Added Up The Receipts: $48,484

[Panope]

Started project with hull and wood interior intact. Added pilot house, new sailing rig and replaced most systems with new components. Did not replace or modify the following: Insulation, Ballast, Windlass, Port lights, Water tanks/pumps, Rudder.

With the exception of the canvas work, all labor by me = Free.

$12,129 – Sails - Carol Hasse - 2 working, 1 Drifter
$9,838 – Engine (40hp Yanmar), shaft, prop and misc
$6,484 – Electronics, panel, Batteries/boxes, Solar, wiring, switches, lighting and misc
$4,096 – Raw material – Aluminum , welding supplies, plywood, glass, plastics
$3,218 – Anchors (2), ground tackle, snubbers
$2,869 – Rigging (standing is homemade galvanized)
$2,140 – Canvas professionally done - wish I was good with a sewing machine
$1,994 – Trailer (homemade with salvaged big rig axel), travel lift X2, 2 months moorage
$1,765 – Misc – Mostly fasteners and plumbing bits
$1,507 – Paint, paint supplies (Still have a LOT of paint to buy)
$1,294 – Boat Supplies, Safety equipment
$800 – Furnace (lost receipt)
$350 – Dinghy (2nd hand Walker bay 8)
$48,484 - Total (probably another boat buck or two in lost receipts)

This is a simple boat. The following systems are NOT onboard:
-Water maker
-Air-conditioning
-Autopilot
-A-C power
-AIS
-Winches (we use blocks and bare hands)
-Hot water
-Pressurized water (have foot pump)
-Marine Head (have Portapoti)
-Refrigeration
-Bow thruster
-Propane
-Outboard motor (use oars for dinghy)
-Rescue raft

Other notes:

Spars - homemade (aluminum pipe)
Dinghy davit/radar pole - homemade
Steering system - homemade (Chain and Cable)
Stanchions, rails - homemade
Chain plates - homemade (part of boat)
Hatches - homemade
Fuel tanks – homemade (alum)
Thru hulls – homemade (alum)
Anchor roller – homemade (part of boat)

I hope someone can use this information to help estimate the cost of materials for their boat project.

Steve

[Teknav]

Next time, buy an Egyptian felluca. It's as bare as it can be, but it has been sailing the Nile river forever. And...it won't cost you that much!

[Panope]

Originally Posted by Teknav

Next time, buy an Egyptian felluca. It's as bare as it can be, but it has been sailing the Nile river forever. And...it won't cost you that much!

Hey, those felluca are cool. Love that simple rig. Not sure how well one would do crossing Dixon Entrance in a blow however.

Steve

[Bash]

Originally Posted by Panope

-Winches (we use blocks and bare hands)

No winches. Whoa! That's hardcore.

[Panope]

Originally Posted by Bash

No winches. Whoa! That's hardcore.

Arrrrrrg.

[Bash]

Originally Posted by Panope

Arrrrrrg.

We feel the same way; only one of our winches is electric.

[Cormorant]

Whatever you paid, it sure seems like it was worth it. Cool boat!

And I see in your album that it's a trailer-sailer, too!

Cruisers & Sailing Forums - Panope's Album: Boats and Family - Picture

[Cptn Happy]

I made the decision years ago to NOT keep any receipts for boat upgrades/maintence. Two reasons: I didn't want to know, and I certainly didn't want the wife to know!

[PamlicoTraveler]

Originally Posted by Cptn Happy

I made the decision years ago to NOT keep any receipts for boat upgrades/maintenance. ...., and I certainly didn't want the wife to know!

She must not be the Quicken Nazi that mine is...every dang thing gets recorded.

[Lagoon4us]

Originally Posted by PamlicoTraveler

She must not be the Quicken Nazi that mine is...every dang thing gets recorded.

Comment wasn't lost

[ArtM]

Originally Posted by Panope

I hope someone can use this information to help estimate the cost of materials for their boat project.

Steve

I hope this isn't a rude question, but I'd be interested to know - how do you think the cost of this project compares to having purchased a complete boat in condition similar to your finished boat?

[Panope]

Originally Posted by ArtM

I hope this isn't a rude question, but I'd be interested to know - how do you think the cost of this project compares to having purchased a complete boat in condition similar to your finished boat?

Your question is not rude at all. I may not be the best person to answer as I have never bought (or sold) a boat. My guess is that it would be cheaper to buy a finished boat.

The $$$$ factor for this project was never really considered. This boat has been in the family since I was 7 (1976) and I have an emotional attachment to it that overrides any possibility of my making wise financial boat decisions .

Also, I really like building stuff. It truly is half the fun (or more). I spread the project out over 12 years and worked on it when I had spare money and time. Would do it all over again for sure.

Steve

[Panope]

I forgot to mention that I estimate about 4,000 man hours (over 12 years) into this modification/refit project. At times I work fast but mostly this was a project to savor.

Steve

[Dockhead]

Originally Posted by Panope

Your question is not rude at all. I may not be the best person to answer as I have never bought (or sold) a boat. My guess is that it would be cheaper to buy a finished boat.

The $$$$ factor for this project was never really considered. This boat has been in the family since I was 7 (1976) and I have an emotional attachment to it that overrides any possibility of my making wise financial boat decisions .

Also, I really like building stuff. It truly is half the fun (or more). I spread the project out over 12 years and worked on it when I had spare money and time. Would do it all over again for sure.

Steve

Your guess is right -- a finished boat is always cheaper, often many times cheaper, than a project boat + refit costs. So the best possible buy will always be a boat which has just undergone a thorough refit. The seller's loss will be your gain.

I have a friend who bought a boat -- a really big, cool boat, built in 1990 -- four years ago. It was in pretty good condition, and he got what he thought was a great deal on it. He paid $1.2 million for it. He then did a light refit and spend $500k. He just sold the boat and got -- $1.1 million for it. That's the way it goes! Money spent on a boat is not an investment -- except in joy (which is perhaps the best kind of investment, actually). In financial terms, it goes straight down the scuppers.

Your case is special, however -- the boat in your family since 1976. Wow! You did the right thing -- forget about the money! It would have been wasted anyway -- this is absolutely the best way it could have been wasted! Be sure to post photos.

[delmarrey]

Ten years ago I started a project boat. I'll bet I've spent 70K on a 25K boat, but it's all new now, everything works and is reinforced. Plus, it's the way I want it, as well as being a completely dry boat.
It was surveyed for over 200K. The only regrets I have are that I didn't start sooner.