If you’ve never purchased a yacht before, you’ll undoubtedly have many inquiries regarding the process. Are deposits required, and if so, how much and are they refundable? Where can I locate the ideal boat to purchase? How is a boat inspected? Who usually foots the bill for a boat survey? If you are going for a pre-owned boat, a Palm Beach marine survey will be unquestionably necessary. It is necessary since you must know the precise state the boat is in before buying. You want to know if it needs significant repairs, whether it is seaworthy, and how much you should spend on it.
By working with a marine surveyor, you will be able to acquire the answers to these and other inquiries. All in all, it is important to remember that the survey is not for free. With that being said, who typically pays for a boat survey, and which other costs are there?
As to the question of who pays for a marine survey, the answer is the person who hires the surveyor. Both boat owners and prospective buyers can engage a marine surveyor. This is because both boat owners and potential buyers can benefit from marine surveys. The main uses of marine surveys are:
- To get an unbiased assessment of a boat
- For purposes of insurance
- To understand the fair market value of the boat
- To understand how suitable, the boat is for the intended purpose
At times getting a boat survey is usually mandatory. This is more so when an insurer asks for an insurance survey report or when a lender requests a survey report. However, when buying a used boat, it is always good to make it mandatory to get a professional boat inspection done. Yes, doing so will cost money but it will save you a lot more.
Slipping and cleaning
Hiring a marine surveyor is not the only cost you should be concerned about. Next, you have to think about the cost of slipping and cleaning. In a pre-purchase survey, the bottom of the boat’s hull has to be inspected. For this to happen, the boat has to be removed from the water and cleaned. Removing the boat from the water is what is known as slipping. You will be the one organizing and paying for both slipping and cleaning.
During a sea trial, you will have to fuel the boat and get a captain. You will be the one footing all these costs.
Hiring a mechanic
Even now that you understand who typically pays for a boat survey, it is good to note that the surveyor will not take components apart. If there are issues that require components to be dismantled in order to look inside, the surveyor will require that you bring in a mechanic. You will be the one paying for the services of the mechanic.