Is a marine survey worth it? The answer is yes. This is because it is only with a professional marine survey that you will be able to understand the exact condition of a boat, its fair market value, and if it fits your intended use. In this post, we will be taking a look at how you can make the right decision when buying a used boat and why it is always wise to involve a marine surveyor.
The main challenge of buying a pre-owned vessel is deciding whether it is in good condition and if it will be a good fit for you. Getting a professional Palm Beach marine survey can help you overcome this challenge. This is more so if you are a newcomer or you need all the cards on the table before making a decision on a used boat. The input of a marine surveyor will help you know if you are making the best choice or not. Here are some additional considerations you should make before buying a used boat.
Think about where you will be using the boat
The mistake most buyers make is of going for the biggest boat without thinking about where they will be using the vessel. Prior to making the decision on a boat, you have to think about the size of the lake or river you will be using it on. The perfect boat must suit the local conditions. For a placid lake, for example, a pontoon boat will be perfect. The pontoon boat will, however, be unideal for rough coastal conditions.
Sail or powerboat
The best way to answer this question is by considering the activities you will be involved in. Are you interested in wakeboarding, waterskiing, racing, fishing, or parties on the water? What you need the boat for will help pick the right boat for the job. Consulting a marine surveyor will help you pick the vessel that is perfect for your lifestyle. The required skills will also determine whether you go for a power or a sailboat.
You should not just pay attention to the initial purchase price of a boat. Your budget must also include the maintenance costs. In addition to the purchase price, you will have to set money aside for storage, fuel, insurance as well as annual maintenance costs. A marine surveyor will be happy to give you an estimate on the maintenance costs of your target vessel.
If you are still asking the question of is a marine survey worth it, it is good to note that a surveyor is the best professional to give you a thorough boat valuation. This is because he is involved in the valuation of boats almost on a daily basis. They are in the best position to perform a valuation and share information on the fair market value of the vessel.
Is a Marine Survey Worth It
One of the best places to start shopping for boats is online. The internet has so many resources you can use to find the exact boat you want from anywhere in the world. However, you have to use these resources properly. Moreover, once you find a boat that interests you, you should never proceed with the purchase without getting the opinion of a marine surveyor Palm Beachtrusts.
The social-distancing that was brought about by the COVID-19 pandemic saw an increase in the number of people shopping for boats online. This led to an increase in the number of platforms sellers can use to advertise their boats online. It is also much easier to find and hire a marine surveyor Palm Beach online. On your next online search for a boat, here are some important things you should do.
Make use of the advanced filters
A boat listing site will have dozens or even hundreds of boats. Going through each listing will not only take a lot of time but can also leave you confused. This is why you need to use the search filters provided on a listing site. Make your selections based on what you are looking for. You can filter your search by year of manufacture, price range, size, type of boat, and location of the boat. Filters help you focus only on the boats that best meet your needs.
Take advantage of search alerts
Even after using the advanced filters, you might not find the exact boat you are looking for. This does not mean you give up the ghost. The next thing you should do before moving on to another listing site is to set search alerts. Search alerts will keep you updated on new inventory that matches your preferences. They can also help keep up with the trends as well as pricing.
See the boat in person
It is possible to book a virtual boat tour. However, this does not mean you proceed with the purchase without first seeing the boat in person. It is only by walking on the boat and sitting on the captain’s seat that you will be able to know if it is the right fit for you or not. If you are convinced the boat is perfect, don’t commit yet. Bring in an experienced marine surveyor in Palm Beach for an inspection. A boat survey report will help you know if the vessel is ideal for your intended use, if it has been priced fairly and if it has issues that need to be addressed.
Shopping online for a boat will help you save time and money. You must, however, go back to the basics of inspecting the boat in person before you commit. A thorough marine inspection will also keep you from making a bad investment.
Marine Surveyor Palm Beach
Buying a boat is much easier today than ever before. Aspiring buyers can now access more resources and make more informed choices. One of the best resources you can use is working with a marine surveyor Palm Beach trusts. The surveyor will help you evaluate the vessel you are after, help you understand its fair market value and let you know if it suits your needs. The input of a boat surveyor is something you cannot afford to overlook when buying a boat.
The second resource is the services of boat dealers. When buying a boat, you have many options. You can buy directly from a direct seller, from the manufacturer or from a dealer. In most cases, when buying a brand-new boat, you will have to deal with a dealer. Dealers also sell pre-owned vessels. If you are after a used boat, make sure you involve a marine surveyor Palm Beach before settling on a boat. In this post, we will be looking at the benefits of buying a new boat from a dealer.
