Buying a used Boat can be an exciting experience for most. But for the first time buyer, it can be a little stressful and overwhelming if you are not sure what to look for or how to go about the process.
Look at as Many as You Can.
For newbie buyers, overcoming the urge to buy the first boat you see is your first hurdle. If you are not too sure about that boat to buy, what you want and what you need, then the best way to find out is by getting on board a bunch of boats that fit your budget.
But also look at cheaper boats and those outside of your budget. This will give you a good feel for what you can, or don’t get, for the money – in general.
Boat brokers will hate you for it. But it is you who is buying, not them. As a broker myself, I have no problems showing people different boats. Today’s first boat buyer is tomorrows upgrade buyer!
What Do You Want a Boat For?
Ideally, your first step for any buyer is to know what you want to do. I know what might sound silly, but you would be surprised by the number of people I meet who do not know what they want to do with their new boat.
So, I mean, like do you want to do a bit if day sailing or club racing, or are you planning to do some coastal cruising on the weekends or holidays, or are you after a boat to travel internationally or long distance cruising.
The live-aboard lifestyle is popular at the moment due the cost of buying a home (Bricks and Mortar). But you need to do your homework and make sure it will work for you. Look at the cost of marina berths and utilities. Then weigh up to see if it will actually be economical. Sometimes the cost of a boat and berthing is more expensive than renting.
Do You Buy Through a Broker or Direct Through an Owner?
There are pros and cons to both, but personally, I think buying through a reputable brokerage will give you a whole lot of piece of mind. Also having that arm’s length from the owner when negotiating and putting in offers can be less stressful. Good brokerages will also follow a buying process that ensures transparency.
Buying privately from the owner may enable you to get a better price. But often sellers have an emotional attachment and an inflated perspective on the value of the boat, making price negotiations tense and stressful. This is where a broker earns their money.
As a buyer, being able to look around a boat without the owner can be beneficial. I see buyers hold back from looking in cupboards, bilges and testing gear when the owner is hovering around. But on the other hand, some owners like to show you everything .. and I mean everything…. Even stuff that they think is bad or that they would change.
Brokerages will usually get you to put offers in writing or on a contract with a deposit. Don’t be afraid of this – it’s a good thing, and it gives you more credibility with the seller and also a bit of negotiation power for the broker.
Making Offers
Just make sure your offers are subject to your approval after sea trail and surveyors report. If they fail trial and survey, you get your deposit back or you can re-negotiate your offer.
Once you decide on a boat that is going to do it for you, get a survey done. Even if the vendor or the broker produces an old or recent survey, get your own independent surveyor to look over the boat for you. Generally, you will need this for comprehensive insurance anyway. But understand that a lot could have happened to a boat between surveys.
Sea trials are also important. You want to know the boat performs the way you expect or have been told it will.
If you are dealing directly with the owner on a sale and they ask for a deposit, make sure you have a contract in place with them stating that they will refund you if you pull out. If they refuse contracts or are reluctant to allow surveys, then run away.
Buying a Used Boat
Remember that buying a boat should be a fun experience. Don’t rush or be rushed into making a decision. Take your time and see as many boats as you can to find the one that has what you need or can be effectively set up the way you want.
Happy buying.
