it is. I am doing it for peace of mind and because I intend to keep the boat for the next 10 to 15 years but would not get my money back if I sold it after rework completed.
So now when you look at used 40 footers keep the above in mind. It might sail and the engine may run fine [like mine does the way it is] but things to look at, for down the road costs.
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Old 06-09-2016, 09:47   #10
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Re: First time boat buyer in Fl

I've purchased a couple boats in Florida. Good answers already on sales tax and registration fee, but call the country you will be keeping the boat in and ask them directly what registration will be. Call marinas and get actual slip and/or hard storage rates and well as travel lift and blocking fees. Insurance can be another notable cost. Call insurance companies about your specific boat before you buy.

A survey will likely uncover many of the things that need to be addressed and you can investigate those costs at that time, but no survey can discover all potential costs you may see as a new owner. On my last boat, I ended up spending about 25% of the price of the boat on upgrades and repairs in the first year, about half of that including a new transmission were unforeseen.
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Old 06-09-2016, 12:02   #11
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Re: First time boat buyer in Fl

Thanks again. As mentioned in my initial post I am aware that refitting and repair costs can be substantial. I am budgeting for everything from standing rigging, dingy, hatches, bottom paint, insurance, new sails to engine rebuild and emergency equipment, etc.... Just wanted to get a grasp on some of the sure fire upfront costs. I have made plenty of calls on mooring and slip prices as well.


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Old 06-09-2016, 13:36   #12
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Re: First time boat buyer in Fl

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Originally Posted by Cadence View Post
I'm sure the state has a registration fee.

On your list of ongoing items don't forget insurance even if it is only liability.
I forgot the county probably had a property tax they will want up front if you intent to stay there if not probably the same anyplace in the US you plan to register her.
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Old 06-09-2016, 13:39   #13
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Re: First time boat buyer in Fl

Quote:
Originally Posted by nicolettejo View Post
Looking for insight on costs associated with purchasing a used sailboat in the state of Florida. Roughly 40ft mono. Beyond the agreed upon price I am looking for rough estimates on survey cost, sales tax (I believe it is 6%), and anything else that first time purchaser may need to take into consideration when budgeting. I understand costs associated with moorings or slips and budgeting for updates and fixes. Just looking for info on initial purchase. Typical rates if seller is using a broker, etc... Would be a cash transaction. Thank you in advance.


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I've just gone through this process, buying a Morgan 462 a couple of months ago. PM me and I can share with you what I found...

Regards,
David
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Old 06-09-2016, 18:33   #14
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Re: First time boat buyer in Fl

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Originally Posted by nicolettejo View Post
Thanks again. As mentioned in my initial post I am aware that refitting and repair costs can be substantial. I am budgeting for everything from standing rigging, dingy, hatches, bottom paint, insurance, new sails to engine rebuild and emergency equipment, etc.... Just wanted to get a grasp on some of the sure fire upfront costs. I have made plenty of calls on mooring and slip prices as well.


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Old 07-09-2016, 05:19   #15
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Re: First time boat buyer in Fl

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Originally Posted by Cadence View Post
I forgot the county probably had a property tax they will want up front if you intent to stay there if not probably the same anyplace in the US you plan to register her.
No. You do not pay a property tax on boats in Florida.
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