Please talk me out of it..

[SV Miss Fe]

Maybe this will help. I bought a boat 2 years ago. It was far from derelict as it had just finished a passage from Guatemala to Annapolis. But still it had 10 years since it was launched, was custom built and needed some love. I purchased it for 20k and will have put another 20k into getting it ready for a couple years of cruising. Thats me doing 95% of the work. I work on it almost every weekend even in the dead of winter and now since I'm departing in November I work most weeknights as well. Everything takes longer than expected on a boat and I'm pretty handy. This is just electrical, rigging, paint, plumbing, and other minor odds and ends. You need a burning desire to get it done because its a drag getting off work and sanding till 9 pm every night. pretty much everything else looks like more fun.

You have to love doing the work as much as you love sailing to take on a serious project boat. If you do enjoy! If find one that somebody else did the work to.

[ArmyDaveNY]

Originally Posted by libspero

... and am I an idiot for even considering it?

Absolutely not. Considering it is different than buying it. It doesn't cost much to look. Every once in a while you get lucky. If you do go to look at it, plan for the worst. If nothing else you get a nice day trip and maybe a good lunch. On the other hand, you may find a good deal. Expect nothing and you won't be disappointed regardless of the results. Just be sure to look carefully at it. I wish you the best of luck with it.

[UNCIVILIZED]

Honestly, it's easier to build from scratch than it is to fix a boat that's long been neglected. No joke. BTDT.

[Nightcrawler]

Run Forest, RUN

[Scott Berg]

What everyone said
Run away
Now

[lesterbutch]

Originally Posted by bsurvey

you better get a survey of the hull or at least sound tap it your self, haul the boat or have it looked at by a diver for blisters or worse.


a Formosa is not the most well built boat

Yes to bacically everything that was said! I just finished a total refit on a 13K super deal😪 That ended up costing us over 36K to redo, if I'm lucky I could get 20/25 back out of it, but I'm going to use it for a few years first and hope for the best! Don't do it, charter, then your only spending money when your using the boat. Believe me, I will never buy another used boat!!!😭

[Sailing Hope]

We went the other way, That is we had a budget but found the perfect boat and spent quite a bit more than our target price. We were able to do so financially but it really was a stretch. We could not be happier that we stretched to buy her. She was so very well set up with all the comforts and conveniences. We live aboard her full time and could not be happier. We have added a few things to make her our own but have Zero Regrets that we bought her. Good Luck.

[hsi88]

Around here, a boat with those types of potential issues are given away for free. They give them away because the cost of removal is so high (break them up). If you "really" want the boat, just offer to take over ownership with some sort of contractual guarantee you will have it out of there (one way or the other) by a certain date. Give yourself enough time to make it seaworthy and focus on that. Once in the water, you can tow it to wherever you choose.

[ArmyDaveNY]

Originally Posted by hsi88

Around here, a boat with those types of potential issues are given away for free.

A friend gave me a "free" boat once (Some friend!) Free, when it comes to boats, is a four letter word that begins with F! I will spend more on the free boat than the other two (and the two dinghies) combined.

Having said that, I am not sorry. I like the boat. I like working on it. I also like experimenting on it.

Some like having their own boat that they can do what they want with it. Others like boating but not having their own boat. Pick your poison and enjoy.

I wish you the best of luck with it.

[CaptJamesCook]

I think the OP was there are POTENTIALLY these things wrong with the boat. Maybe worth the survey cost to find out for sure if it is this bad.... He may have found a pearl.


Then Run...LOL
Just call me Mr. Optimism

[libspero]

Some great replies.. exactly the sort of reality check I was hoping for, thanks!

Originally Posted by CooksFraming

I think the OP was there are POTENTIALLY these things wrong with the boat. Maybe worth the survey cost to find out for sure if it is this bad.... He may have found a pearl.


Then Run...LOL
Just call me Mr. Optimism

This is correct, the only things that I can tell for certain are the tanks and the the carpentry on the deck / cockpit definitely need replacing and that is a big job in itself.. engine from the 70s.. might be ok.. but. The general condition looks tired so I would probably expect the worst. Most fittings and hardware look original. I think I will plan a charter or two and see how the family like it before sinking a wedge of cash in a big commitment. There seem to be plenty of KPs on the market if we change our minds

[Sailorbob8599]

Originally Posted by libspero

Has anyone seen a boat of their dreams at an unbelievable price.. only to realise there is probably a very good reason for it?

