Can project boats be worth it?

[MicHughV]

This like the dating game.....speaking from a man's perspective....sooner or later some chick is gong to cross your path and for reason you will not be able to explain to other's, you will decide " this is the one"...other's may look at you askew, but no matter, as far as you are concerned you've hit the lotto.
Goes both ways I guess.
Boats are much the same. Sooner or later a boat will call your name, and you will be smitten and no amount of common sense advice will sway you.
You will move heaven and earth, and spend an ungodly amount of money, but it matters nought. You will be in love, and there is simply nothing anyone can do about it.
Such is the lure if a sailboat.

[Oeanda]

It’s also a bit like going through university. More fun though and probably less expensive.* But you never graduate.
Plenty of people suffer to get degrees in even stupider things, and never even use them for anything. So - wtf.



*Parents are less likely to help with tuition.

[Celestialsailor]

Originally Posted by s.wooster

I am young, have experience working on and remodeling large yachts,

If you have worked on remodeling yachts, why ask for advise here?

Originally Posted by goboatingnow

firstly as a amateur repairing a yacht, it will not only scare away buyers but likely result in you discounting the boat considerably , people are not interested in buying a boat fixed by a " nobody"

Yet we're plagued with the same "nobody's here giving sarcastic advise.

[Cyrus Safdari]

Rebedding deck hardware and addressing bits of core rot are normal jobs on old boats, and removing a teak deck is a a lot of work but requires no special skills if you can mix up a batch of epoxy and fill in the holes (assuming it was screwed in) All this can be done while the boat is docked.
Whether it is "worth it" depends on too many factors such as whatelse you could be doing with your time to earn $ but what generally makes a project boat worthwhile is that you learm about your boat

When it comes to true project boats:
The no.1 question I don't see addressed in all the DIY books and forum is pretty fundamental: Where will the boat be kept as you work on it and how much does that cost. The number of yards allowing DIY is falling, liveaboard DIY places on the hard are tough to find

[sck5]

Rule 1 of boat refitting:

What you can see ain't the half of it.

From: Been there and done that more than once

[rickee]

A used boat IS a project. All boats soak up either dollars or time or some combination of the two. The hobby of boating is always trying to find some acceptable combination of the two. New boats are heavy on the money outlay which lowers the additional outlay of both, but only temporarily. Once in a while you find a great deal and can temporarily minimize the outflow. Really helps if you either don’t mind or else actually like the meditative part of maintaining. Or if you’re flush with cash. And if you don’t feel burdened in accepting that there is deterioration and maintenance needed whether it is used frequently, used occasionally, or barely used at all

[jmmondeau]

No. There not worth it. I’ve done 7 of them. You won’t save anything and will spend a ton of time and money, more than the cost of just purchasing a boat on credit and using it. My name is The Enabler. I’ve financed lots of projects including Rimas ‘s adventures.

My advice is go small and go now. I don’t build anymore. There just not worth it. Buy a boat that’s as close as possible to go and just maintain it.

[FoxIslander]

Key is do you enjoy working on boats. If so, go for it. You won't make $$ doing this, but could end up with one helluva boat. If you haven't already you might want to check out "Sail Life" on YouTube. Deck core replacement...vacuum bagging...its all there.

[Happ]

Originally Posted by s.wooster

I am strongly considering buying a Passport 42 that will at the very least need the following:

• Replace Teak Deck w/ Glass + Awlgrip.
• Standing Rigging
• Running Rigging
• Nav equipment
• Unmounting the Pulpit and bringing to a machine shop to have a bend righted. Fixing damaged fiberglass where pulpit mounts to deck.

I would plan to do all of the work myself with the exception of the standing rigging. I would certainly get a professional marine survey before purchasing the boat to ensure there are no other major projects (outside of the norm). The boat does come with a brand new engine (less than 40 hours), has sails in good condition, and has a good interior in need of some light finish work.

I am young, have experience working on and remodeling large yachts, and have a decent income. Passports with this type of work done often fetch $120k, this boat is a fraction of that price.

I am wondering from others who have taken on project boats - what do you wish you knew before taking on a project boat? I don't mind pouring in the time over the next year, but is it worth the money? This is a top 5 sailboat on my list and the discounted price for the work ahead is quite intriguing to me. I also feel that I could sell it reasonably quick if I feel over my head as it is such a sought after boat.

What advice do you all have?

