I am in the process of doing this right now with my boat
I find this easiest to think of in terms of the percentage of the initial purchase price
that you will need to spend to bring a yacht up to the level of specification needed for serious live aboard cruising?
A good rough figure is about 20% but there is so much variation here that it really is just an average.
Even if you buy a new boat
you will find that there will be flaws from the factory, or things that were missed from the original specification.
If the boat
is brand new and you spec'd her well from the manufacturer then count on about 10% of the purchase
value to fully commission and get her ready for the off.
If the boat is less than 10 years old and was well kitted to start, then 10% is also a good rough figure.
If the boat is around 20 years old or older but generally sound then count on about 20%. If she's that age and a fixer upper count on 30+%
Then you need to make allowances for how demanding you as the skipper
are with respect to comfort and safety
onboard. If you are happy to go to sea in any well found boat then you don't need to make any allowance here. If you are a really picky bugger like me you should allow an extra 15%.
So the best case of a relaxed owner with a new or nearly new well found boat can get away with allowing just 10% of the purchase price
to bring it up to code.
In the worst case of a older fixer upper with a demanding owner you can count on as much as 45-50% of the purchase price.
I'm a picky owner with a well found boat in her mid twenties and I am probably going to spend about 35% of the initial purchase price getting her ready for a North Atlantic circuit. In that is replacing all the standing rigging
, all the navigation gear
, the batteries
, putting on new reefing systems, adding generating capacity, reupholstering, etc, etc. An owner who could put up with 25 year old electronics
etc, could have maybe gotten her to fighting fit with just 15-20% of the initial purchase price.
Also bare in mind that I am commissioning in Sweden
which is expensive. You could certainly do it for less if you do it in lower labour cost market (however the material costs will be the same so there is a limit to the savings that are available like this)
hope that helps.
Best from Na Mara