BOAT KNOW
3/1/2007 1:18:47 PM by Stacy Wynn
The old saying “The two best days of boating are when you buy the boat and when you sell the boat” need not be true. A little bit of patience, research and honesty with yourself will result in the “best days of boating” being those that you spend out on the water.
WHICH BOAT?
The first step is to decide how you’ll be using your boat or yacht. Yes, it would be nice if you could get a vessel that would allow you to take a week’s vacation on it, as well as supporting fishing, diving, watersking, and al fresco entertaining. But while boats can serve many purposes, each model features strong points and weak ones (you’re not going to find it easy to pull up a waterskier behind a 50-foot express cruiser that’s perfect for the business parties you’re planning aboard). The most important thing is to be honest with yourself about your boating desires. For a breakdown of boat types, go to discoverboating.com.
WHAT CAN I AFFORD?
The next step is to get your finances in order and figure out what you can afford comfortably — and note the word here is “comfortably.” You also want to have enough left over to fill the tanks, baitwells, and coolers on board. Put the words “boat loan calculator” in any internet search engine and you’ll come up with a large selection, or visit boattest.com, which also provides unbiased video reviews of new models on the website as well.
NEW OR USED?
The next question is whether to go new or used to get the most value from your boat-buying dollars. There are benefits to both, and with many dealers and manufacturers offering great sale prices and low financing rates, the cost difference may not be as large as you’d expect.
New boats will cost more upfront but offer unquantifiable value in the form of warranties and easier financing. “Boat Show Specials” are an excellent way to close the price gap between new and used boats. Then there are auction sites such as waveauction.com, which can significantly improve your wallet’s reach. As with cars, buying last year’s model just as the new models come out can offer additional discounts.
Many potential buyers are under the impression that a used boat will always be cheaper, and although a used boat will initially cost less and will often come already rigged with electronics and other gear, there can be hidden expenses for repairs and upgrades. It’s best to have a pre-planned “allowance” for unanticipated expenses after purchase. Which leads to the next question: how much should that used boat cost? Reliable pricing guides or “blue books” include: ABOS Marine Blue Book, 800.262.1954, abos.com; BUC Used Boat Price Guide, 800.327.6929, buc.com; and NADA Marine Appraisal Guide, nada.com.
Used boat-buying options range from ads in the local newspaper, broker ads in boating magazines, numerous websites and dealerships that take trade-ins. Dealerships may offer a limited warranty and usually have their mechanics go over the boat before putting it on the sales floor.
CALL THE PROFESSIONALS
You wouldn’t buy a home without hiring a professional home inspector to check the place out from basement to attic and all the wiring, plumbing and structural aspects in between, before you sign the mortgage documents. Once you get into the pocket-yacht category of boats, the same caution should hold true.
Often a lender or insurance company will have a list of approved surveyors that you can choose from. If not, there are two professional organizations that will help you find a qualified individual in your area: the Society of Accredited Marine Surveyors (SAMS) at 800.344.077, marinesurvey.org; and the National Association of Marine Surveyors (NAMS) at 800.822.6267, nams-cms.org.
BOAT STORAGE
Before you sign the dotted line, make sure you have a place to store the boat. This may not be as easy an accomplishment as it seems, especially for larger vessels in areas where waterfront land is at a premium and available dock space is declining as it is converted into luxury residential space. If you own a waterfront house with a dock, you’re all set. If you have waterfront property but no dock, check with zoning first. One South Florida homeowner bought a waterfront mansion only to find they could not install a dock because their land was surrounded by protected seagrass.
If you’re buying a trailer boat and can put it in your driveway, you’re also ready to go. But beware, some subdivisions do not allow a boat to be stored in the front yard, or boats over a certain size. Some cities are enacting laws banning boats in driveways as well.
As dock space dries up, two alternatives to annual dry or docked storage are gaining favor. Many marinas are converting themselves into “dockominiums,” where each boat owner purchases their particular slip. An average price for a premium area is around $3,000-$5,000 per foot. Though costly, with the decline in boat storage space, a dockominium can be considered a healthy investment. The “rackominium” is a dry storage facility where you actually own your rack spot and pay a monthly maintenance fee for the upkeep of the facility, just as you would for a condominium unit.
TIME TO BUY
Hopefully, you now have some additional resources to look into before making your final decision. Although all the aforementioned are serious points to consider, the reality is that the long-term satisfaction that boat ownership will yield — and all the water-bound entertainment options it will bring — far outweighs the trepidation you might be feeling about taking the plunge into ownership. Believe us when we say that buying a boat will be the most fulfilling decision of your life — even if you have to shell out an extra $100 a year for sunscreen.