If you’ve read our piece on the Top 9 Boating Destinations on the East Coast, you must have felt an inkling of a desire to have a boat of your own and venture to one of those beautiful harbors. How expensive is it to buy a boat, you say? Relax, you don’t need to be a movie star or a wealthy entrepreneur to own a boat. The idea is to find one that is suitable and within your budget to enjoy each of those wonderful summer destinations. 

Boating is a gratifying hobby for people from all walks of life. The process of buying a boat however, can be disenchanting for some. The cost is usually the first question, although the size, type, purpose and parking space form the larger reality of the purchase. Nevertheless, the benefits of owning a boat will help you overcome your apprehensions.

Benefits of Owning a Boat

• It is a long term investment
• Helps you stay fit by using the boat for water sports regularly
• It is your second home
• Freedom to cruise at your will
• Enjoy family or me time depending on your mood
• Explore the world and make new friends
• There’s a high chance you have already started looking for a boat seller in your city.

We advise reading through the following tips on buying a boat before entering any negotiations with boat brokers near you.

Tip: Patience is key. Careful purchase entails learning about what suits you so better do your homework before purchasing. 

Why am I buying?
The first question you should ask yourself is why a boat? Do I need it or want it? Will I actually go boating on it or end up renting it out? Do I want leisurely cruises with friends or do I want speedy thrills? Should I go for a classic sailboat or a hi-tech digitized motorboat?

So many questions needing answers; remember patience is the key here.

Boats come with a multitude of features and you need to choose according to your requirement. It will be a massive investment, so think long term and accommodate for changing needs/wants – you don’t want to find yourself with a boat you have outgrown a few years down the road. Boats range from all-purpose fishing boats to cabin cruisers to jet propellers to pontoons and more. You must first understand your purpose and then move to decide on the size, layout, and features suitable to fulfilling your purpose.

What should I buy? Used or New?
We repeat, buying a boat is a huge investment. Buying a new boat means buying precisely what you are looking for. They come digitized and certified, so you don’t have to worry about seaworthiness and any prevalent misuse. Nevertheless, it will be costly and the value depreciates over time just as a car’s value goes down over the years. You can easily find used but well-maintained boats near you, lowering the cost of initial purchase. 

Once you start searching, you may find a large, high-powered boat for cheaper in your city. Moreover, you can be at ease as the boat has already been broken in. You can get it checked by a marine surveyor near you, but chances are that the previous owner will have fixed any existing problems before the sale. You may opt for a private seller, a dealer, or a broker.

Do not forget to examine damage signs, especially if a professional marine surveyor is not involved. Look for cracks, flex, moisture or mold in wooden and fiberglass parts. A mere walkthrough on the boat will help you discover rotting floors, transoms or hulls. Ensure checking the electronics and start the engine to check for stalling.

What is in the package?
Boats come with an equipment list provided by the seller, depending on the type of boat you buy. Once bought there’s no limit on adding equipment to your heart’s content. Here’s a quick checklist of what you should be looking at:

• Anchor
• Fenders
• Dock lines
• Power cables
• First aid kit
• Safety gear
• Rods, reels and fishing tackle (If it’s a fishing boat)
• You may gradually spend wisely on accessories like additional lighting or towing equipment.

How to find the money to purchase your dream boat?
Experts at Forbes magazine believe it to be imperative to have a good broker if you are considering an expensive boat. A good broker will know more and will benefit from his network. The buying process will become easier and you will land better financing deals.

A boat may cost anywhere between a few thousands and several millions of dollars. So self-financing means being very sensible and not risking your costs of living to fund a boat. Note that you can make it your home, save on some tax or get a mortgage, provided the boat comes with a berth, a galley, and a head.

In any case, it is recommended that you either take a loan from your bank or get a boat dealer to finance your buying. The last option can be looking up a specialized marine finance lender but before signing any contract, understand the interest rate, the payment period and the total cost of the loan. The boat dealer option is the most advisable approach as it will save on paperwork, making the purchase a smooth ride.

Will there be other costs?
Be sure to get comprehensive coverage/liability insurance, usually paid monthly, to keep your boat legally on water. Financed purchases also necessitate comprehensive insurance coverage. It will cover you and your boat if your boat gets damaged accidentally or in a storm, or even if it is stolen. Yes, people steal boats in broad daylight.

Whether your boat is brand new or a weathered one, the maintenance cost on a regular basis is unavoidable, specifically during the winters when it can reach upto 10%-20% of the boat’s value per year. Maintenance usually includes spending on paint, minor repairs on hulls, fiberglass or vinyl. It could increase if you plan on replacing the engine. If you are not using your boat in the winter then do remember that you would need to store and winterize it. This cost may range from $1,000 to over $5,000 depending on the region and waterway. When you bring your boat out of hibernation, relaunching will again incur cleaning and maintenance costs.

Don’t stress, of course, the costs may seem high but the time spent will be priceless and the joy of passionately indulging your hobby will justify the price tag.

Storage
Yes, storage…

An important aspect particularly if you live in colder regions. Most boats come with covers and can be stored in your garage at home; ensure safety from snowdrifts and falling trees; and if you store it in a marina ensure it is away from heavy stormy winds. Learn how to launch and retrieve if you trailer your boat at home. In case of marina storage, be ready to regularly check the arrangements and be ready to pay the storage cost depending on the size of your vessel.

Can I test drive before buying?
By all means, you should. Inspect everything, check warranties, tools and emergency kits, power docks, and electronics. Take it for a ride to get the hang of it and familiarize yourself with the engine.

Tip: Avoid emotional bouts, be practical and close the deal rationally.

If you do not have the time to research and find a good boat, you can find professional and registered marine service providers to assist you, through the extensive database of Shipshape.pro by signing up here. We have an exhaustive panel of relevant and specific boat maintenance professionals near you or in any city across the United States that are ready to help you in any manner. Click here to find out more.