Purchasing a boat is an exciting decision, but also a major investment that requires research and planning. If you're buying a boat for the first time, you'll have a plethora of things to consider, such as whether you're using the boat for recreation, or transportation, whether it makes more sense to purchase a used boat over a new one and what size and type suit your situation best. These are just a few factors that will play a crucial role in choosing the right boat. If this is your first time buying a boat, check out these three tips to get off to a good start.
Reserve Part of Budget if Buying Used
Purchasing a used boat can save you big on the initial purchase price. However, boats almost always require a major refit at around the 10-year, or 15-year mark. So if you're buying 13-year-old boat, even if it looks to be in great condition, chances are you'll need a major refit within the next two years. The smartest approach is to reserve part of your total boat buying budget for the inevitable refit. The amount you should reserve depends on the size, age and condition of the boat. However, a good rule of thumb is to reserve about 40 percent of your budget for the refit.
Verify Recent Refit Claims
If you find a boat that you're interested in and the owner tells you that the boat has recently been refitted, it's vital that you check into the validity of that claim. Some owners may change out minor parts, like putting on new sails, or anchor chains and consider that refitting. However, those parts are minor and don't cost as much to replace. A refit involves replacing major parts that typically need replacing every 10, 15 years, or 20 years, such as the engine, or the rig, both of which are costly. Find out what parts have been replaced and request paperwork to prove it. If the boat has indeed been refitted recently, you can spend more of your total budget on the purchase price.
Think Safety First
Regardless of the type, or size boat you purchase, the one must-have is safety. A boat that isn't safe to drive is of no good to you and your family and you wouldn't want sink your money into a boat, only to find that it it doesn't meet safety standards. Look for boats with certified safety rated equipment, such as a certified life raft and an Emergency Position Indicating Radio Beach, on EPIRB, just to name a couple. If the boat you're looking at lacks certified safety equipment, it's best to walk away.
Contact a company like Private Client Services LLC to learn more.