You’re in the market for a boat, and one that’s for sale locally seems to be perfect. Before you do anything else, it makes sense to call an appraiser and set up a date and time for a complete boat appraisal. Doing so will help you decide if this is the boat for you. Here are some of the ways that the appraiser can help.
Adding to What You Already Know About the Boat
There are a few things about the boat that you already checked. Some of them had to do with the features included, while others had to do with the general condition. The thing is that you know enough to realize that there may be other things you missed.
An appraiser can examine the boat and expand what you know about it. Aspects that may have escaped your notice will be part of the basics that the professional checks. That includes the condition of the engine, the hull, and the steering. Even the electrical system will receive some attention. By the time the appraiser is done, you will know a lot more about the boat.
Identifying Any Signs of Repairs
One of the key elements the appraiser will focus on is any signs that the boat has undergone any extensive repairs. That’s not a deal-breaker, but it will impact the boat’s overall value. Depending on the quality of the repairs, those signs may also provide some insight into how soon you will need to invest in more work.
Think of this as one way to learn more about what you will likely spend if the boat becomes yours. While you do plan on paying for the upkeep and general maintenance, it helps if you know that something that was already repaired may need more attention in the short term.
Evaluating the Current Market Value
Part of the process for preparing a boat appraisal is evaluating information about similar makes and models of boats. This can be managed by consulting a few pricing guides and checking recent sales to determine what prices the local market will bear.
You may also learn something about how well the boat is likely to hold its value in the years ahead. If there are signs that the depreciation will be significant from year to year in comparison to other models, it may be a good idea to look at something else.
And Comparing It to the Sale Price
Without a doubt, the information that you gain from the appraisal will help you decide if the sale price is one that you consider fair. Perhaps the price is close to the stated market value and you feel like it’s a good buy. If so, feel free to move forward with the purchase.
Should the appraisal results indicate the sale price is too high, you can attempt to negotiate with the seller. That may result in purchasing the boat for a price that’s more in line with the appraised value. If not, then choosing to check out different boats would be a good idea.
Purchasing a boat for use on weekends and other times is great, but be smart about it. Have an appraiser take a look before you make any commitment. The results could save you more than money; they could keep you from experiencing a lot of frustration and future annoyance.