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Old 15-02-2020, 08:59   #1
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Pandora's cash box

I am sure this topic has probably been discussed ad nauseam. If there are threads that you can direct me toward I will happily read them. But, here I go with a new thread;
I have found a substantial 1990 33' hull in good condition with a deteriorating interior, 1990 electronics, original sails, a replaced motor that will need to be replaced, an electrical system that would need complete upgrade, etc.... She's a solid old boat that would require a nearly complete overhaul of the electronics, from lighting to navigation, a new reliable motor, new sails, new upholstery, maybe a new floor inside, probably new shrouds and other standing rigging, new running rigging, a good clean and wax and bottom paint, interior woodwork refinished, bimini and dodger, and , , , and , , what?
I am capable and able but I do not want to do the work. I would contribute my hand but would be hiring most the work to be done professionally. I want a quick turn around and want to be sailing by this time next year. She is not free. I think the current owner might take $15,000.00
I've looked at a lot of boats in the $75,000.00 range and have not been entirely impressed. This one fits my intended purpose. I like the layout, I like the boat. I would have a budget of up to $60,000.00 after purchase. When finished (I know- it's never finished) I'd have a $75,000.00, 1990 boat. But - she would be damn near new in all areas.
Is this a sufficient budget? Or just the beginning of a fool's errand?
Your thoughts?
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Old 15-02-2020, 14:22   #2
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Re: Pandora's cash box

If you disclose the make and model you will get constructive comments. Without these details you will receive useless speculative gibberish.
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Old 17-02-2020, 06:23   #3
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Re: Pandora's cash box

I have read a lot of threads over the years about project boats. The one absolute truth that I have learned is that a project boat is -- first and foremost -- a project. If you want a project, then a project boat is for you. If you want to get out sailing, then you will almost always be time and money ahead to pay up-front for a boat that only needs a little bit of cleaning and modernizing.


But, of course, it's your money and your time. Good luck, whatever you do.
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Old 17-02-2020, 07:08   #4
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Re: Pandora's cash box

What I read on this forum is that most if not all project boat budgets are doubled or tripled when the end is there.
So your budget available for upgrading is 30K not 60K!
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Old 17-02-2020, 07:21   #5
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Re: Pandora's cash box

Quote:
Originally Posted by denverd0n View Post
I have read a lot of threads over the years about project boats. The one absolute truth that I have learned is that a project boat is -- first and foremost -- a project. If you want a project, then a project boat is for you. If you want to get out sailing, then you will almost always be time and money ahead to pay up-front for a boat that only needs a little bit of cleaning and modernizing.


But, of course, it's your money and your time. Good luck, whatever you do.
This is the gospel. Read it and take it to heart. This is from someone that has taken on two major project boats. Unless you have some overwhelming reasons why like:

- you have a lot more time than money AND you aren't able to turn that extra time into money

- you get a great and I mean GREAT deal on a GREAT boat like a someone gives you a free Hinkley as a project boat

- you have the time to work on the boat yourself and won't be cruising for a while (my reason for the last project)

Probably a few other reasons to justify a project but I can't think of any.

And, again from someone that's been there, done that, unless you have a lot of experience in major boat repairs the job will absolutely, without a doubt, take at least twice as long and cost twice as much as your most pessimistic estimates.

Finally, if you plan to pay someone else to do the work you will end up way, way under water on the job. For a major project the only way it has even the slightest chance of making sense is if you will personally do all the work. Pay someone and the finished job will end up costing a whole lot more than just buying a boat in good condition.
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Old 17-02-2020, 07:22   #6
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Re: Pandora's cash box

If its that bad, keep looking.
It is always cheaper to buy something that has been recently refurbished or overhauled, the reason is of course that the cost to overhaul / refurbish, you don’t get even close to it back when you sell.
So be the buyer of the recently refurbished boat.

Only way you can make out in an refurbishment / refit is if you do all the work yourself, if your paying to have it done, your going to lose your behind in the deal.
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Old 17-02-2020, 09:00   #7
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Re: Pandora's cash box

I'm on this exact path except I'm doing most of the work.



Like they stated it's good if you like to work on projects but I think your timeline is too short.



I did it because 1) I can live on it while I'm working on it, 2) Instead of coming up with $60k for the boat upfront, I came up with $10k and can put more into as time goes along (I'm still employed) 3) I reeeeaaaallly want to sail off when I retire.



#3 carries me through everything because this path wears on you.
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Old 17-02-2020, 09:17   #8
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Re: Pandora's cash box

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Originally Posted by dwedeking2 View Post
I did it because 1) I can live on it while I'm working on it, 2) Instead of coming up with $60k for the boat upfront, I came up with $10k and can put more into as time goes along (I'm still employed) 3) I reeeeaaaallly want to sail off when I retire.

#3 carries me through everything because this path wears on you.
I took on my latest project for most of the same reasons except #1. In my case I had a free place to keep the boat for the several years I was working on it.

#2, yes. Less money up front and then pay for the fixing up as it occurs.

#3. I was still working when I bought the boat so really couldn't sail away for a few years anyway. The timing and plans for this were going great until my daughter finally figured out how to procreate. Adding a couple of grandkids to the equation really screwed up my scheduled departure date.
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