First of all I believe the deck is fiberglass with teak on top. If I am correct that means that you will have to remove the teak deck, then look for core damage and repair. Then resurface the deck with something like Kiwi Grip. A professional job would cost about $50,000. If the Standing Rigging is 15-20 years old you will most likely need that replaced for insurance. The Running Rigging and updating the electronics is pretty much a given. So take the cost of the boat add the deck repair and the cost of Running Rigging and if you are well under the cost of a boat ready to go then go for it. If not walk away. Doing the work yourself is great but your time and expertise has a value. If $120,000 is current ask and say you could get a ready to go boat for $110,000 I wouldn’t touch the project boat for more than $50,000 at the top. Keep in mind once you start a refit you will find all kinds of other things that you will need to.

[CaptBobR]

We are in the process of restoring a wood Berthon 1964 ketch built in England. We found that our original budget estimate was way off in both time and money. We will have put about $125k into the boat between materials and time but the boat will be worth about $260K when done
We are using it as a teaching tool because we are an ABYC Foundation Affiliated School.
We are honestly hoping to break even and we are doing all the work ourselveover a 2 year period. We have the tools and the knowledge so this is how just the deck planned out. Replacing the track and and underlayment will cost abut $75.00 sq ft. We will be using a false teak and marine plywood underlayment. The deck forward of the wheelhouse will likely cost about $40k
Make sure your planning is accurate or it will turn into a nightmare

[smacksman]

Sounds like you have the right attitude. Personally I would forget the notion of getting her into $120k 'concors' condition but rather seaworthy condition. If you buy her for $15k then think in terms of $25k value once you have her up and running.

if she is ashore then check seacocks, rudder and bearings, prop bearings, hull blisters. The bent rail and glasswork is easier done ashore. After a months hard work on the hard, get her afloat and get sailing. Check out the ground tackle and anchoring. Dinghy and outboard will be your 'taxi' at anchor. New standing rigging may well be required for fully comprehensive insurance so just get third party insurance and live with the standing rigging. If you can't see if standing rigging is dangerous then don't buy a boat and don't sail in big winds. Modern running rigging is immensely strong even when it feels and looks rubbish, with the exception of obvious chafe. A $300 GPS map and an echo sounder is fine to start with and a $100 VHF. A teak deck is lovely on bare feet. Repair it and re-bed fittings as required. Re-bed fixed deck lights that leak. Leaking opening ports often need only the gaskets replaced.
Once she is seaworthy then spend time and money over the years making her pretty and have fun using her..

[ed boyle]

I recoreda 1983 Passport 42. Email me at Nobaddays@hotmail.com for my phone #.

[SV Magnolia]

Project boats can be a great thing IF what you are looking for is a long lasting and very pricey hobby. As you write that you have good experience in vessel work already; Then you may already be aware of some other things.

In our own experience?
We purchased the SV Magnolia, one of the Columbia 50 fleet, knowing full well what we where walking into...
And this being our second restoration project boat, have not been terribly unsurprised by any of it.

Just some things to be very aware of though;
You may have found that "Perfect" boat for you as a fixer upper, and for dirt cheap too, however,
I might take a long hard look at all the added expenses necessary in order to make her sea worthy, and just as importantly bring her up to your own personal liking.

For instance;
We purchased magnolia at a steal of a price, ony $30k cash out. Was is a "Deal" All depends...
We have done nearly 100% of the work to bring her into seaworthy and healthy condition. The only thing we did not do ourselves was the new engine instal and some minor things related to that.

Per annum, and in order to have made all necessary repairs to make her sea worthy again, then addressing all the less essential repairs, replacements, updates, differed maintenance, on going upkeep of the new work done, etc. etc. We are spending about $50k per year and over the past 4 years.

Sooooo...
We forked out 30 grand for the perfect vessel for us, and we so far have about a 200k expenditure into the vessel; Not including insurance, moorage, excise taxes, etc..

Sure hope we can recover that once we age out ...
Guess it really comes down to how much you love boats !

[C. Strauss]

As someone who rather recklessly jumped into a complete refit, I can confirm what others have warned about: everything will take three times the cost and labor that you think it will. This is not an exaggeration. Your youth and experience can see you through this if you can keep your enthusiasm up. I guarantee that there will be days when you'll ask yourself "WTF was I thinking?!". If you can see it through, though, you'll have a beautiful boat rebuilt to your personal specifications. Best of luck!

[Leighpilot]

Bear in mind that the boat got into its current condition by neglect. Years of it. So it’s likely there’s many more things wrong with it , all waiting to be discovered.

As for your question , the answer is , Only if you enjoy working on the boat. If your goal is to go sailing , go buy a 34ft boat in decent shape and go sailing. You really don’t need a big boat and it’ll be cheaper ( everything) with a smaller , simpler boat.

And the older you get , the more likely it is you’ll get married and that will probably end your cruising plans.