Dealers are more knowledgeable
Even when you know the size and type of boat you need, when you start shopping, it is easy to get overwhelmed by the numerous options that are available. When this happens, you need unbiased details about the various boats that interest you so that you can make the right choice. Dealers are knowledgeable about the specific brands they sell. They will be able to answer any questions you may have and offer professional recommendations. You will, however, need to be decisive because some dealers may try to upsell.
Dealers service the brands they sell
Another great thing about buying a boat from a dealer is that you will get a favorable warranty. Most dealers service the brands they sell. This means they will take care of any required upgrades, replacement needs and repairs. You will, thus, have all your needs met in one place.
They help with financing
The reason most people take long to buy their dream boat is lack of money. Dealerships understand this. To address this issue, most dealerships establish relationships with financial institutions so as to make it easy for aspiring buyers to get financing. If you need financing, a boat dealer will make it easier for you to get the financing you need.
They take custom orders
If a dealer does not have the specific boat you need, most can order it for you. They can also customize your dream boat to meet all your specifications.
Marine Surveyor Palm Beach
If you are buying your first boat, you are probably reading this post because you didn’t know the cost that much. There is always that inevitable intake of breath when you first see the price tag. Boats are expensive both to buy and maintain. But is that high cost justifiable? To know what you are getting for your money, you first need to involve a marine surveyor Palm Beachtrusts. The surveyor will help you know if the boat you are targeting has been overpriced and if there are things you can use to bring the cost down. Here are some of the key reasons why boats cost so much.
Supply and demand
When compared with cars, boats cost way more. This can be attributed to the fact that cars are a necessity in the modern world whereas boats are more of a luxury. There is a low demand for boats than there is for cars. As a result, manufacturers don’t benefit from the economies of scale. They have to charge more for a boat in order to break even and make a profit. This causes the price of boats to go up. However, if you are after a used boat, the best thing you can do is look at the price of similar boats in your area and bring in a marine surveyor Palm Beach trusts to help you know the selling price of the secondhand boat is within the fair market value. The input of a marine surveyor will further help you know if the boat you are targeting has major issues.
The overall cost of building a boat is the key reason why manufacturers cannot lower their costs. This high cost is obviously transferred to the consumers. The reason for the high manufacturing cost is the fact that, unlike cars whose manufacturing process is automated, most boats are built by hand. Moreover, manufacturers need vast shipyards where only a handful of boats can be built. The sheer size of boats and their complexity means skilled labor is needed. All these lead to a high manufacturing cost.
The horsepower needed on a boat has to be massive. This too causes the cost of manufacturing a boat to be high. Moreover, whether a manufacturer is working on a powerful RIB, a slow-moving riverboat, or a racy day cruiser, a lot of research and development has to be put in. All this costs money that is ultimately transferred to the user.
The high cost of buying a boat is what forces most people to opt for secondhand boats. These are more affordable than brand new boats. However, for you to end up with a good boat, you will need the input of a marine surveyor in Palm Beach. Let him evaluate the boat on your behalf and pay attention to the details in the survey report. That information will help you know exactly what you are buying.
Marine Surveyor Palm Beach
Once you decide to buy a boat, you will be torn between two options; to buy a brand new or a used boat. Both options have their fair share of pros and cons. In this post, we will be focusing on the benefits of buying a used boat. Keep in mind that with this option you will not be able to do away with the input of a marine surveyor Palm Beach trusts.
The biggest advantage of buying a used boat is that you benefit from the low cost. This option enables you to own a bigger boat at a fraction of the cost. This is a huge advantage more so if you are on a tight budget or need a bigger boat but lack the financial muscle. However, since used boats have wear and tear, you need to involve a marine surveyor Palm Beach to help assess its condition. An experienced boat surveyor will be able to inspect every inch of the boat and compile a report that helps you determine if the boat is a good investment for you or not.
It is good to note that, unlike brand new boats, used boats do not depreciate as fast. The value of a brand new vessel depreciates by about 10% within the first year of buying it. This value will continue to go down every year. Used boats, on the other hand, are priced based on their accumulated depreciation. This means if you are going after a used boat that is 4 years old, you will be able to buy it at a discounted price of about 30%. This is a great bargain when you compare it with the cost of buying a brand new boat.
It is as good as new
There are so many used vessels that are in mint condition. They cost a fraction of the cost of a brand new boat and look as good as new. The only thing you need to do is make sure you get the boat evaluated properly. An experienced marine surveyor will be able to perform an inspection and report on the areas that need to be repaired or replaced. The surveyor will also help you know the fair market value of that boat. You can then use the survey report to negotiate a better deal with the seller.
Buying a used boat is the best way to go especially for new boat owners. You will get a boat that looks and performance as good as new at a fraction of the cost. The best thing is you will not have to spend as much on it and you will not feel the bite of depreciation.