I love the idea of one day owning a Peterson/Formosa 44/46.. they seem like really nice boats and one day I would love to sail one. I have/had no intention of buying anything like this for at least a few years, mainly because of the cost and the fact we have two very small babies so not a lot of spare time.

BUT, an absolute bargain has come on the market near me and I'm finding it very hard to reason with myself. It seems to have had almost no work done on it since new as far as I can tell.. so the list of things that probably need doing are:

Chain Plate
Rudder
Possible damp in deck
Possible new engine
New water / fuel tanks
New sails and sheets
New carpentry for the toe rails and most wooden deck fittings
Probably new wiring
Probably new cutless bearings etc
Possibly new winches and deck hardware
Plus any other issues that could be lurking under the surface..

How much is this likely to cost to fix and am I an idiot for even considering it?

Alternatively, is a boat of this "vintage" always going to need most of these anyway in which case you might as well start off with something cheap so when the costs start to pile up at least you started from a low base?

Any wise words or shared experiences from the CF hive mind are very welcome

Wow! There's a hell of a lot of:- If's; Possible's; Probable's & Maybe's we're being told to consider here, to arrive at a value that may or may not be a bargain . . . then you say: "BUT, an absolute bargain has come on the market near me and I'm finding it very hard to reason with myself. It seems to have had almost no work done on it since new as far as I can tell.. so the list of things that probably need doing are:"
How can this be an "absolute bargain" considering all the unknowns? I think what you mean is, you can afford to buy it at the advertised asking price. The real question here is, can you afford to repair her & make her seaworthy after the initial purchase? . . . but you haven't had her surveyed yet & there could be other problems to deal with.

So the order of things is simple: Spend the money to have her surveyed. You will then be in a better position to know if you can afford to buy this "absolute bargain".

Sooner or later you'll come to realise (that) buying a sailboat is something akin to marrying a woman. You don't really know what you've let yourself in for until a number of years in the relationship has passed (this cuts both ways of course).
For those of us who know better, the relationship between man & his woman, or man & his boat will hold fast & survive, providing you're willing to put lots of TLC, money, & a whole load of work into making it happen.
'Affordability' of one versus the other is frequently the subject of much debate but then, I haven't owned a boat nearly as long as I've been married to my wife.
Both are desirable & expensive, yet both provide benefits I would be loathe to part with & yet, I know I must give up the boat due to failing health.
Luckily for me, my wife has proved she still cares enough for me regardless of health issues . . . we both signed the contract 'For better or For Worse etc' . . . so whatever I've invested in her over the years, she has become far more of a bargain than I could ever have imagined, hoped, or even wished for.
- BTW, does anyone want to buy a good boat?

[double u]

has the possibly biggest cost-factor been overlooked so far?
can you foot the bill for a divorce settlement & support on top of the boatrelated costs???
"Me or the boat!!" is not unheard of...

[geoleo]

Originally Posted by libspero

Has anyone seen a boat of their dreams at an unbelievable price.. only to realise there is probably a very good reason for it?

I love the idea of one day owning a Peterson/Formosa 44/46.. they seem like really nice boats and one day I would love to sail one. I have/had no intention of buying anything like this for at least a few years, mainly because of the cost and the fact we have two very small babies so not a lot of spare time.

BUT, an absolute bargain has come on the market near me and I'm finding it very hard to reason with myself. It seems to have had almost no work done on it since new as far as I can tell.. so the list of things that probably need doing are:

Chain Plate
Rudder
Possible damp in deck
Possible new engine
New water / fuel tanks
New sails and sheets
New carpentry for the toe rails and most wooden deck fittings
Probably new wiring
Probably new cutless bearings etc
Possibly new winches and deck hardware
Plus any other issues that could be lurking under the surface..

How much is this likely to cost to fix and am I an idiot for even considering it?

Alternatively, is a boat of this "vintage" always going to need most of these anyway in which case you might as well start off with something cheap so when the costs start to pile up at least you started from a low base?

Any wise words or shared experiences from the CF hive mind are very welcome

I did this with a same size similar boat and it cost 3 1/2 years work and $71000 without a new engine as it had that.

[Cheechako]

That's a difficult list. As mentioned, add $75k just to start to the price, but more importantly.... ADD A FEW YEARS OF FRUSTRATION AND A FAMILY THAT WONT SEE YOU MUCH FOR THAT TIME. Many a boat has ended a marriage.
There are very useable boats out there for much less. Check out the long running thread on bargain boats.
I know the feeling about a boat that grabs your heartstrings... It's hard to walk away, but you MUST.