Survey; What would you do?

[flee27]

Hard to answer your question. Might be worth it, might not. Without knowing what kind of boat it is, to know typical values, I don't see how anyone can say go for it or run away.

Once you determine values and feel like you are getting a "good" deal only you can answer the other questions. How much do you like projects? Some people enjoy that part as much as sailing. If it makes sense there are some great things about a project boat. You know the condition of the things you have replaced/repaired. The boat has the things you want on it. And pride in a job well done.

My only advise would be to not be too optimistic on how long or how much things will cost. It will take longer and cost more than you think in the beginning.

Good luck in you boat search. Buying a boat is exciting and frustrating all at the same time. A real roller coaster of emotions from my experience. But worth every once of the resources it takes for the right boat.

Foster

[flightlead404]

Originally Posted by loneshark64

I recently put an offer on a 34’ year 2000 boat. The guy was asking $75k, dropped it to $69.5. Then I offered $62 and we settled on $66.5.

Yesterday was the survey. I haven’t gotten a report so this is a hot take. Keel and bottom are fine, deck is fine. Mast and rigging seem fine though the mast hasn’t been out in 5 years. Structurally ok, doesn’t seem to have grounded.

Issues top of the list, radar, autopilot, microwave and fridge don’t work. Alternator is balky. Headsail furler bearings are bad. The cabin was quite wet, the guy said he had left the hatches open during the tropical storm (??) and the teak/holly plywood was squishy in areas; in the galley is was shot. There were some hoses without clamps and things leaking that are easy to fix. A hatch also appears to be leaking. The forward and back cabin cushions are wet and need to be replaced. Anchor and rode are trash. Main is ok, Genoa is ok but mildewed. Standing rigging and lifelines are good. Running rigging is ok but tired. Then there’s a long list of little ****.

So my feeling is the basic boat is solid but there is about $7k-15k of problems, depending if you can fix or have to replace. And based on past experience and what we found that is wrong, there is another $5-10k of stuff we didn’t find that is wrong. This is before you get to stuff like new plotter, new sails, ais and things I want. Yes I could live without a fridge etc but that is not my goal for this boat. The last boat was the “live without it” boat.

Going into this my thinking was I was willing to spend about $80k to buy the boat and fix stuff. Beyond that I would spend on nice to have upgrades, maybe $10-20k overa few yrs. So the question is, buy this boat, maybe knock the price down a little, and fix it all, or walk and find a different boat in a tough boat market?

Walk away.

Also, be on the boat for the next survey (I get the feeling your weren't). It will make your evaluation much easier.

[flightlead404]

Originally Posted by MicHughV

$80 k can buy a lot of boat. Maybe downsize your needs. You will be better off getting a smaller...but better maintained boat..but this one has a "run, don't walk" sign hanging from it...

Depending on where you are looking. I looked at a reasonable 2003 Hunter 386, needed some new rigging and a good hard clean. I think $76k was the number we agreed to before I pivoted to a different boat.

There's loads of nice 35' boats in that era for less money (or at least there was last fall/winter).

[flightlead404]

Originally Posted by boatman61

Not worth the cost of the survey.. save your money for a boat that is..

This makes a good point. Something I learnt going through this exercise over the winter/spring.

By being on the boat during the survey I not only was I able to get a better picture of the issues, and make better decisions, but I was able to pull the plug on two surveys and save some money. The first survey I saved a couple hundred by passing on having a written report, the second survey I called in 10 mins and saved half!

[MicHughV]

I agree about being present at the time of the survey. It won't be the first time I stopped a survey after an hour or so, due to some or other problem or defect. Paid the surveyor for his time and effort up to that point, but didn't require a haulout or written report. Win-win for both parties.

[Nicholson58]

I always suggest buyers shop the Great Lakes for lightly used fresh water dock queens. They will be lacking in systems but you will end up with all new.

We used to keep our boat at Torresen in Muskegon, Michigan. They are nice folks, family owned. Check out the current listings.

https://torresen.com/boat-sales/brokerage-department/

[mvweebles]

Originally Posted by MicHughV

I'm boat shopping myself....

