Realistic cost to refit a 50ft cruising boat

[Fore and Aft]

Wet Dreams it sounds like you have your heart set on a big boat. If that is the case, then I recommend developing amnesia when it comes to what you spend on the restoration.
I recently surveyed a 78 foot almost completed project boat and the owner was showing me some of the receipts for things he hadn't put in the budget. $3000 for a prop refurbishment. Some of the lights didn't have broken bulbs they were actually broken fittings; he couldn't live with mismatched light fittings, so he replaced them all. Then he discovered some of the wiring behind the lights was corroded so that all got replaced as well. Just those two unexpected jobs put a big hole in his budget. At the end of the survey, he quietly told me he wished he had never purchased the boat.
Cheers

[Greatest Lakes]

Good stuff. If you are going to work on it over time, I strongly suggest starting by doing things that keep the water out. Verify integrity of through hulls, window and hatch seals and hoses. Then make sure the rig won't fall down. After that you can concentrate on making it go, and finally making it comfortable.
Good luck!

[jalmberg]

Originally Posted by jt11791

I get $84K, so round up to $100K.

I might break it down differently, but probably come up with about the same number. To be safe, I would probably add 50% to cover the things you haven't thought about yet.

As a sanity check, you will want to discover what the boat is worth in fully restored condition.

[Bill_Giles]

An old boat is a hole in the water into which your pour money until it is all gone.

If you are going to refurbish an old boat then the only economic way to do it is using your own labour and used parts.

[wannacat]

Wetdreams-we poured a ton of money into an older cat, then cruised The Bahamas for 11 winters that are still in our everyday thoughts. We sold her and got some of our money back, who cares, the kids will just get less , but the memories, pics, videos and friends made along the way both cruising and fixing her up are priceless! Life is not all about money but enjoying, doing things and realizing your dreams!!! We all know that we only get one crack at it although most don't live that way. Go for it!!!

[RedneckRedcoat]

Originally Posted by wet_dreams

How much should I realistically expect to spend refitting the major systems on a 50ft sailboat from the 1970s if I did all of the work myself.

New engine $15k
New sails $15
New rigging standing $10k running $10k
New wiring $5k
New solar system $10k
New autopilot $5k
New ground tackle / windlass $5k

Etc etc etc

If you do the work yourself the above $75k $100k

[jdecris]

Original Poster,

I read yoiur last / most recent post.

I saw the sentence "The reality is...".

I've restored a '51 19' Lightening, a '55 33' International One Design, a'55 19' Lyman Runabout, a '39 36' George Chaison Charles McGregor Yawl, a '51 43' Steel Alden, an '81 43' Gulfstar 44, and now a '91 Grand Banks 46 Classic

I like to work, and I like to work on boats. I'm very hands on and have come to realize I get great satisfaction out of restoring, and in solving problems and challenges.

Working on and restoring boats requires a serious and continuous commitment, and will stretch and stress your time, your relationship, your family, and your finances beyond your wildest anticipation.

The reality - the question - is not just about the $.

The reality is unless you love working on boats, or have very deep $ pockets, (and the people in your life love you working on boats), your dreams will very quickly turn into nightmares.

[parkstone bay]

In my (very limited) opinion, the suggested total of 100k (dollars, euros, pounds sterling - in this context it doesn't matter), is "probably" out by at least 50% of what the boat will consume.
BUT, if you can get her afloat in say, 2 or 3 years, and then use her, with final completion over, say 5 or 7 or 10 years, it'll probably be a wonderful project. I can see heartbreak - and elation - along the way.
Good luck!

[Boatwright]

Look for a 20 years newer, freshwater boat, with a diesel engine.

Simplify the list of gear you imagine you must have.

Get ready to spend 2 or 3 years of several days each week of your own labor. This requires a stable, understanding relationship with your family.

Lots of cruiser dreamin' going on -- around the world in an Amel 50 picking up beautiful women on the way.

And finally: If you want to test the water, buy a boat you can afford, and go cruising locally. Learn how to sail and navigate safely first, and then start dreaming realistically.

[KLo]

Nobody is expert in each of the disciplines you mention. If you try to do it all yourself it will take years and be of questionable quality and safety, unless you are truly expert across the spectrum. Even with most of the work done solo I did back of envelope $150k-$200k.

[JSSailem]

Depends on what you start with and where/how you want to sail her.
I looked at a 50ft boat in 2015. Her hull looked good, the interior wood work was in good shape. She was listed for $93,000. She was a classic, one of four built by a reputable Canadian builder.

All the deck teak was shot with soft spots. The mast and rigging needed to be removed, mast fully refitted, all rigging replaced, engine and transmission rebuilt, electric, plumbing, electronics and all sails replaced before I could safely take her on ocean passage in the PacificNW.

Even with sweat equity and only using expert help on some of the systems, with yard time and materials had an estimated cost of $150,000

I did not take that plunge.

I did find a 35 ft boat. Also a project that I bought for a good price. The decks were in good shape. But all the other above projects were needed. At present I have invested 2.5 times the cost I paid for the boat on this project boat. We have sailed on many an adventure even while the projects have been spaced over the past 7 years. It can be done but you need to know a lot about boats and their systems.

Finally money you put into boat repairs is not available to use on cruising.

Good luck.

[OneBoatman]

I agree with Boatwright, It is not wise to start with a dream, then buy a 50 ft boat when you actually have little clue about the cost of things today. Being handy helps yet there are plenty of people both young and old that have made the same mistake. Both you and your girlfriend will probably want to eventually make it back to land. It really matters very little whether you are captaining a 26 footer or 50 footer if you don't have the skills and experience to weather a storm. One of my sayings is: Does it really matter if the water is 7 ft deep or 7000 ft deep once it is over your head?

[mcon12000]

Ok I’ve done this with a 38’ boat. Whatever you think it will cost will be double and the time required will be triple what you expected.

My rough costs to date unless noted all labor is me. I’m ABYC Certified which allowed me to move quicker than a non certified version of me. Also my air conditioning, Hatches, Through hulls, and refrigeration were replace by the previous owner. One more gotcha is how much free time do you have? I’m fortunate and my job allows me roughly half the year off.

Re Power $19k
New Prop $3k
New standing and running rigging $12k (professionally done)
New Electrical system $18k
New Rudder $6k
Replaced all sanitation hoses and tank $1500
Mast painted $5k (Professionally done)
I have no hope of adding up all the $50 bits involved
Yard fees north of $10k
Crane Rental in NJ $1k per use (high)
Marina fees while using and working on the boat $24k ($6k per year upper east coast)

So roughly $100k plus for my real world example doing 90% of the labor myself.

I also think that labor to accomplish all that I’ve done would be in excess of $40k
You’ll also need around $3k in tools minimum.

As she hit forty years old my insurance company dropped me and the new insurance is twice as much at $2.8k per year with 75 mile offshore and Bahamas coverage.

It’s all worth it

[sailingharry]

Originally Posted by JSSailem

Finally money you put into boat repairs is not available to use on cruising.

This. And to add, money you put into boat repairs and upgrades only marginally ads to any resale value. As I often say, the cheapest upgrades are the one the PO does (and we have been incredibly lucky beneficiaries of this philosophy!)

[Jampot]

I would budget on 60k