Marine Surveyor Palm Beach
Owning a boat in Florida will help you reduce stress, enhance happiness, give you a chance to learn new skills, and offer you a chance to try new things. However, you must work closely with a marine surveyor Palm Beach trust, for this to happen. The surveyor will help you evaluate the boat thoroughly and understand the fair market value. The boat surveyor will also help you learn about the missing equipment and the repairs that have to be made. The wealth of information you get from surveyors will help you make a more informed choice when buying a used vessel. But why exactly should you buy a boat? Here are the main reasons.
Potential for ROI
Buying a boat is an investment. While the costs of buying, running, and maintaining a boat can add up, you can offset these expenses when you consider the potential return on investment. Whether you want to charter your boat or consider business ideas, there are many fun and lucrative ways to offset the investment and keep the costs down. First, you need to make sure you buy a problem-free vessel. An experienced marine surveyor Palm Beach depends on will help confirm the condition of the boat.
Creates a business opportunity
Did you know owning a boat creates space for business use? You can convert your boat into a business. For example, you can take potential clients or associates out on your boat instead of taking them to a restaurant. Doing so will create a lasting image of your business and allow potential clients to relax and enjoy ample space to discuss business. You can even enjoy fishing with a potential client. The calming ocean environment and your boat’s luxury can compel potential clients to accept your offer.
Social distance to your heart’s content
The COVID-19 pandemic has caused changes to almost all industries in the world. Lockdowns forced people to be away from crowds. But, even as the world continues to go back to normal, people continue to appreciate the appeal of being alone to think or spend alone time with family. Owning a boat enables you to social distance to your heart’s content. You can sail away to a calming sea environment to think, bond with family, or do anything you want away from the hustle and bustle of the city.
Many benefits come with owning a boat, including making friends in a whole new community, discovering a whole new world, and creating meaningful memories. However, for this to become a reality, you need to make sure you buy a used boat in mint condition. An experienced marine surveyor in Palm Beach will help with that.
Marine Surveyor Palm Beach
If you are buying a boat for the first time, you are probably curious about the process. This is especially so when buying a pre-owned vessel. How do you know it is in good condition? That the owner did not hide vital details? The answer is a boat survey. The duty of marine surveyors Palm Beach trusts is to evaluate every inch of a vessel and compile a detailed report on their findings. But what is involved in the process? That is what we are here to discuss.
Although there are several major differences, buying a boat is the same as buying a car or a house. There are steps you have to follow in order to achieve desirable outcomes. One of those steps is hiring marine surveyors Palm Beach believes in. There are several things you have to do before getting to this step.
Choose a boat
The first step in the boat survey process is deciding on the boat to buy. It is not the job of a surveyor to show you which boat to buy. The job of a surveyor is to help you understand the precise condition the boat is in as well as its fair market value. Compile a list of things your ideal boat should have then shop around for the perfect boat. After finding the right boat and viewing it in person, you need to sign a contract with the seller. You then need to pay a deposit so that the seller can allow you to organize a boat survey and mechanical inspection.
The terms in the sale contract must be reviewed carefully. Make sure you understand every clause and ensure all the clauses are in place before you proceed with paying the deposit. Ensure there is a clause that states you will only proceed with the sale if the survey report is satisfactory to you. There should also be a sufficient settlement period for the balance. This is typically between 2 to 4 weeks. If the settlement period is short, you may not have ample time for a thorough boat survey and due diligence.
The seller wants to be certain that you are a serious buyer with the financial means to buy their boat. As a result, they will request a deposit of 5 to 10 percent. You don’t want to be halfway through the survey only for the broker to tell you the boat has been sold to someone else, do you? Paying a deposit keeps the seller/broker from selling the boat to someone else.
After these three steps, you can go ahead and reach out to marine surveyors in Palm Beach. Whenever possible, find a surveyor that has experience inspecting vessels that are the same size and brand as the boat you are targeting.
Marine Surveyors Palm Beach
There are many reasons why you may have to work with a marine surveyor Palm Beach. In most cases, people contact a surveyor when buying a used boat. Their goal here is to get a pre-purchase survey. This is a comprehensive survey done to understand the exact condition of a vessel. Needless to say, a pre-purchase survey is very important when you don’t want to make a bad investment. It is the most thorough of all marine surveys. This is, however, not the only time you may need the input of a survey. You may need a surveyor for the following reasons.
It is good to know the exact value of your vessel, isn’t it? If this is what you need, you can bring in a marine surveyor Palm Beach for a valuation survey. In most cases, this type of survey is requested either for finance, insurance or taxation purposes. It covers the same scope as a pre-purchase survey with the primary focus being determining the ‘fair market price’ of the vessel.