My take is that it is a buyer's market. This Covid pandemic has put the kibosh on sailboat activity as near as I can tell. The used sailboat market is full to the brim with boats. Many boat owners simply said....that's it...enuff for me....and boats fall into despair and neglect from lack of use.

Now we have hurricane season upon us as well.

Curious what market you're located in? This is not the prevailing commentary I am hearing from aspiring buyers - many say decent examples are sold in hours, if not days.

I remember the early days of the pandemic - there were long threads on this forum of Ol' Salts salivating over the distress-sale deals that were sure to come as people lost their jobs and couldn't pay their slip fees. Boy, were they wrong.....

Peter

[Nicholson58]

Originally Posted by mvweebles

Curious what market you're located in? This is not the prevailing commentary I am hearing from aspiring buyers - many say decent examples are sold in hours, if not days.

I remember the early days of the pandemic - there were long threads on this forum of Ol' Salts salivating over the distress-sale deals that were sure to come as people lost their jobs and couldn't pay their slip fees. Boy, were they wrong.....

Peter

Situation in Antigua is boats are sold in days. Inventory is very low. Our Friends at Lighthouse are having their best year ever.

News from many markets is sellers market. Housing too.

[goboatingnow]

It’s definitely a sellers market. Prices are above asking , boats are being bought on video surveys. Slim pickings.

You need to wait about 4 years to see a change

COVID has forced people to realise they need a bolt hole , be in a holiday home , RV , boat. My house is in a rural area near a beach. My neighbours was sold ( identical to mine ) for nearly three times what we both paid 6 years ago.

Loads of people were not affected economically by COVID and actually saved money. They are splashing the cash now.

It’s not a time to be looking for a “ deal “ on a boat. Prices are stiffer now then last year with sellers realising there’s always another buyer round the corner. Asking prices for the exact same boats have risen by 10% round here in Greece

[sail sfbay]

Originally Posted by loneshark64

.........So the question is, buy this boat, maybe knock the price down a little, and fix it all, or walk and find a different boat in a tough boat market?

The options you have post survey are 1) decline to purchase the boat OR 2) buy the boat as is or 3) obtain quotes for the expected repairs that are not normal maintenance items and request a REPAIR ALLOWANCE.

[mvweebles]

Originally Posted by Nicholson58

Situation in Antigua is boats are sold in days. Inventory is very low. Our Friends at Lighthouse are having their best year ever.

News from many markets is sellers market. Housing too.

Tell me about it.......18-months ago, I thought I would be saddled with my house for 5+ years as the market recovered. Instead, 3-months ago, I sold my house for more money than I ever imagined. Listed on a Wednesday and by Saturday I had five cash offers - all above asking (sold for almost 20% above asking which I thought was alread nuts).

Peter
(St Pete FL)

[Sailshabby]

Originally Posted by loneshark64

That’s why we have this forum, right? To share opinions? Often the dealers and surveyors want the deals to happen, even if they are technically on your side.

Anyway, i took a pass on it, on to the next.

Good call. As for dealers and surveyors wanting the deal, I’d suggest you’re spot on with the former and off on the latter. Surveyors take the brunt of abuse after the fact when unseen issues arise. They’re in, then out.

Good luck with the hunt!

[Deep Blue Water]

Sounds like it's been wet for a long time, it may have been the hatches but could also be a more serious issue. It's too early to tell so I'd readjust your offer pending a thorough inspection of the boat.

[sengland]

The interior would concern me if you're afraid of tedious work. Although the boat sounds solid if your going to spend any significant time below I'd walk away. I'd be looking for evidence that the previous owner had done and cataloged essential maintenance. He should have told you about most of the things the survey found.
The appliances to me are irrelevant, just $$, but easy fits. Any soft wood, staining, deck leaks can be a lot of time and effort.

https://youtu.be/VMXYsqLLUz4

The YouTube link above shows my smaller boat with the bad interior, to pull out and replace the stbd paneling and reseat 3 portlights with new panels properly, was around 28 man hrs work.

Basically don't buy it if your in a rush to get out there, for that money find something else. If its been kept well even if its older the attention to detail when maintaining, has a big value.

[moseriw]

Do not therow your money away by hiring a useless surveyor. Take a rigger, a good engine mechanic, a carpenter and a GRP Specialist and you get 10 times more accuracy than with a surveyor.