* Comparative market analysis on chosen boat Generally, the boat buying process goes as follows: I determine a price range or target budget for the boat based on the buyer’s preferences and resources.
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We discuss features such as draft, furling sails, swim transom, generator and air conditioning. Different boat designs are intended for different uses I try to match their planned use with the appropriate design. I also ask if they plan to cruise outside the US & British VI or if local waters will be their only cruising grounds. I ask them if they will normally be boating by themselves or if they plan to invite friends along most of the time, stressing the importance of being able to handle their boat with minimum crew – usually the two owners. I urge people to realistically assess the size of boat they are comfortable handling. When I work with a first time buyer, I try to get a sense of the person’s overall boating experience and their intended use of the boat. Normally, some negotiating takes place and then – when all parties agree on price, terms, and conditions – a binding written contract is formed and the buyer places a 10% deposit in escrow with the broker. When the buyers find the right boat, they submit a written offer to the seller or seller’s broker. Once boats of interest have been located, the broker and buyer will inspect each vessel. The broker can provide market research and coordination during the boat shopping process. As it turned out, the owner of the boat countered to within $5,000 of the top of our range. I told him that he would be laughed out of Ft Lauderdale. The broker said he would like us to make an offer on the one out of our price range. The next day we looked at three of the boats a second time and went back to the office. The 14th boat was beautiful but considerably out of our price range. After a while, all the features on the boats start to run together. NOTE: Take a camera and take lots of pictures. During the day and a half we were there, we looked at 14 boats.
We set up an appointment to meet the broker in Ft. The next day I began receiving faxed sheets on several boats. I called him and told him that we wanted a boat much like theirs. Our friends gave us the name of a broker in Ft. Pictures don’t tell the whole story-the boat was a dog. Our first excursion was to Jacksonville, FL to look at a 44 ft motor yacht.
It also offers good tips for prospective owners to prepare for their first meeting with a broker. Why work with a broker? This site discusses the advantages both for buying and selling a boat. Debunks a few pricing myths, includes a sample purchase/sales agreement, and thoughts on using a contract. Read what they have to say, take a look at the Top Surfing Spots (one website includes a sample contract), and then take a deep breath and buy a boat! Good luck! Top Surfing SpotsĪ good guide to the final steps of buying a boat. This month we are fortunate to have advice from a wide range of experts. Whether you decide to handle all aspects of the purchase yourself or have a broker and attorney on your team, do some homework so you can make an informed decision.
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