Jan. 30, 2017

BUYING A SAILBOAT 101

So, we make an offer on the boat - this is nothing to be taken lightly. There are certain non refundable expenses associated with purchasing a sailboat..so make sure you are sure.

Amoung the reasons we chose this vessel:

Perfect size

New Electronics

Newish bottom paint

Reliable inboard diesel

Bonus Bag of new sails along with sails and rigging in great shape

Obivously well taken care of 

Extra large fresh water and diesel tanks

Made by Erikson

The details below are on a boat purchase in the state of Florida- you will need to research the laws in your State. (or country)

There is a ten percent "earnest money" that will have to be wired into an escrow account as soon as the offer is accepted. This IS refundable, if for some reason the deal does not go through,- but you have to put it out there.When the deal DOES go through, it is applied to the Purchase price.

In our experience, buying a Sailboat is a kind of cross between buying a House and buying a car- in our case, much simplified by the fact that we did not need a loan. Here is a caution on getting a loan on a Sailboat. Shop for it, and have it in place prior to getting serious about finding your sailboat. Get preapproved and have your budget firmly in place prior to.

Robert and I literally thought it would take months to find the boat we wanted. When it didn't, we had to do a little scrambling, but I will tell you that getting a boat loan in time to put this all together would not have been a possibility. We also probably would not have had an easy time borrowing on this boat with the work, although cosmetic, that it needed done.

And while I am not a tax advisor or professional- look into the possibility of deducting any interest  on a loan due to the boat being a second home (or first, if that's the case) All I am saying is, get advice from a tax professional about this.

So, we made an offer, the sellers countered, and we countered again, "best and final".

Our offer was accepted, and we were off to the races.

Next, we arranged our Survey and Haul out.

The survey cost 18.00 a foot, and the haul out cost was a little over 300.00. prices will vary by region.

These expenses are not refundable. You will most likely HAVE to do these for the loan situation, but, in our case, we did have a choice. We decided that, for peace of mind, as well as education and safety reasons, we would get the survey done. But if you were paying cash, were a seasoned sailor, and had a good history on the vessel, you might decide not to.

We wanted to make sure we were not missing some giant expensive thing that would put us into bankruptcy repairing or..heaven forbid, leave us stranded or sinking in the middle of the ocean!! So, we ordered the survey. (later, i read that you should never use the surveyor the broker reccommends, but, we are still glad we did.) We believe he did a thorough job and that he remembered who was paying him. I did not feel it was a conflict of interest.

On the morning of our Survey, we left home at the crack of dawn for the two hour drive through commuter traffic to the Marina. It was steadily raining, and coolish. We knew we would be on the boat most of the day, and felt disapointed  that it would be in such dreary conditions. But we were still very excited to sail S/V Neverland !!

As we got closer to Regatta Pointe Marina, conditions started clearing. The sun started peeking out - could it be? Oh yes, it was...it was indeed, but, that's another story....