Just as the name implies, an insurance survey is done for the purposes of insurance. This survey is similar to a full condition survey only that focus is paid to the structural integrity as well as safety aspects of the boat. the purpose of the survey is to help the insurance provider assess the insurable risk of the boat. In most cases, this survey will be required by insurance companies for first entry at 5 to 10-year intervals.
In most cases, insurance providers are satisfied with the less-than-a-full surveys. Therefore, to avoid incurring unnecessary delays and costs, start by making sure that the boat surveyor you hire for an insurance survey will be approved by your insurance company. You should also ask the insurance company for the list of items that must be included in the survey report.
This type of survey is usually requested by the underwriters. It helps the insurance broker to assess the extent and cause of a marine incident. The survey is more of an incident investigation. It is meant to identify the cause of marine loss. A forensic examination of failed components or systems helps identify the cause of failure. At the end of the assessment, the insurer will be able to know if the loss is covered by the insurance policy.
These are inspections done to assess the state of cathodic protection of a vessel. The purpose is to troubleshoot or prevent corrosion problems. The survey involves the assessment of onboard installations and dock installations where the boat is usually docked.
Marine Surveyor Palm Beach
Hiring a marine surveyor Palm Beach will guarantee that you don’t invest in a doomed vessel. It is the job of the surveyor to evaluate every aspect of the boat and provide you with a detailed report. The surveyor will help you understand if the boat is fit for your desired use, if there are major repairs that ought to be done and what its average fair market value is. You can even use the survey report to negotiate a better deal with the seller.
Even with the input of a marine surveyor Palm Beach being so important, it is vital that you take time to understand how much the service will cost you. You don’t want to hire the best boat surveyor in your region only for their fees to ruin your budget, do you? That is why understanding the cost of working with a surveyor is so important.
Flat rate or per foot
There are boat surveyors who are happy to charge a flat rate for their services. This is typically charged on smaller and simpler boats. However, for the larger vessels, surveyors usually charge per foot of the boat’s length. The price ranges from $18 to $25 per foot. Don’t be surprised if your surveyor charges a portion of the per-foot time for travel to and from your boat.
Location and age of the boat
The cost charged by surveyors is also dependent on the location your boat is at and its age. As aforementioned, the surveyor may charge you for their travel expenses. This is more so if the vessel is in a location that is hard to access. As for the age of the boat, some surveyors will not take on a really old boat. Others will charge more because accessing and troubleshooting the systems of older boats is more difficult and requires the surveyors to be a little creative.
Short haul at the boat yard
The cost of a short-haul can be $15 per foot. Sailboat and engine rig surveys usually cost between $500 and $1,000. The cost will be influenced by the number of engines as well as the age of the rig.
The above are the main costs you should be prepared for. It is, however, important that you come prepared to make the payments for all the services that will be offered on the day of the survey. Have the money to pay the surveyor and for the short-haul. Some boatyards and surveyors may prefer a check rather than a credit card payment. Most vessels can be surveyed within a day while others will require a couple of days for the survey to be completed.
Marine Surveyor Palm Beach
There are many reasons why you may want to hire a marine surveyor Palm Beach. You probably are eyeing a boat on the yard that is for sale, you want to know the current market value of your boat, you want to use your boat as collateral when applying for a loan or maybe you need a new insurance cover. There are many reasons and every boater’s reasons are unique. Whatever your reasons may be, it is always good to know what to expect when working with a marine surveyor.
They only listen and observe
The first thing you will notice is that the marine surveyor Palm Beach will not arrive as heavily armed as your typical mechanic. The reason for this is the boat surveyor only observes and listens to gauge the condition of components. It is not the job of the surveyor to take components apart for a look inside. While they may use special imaging equipment for this, in most cases when a component needs to be taken apart the surveyor will refer you to a mechanic.
They are happy to talk things over
Boat surveyors are quite happy to talk about the survey process. This is more so if this is your first boat inspection. You should not shy away from asking all the questions you may have. If there is something confusing in the survey report, don’t hesitate to call the surveyor for clarification.
Building a relationship is important for to a surveyor
One thing you may not already know is that surveyors want to build a solid relationship with their clients. Their reputation depends on the experience of previous clients. Surveyors know that they are only as good as their last survey. That is why they are happy to go the extra mile to meet and exceed your expectations. Surveyors also want to build solid relationships because most of their business comes from recommendations from previous clients. With that being said, if you have a problem with a survey, never hesitate to bring it up.
Always give them space to work
The worst thing you can do when working with a marine surveyor Palm Beach is getting in their way. It makes their work slower if you keep hovering. You should give the surveyor time to do their job. When it is time for a sea trial, don’t bring all your friends along. A sea trial is not a boat ride. It is meant to help the surveyor evaluate various components while the boat is in action. A large crowd will only get in his way.
Marine Surveyor Palm Beach