Survey; What would you do?

[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?

[Shrew]

21 year old 34 ft boat needing a major interior redo and without a clear indication of hidden water issues for $66.5??

All of this sounds like a much larger pattern of neglect. I would walk, but that is just my .02

[MicHughV]

experience has shown me that fixing or replacing stuff on a boat that is old or not working invariable will take three times longer and cost four times as much.....besides that...it is a big indicator that the current owner did not maintain his boat. you will likely find a lot more problems with the engine maintenance, etc, etc..neglect is surefire way of knowing that a handful of problems await you..

once you start uncovering one thing, it will lead to another...and another problem...etc...

people forget that first you will have to remove the old stuff...that is a project all on it's own...

I don't buy the " I left the hatches open"...that sounds like ******** to me...soggy floorboards don't get that way from an incidental " I left the hatches open"..

As above, for my money, I'd walk....no, wait...I'd run....

$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...

[TooCoys]

Why don't you wait until you get the survey and make an educated decision then, before getting blasted with a lot of response's you probably aren't going to want to hear anyway?

[Sailmonkey]

I left the hatches open during the tropical storm leads to annoying wet. Doing it over and over again leads to rotten cabin soles.

This is a pattern of neglect.

[EngineerRetired]

If the survey says what you think, no way. To many great boats out there.

[boatman61]

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

[loneshark64]

Originally Posted by TooCoys

Why don't you wait until you get the survey and make an educated decision then, before getting blasted with a lot of response's you probably aren't going to want to hear anyway?

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.

[loneshark64]

Originally Posted by boatman61

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

We did the survey yesterday, got a summary report today, final report to follow. It was worth the money.

[TooCoys]

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.

I don't think you were looking for opinions though. I think you were looking for affirmation for what you already knew.

[loneshark64]

Originally Posted by TooCoys

I don't think you were looking for opinions though. I think you were looking for affirmation for what you already knew.

Who are you, the Amazing Kreskin?

When I got up this morning I was going to negotiate and buy the boat. Now I’m not.

Thanks mr mindreader.

[JebLostInSpace]

Sounds like you already passed, which would have been my recommendation as well.

You didn't list the make of the boat, but my limited boat buying experience makes me think you can do a lot better. I spent $78k about a year and a half ago. I ended up with a 41' boat that needed very little work to be ready for cruising the US East Coast. It wasn't outfitted for ocean crossing, and still isn't, but that was never my intention.

Depending on what capabilities you're hoping to find in the hull, I would suspect from my experience that $66.5k was too much for a boat that size, even without all the problems you listed. Of course your location also has a big influence, and I realize that boat market is a ton tighter now than it was last year.

[loneshark64]

Originally Posted by JebLostInSpace

Sounds like you already passed, which would have been my recommendation as well.

You didn't list the make of the boat, but my limited boat buying experience makes me think you can do a lot better. I spent $78k about a year and a half ago. I ended up with a 41' boat that needed very little work to be ready for cruising the US East Coast. It wasn't outfitted for ocean crossing, and still isn't, but that was never my intention.

Depending on what capabilities you're hoping to find in the hull, I would suspect from my experience that $66.5k was too much for a boat that size, even without all the problems you listed. Of course your location also has a big influence, and I realize that boat market is a ton tighter now than it was last year.

You are probably right. I didn’t want to say the make but I am going to look at same and similar models. Right now it is slim pickings. This is one of the things that made me think hard about negotiating the price down based on the survey and do the work over the rest of the year/winter. I just sold my boat for about 25% more than I expected. Now I will probably have to look at boats farther away geographically or wait and see what comes on the market later in the year.

[TooCoys]

Originally Posted by loneshark64

...or wait and see what comes on the market later in the year.

The benefit of waiting is that everyone who bought boats this year and last year, will soon realize that it's more maintenance than its worth and will sell at a loss. Speculation is that the market - houses, boats, rv's, and cars - is about to take a down turn.

[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.

My 2c is that there will be some good buying opportunity in a few months.

As a prospective boat buyer, one needs to be rather picky...

Sales reps and surveyors are a breed unto their own. Their bottom line is that unless the boat sells, the sales reps don't make any money.
If nobody is buying boats, surveyors get slim pickings.
It's a tough business to be in at this point in time.

My next boat will be my 7th (and last) boat, but I'm biding my time.