How to Sell a Boat
- You have decided to sell your boat. It’s been with you through many cruises, good times, and quiet reflections on the water. Or maybe you just felt it was time for you to get rid of the boat and pursue other adventures. Whatever the reason, selling a boat is not quite as easy as one might imagine. A lot of careful thought and planning must go-on before one even considers listing their boat for sale. These steps below will help you. Let’s take a look at a few:
- First and foremost, the boat has to be cleaned. The hull, curtains, sails, carpets, toilet (if applicable), and canvas covers have to be thoroughly cleaned. Even if you are very neat and have kept the boat in tip-top condition, a potential seller can notice one spill and will withdraw an offer based on that, even if it is small.
- Second, the boat should be operational. Do the rigging and sails operate smoothly or are they a bit jagged? What about the lights and cooking facilities? Are they in working order?
- Third, anything broken in the boat should be replaced or refurbished. If something is badly worn, you probably won’t get a sale. If something is not working, you probably won’t get a sale. You see where I’m going with this? A potential buyer wants to make sure everything is in pristine condition with very little improvements made from their part. They do not want to buy something that requires a lot of fixing before they go on their first sail.
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Fourth, engine checks. This is extremely important. The last thing a potential buyer wants is to be stuck in the middle of the ocean because the engine died out. Is it a new engine? When was it bought? Has it ever given you any problems? Does the engine start up easily or does it have to warm up for a little?
- Next, the boat has to be in sellable condition. That means, the upkeep has to be current. Any holes have to patched, any defects fixed. The goal is to sell your boat in pristine condition where a buyer would be begging for a sale rather the other way around. This is not as easy as it sounds because selling a boat often takes a lot of time. Boat sales generally occur during the warmer months and if you decide you want to sell sometime during the winter, that means you have an extra 4-6 months of maintenance and upkeep on your boat before you get your first interested party. It is best to contact a boat mechanic to get an estimate on how much any repairs will cost.
- Lastly, and this is important, decide if you want to sell the boat yourself or hire a broker. If you decide to sell the boat yourself, you’ll be getting all of the profits. If you decide to go through a broker, expect to pay at least a 10% commission fee. However, a broker can also list your boat in other advertisements and get you more exposure, so that’s an added benefit.
- Whether or not you decide to go through a broker or sell the boat yourself, please make you consult a lawyer specialising in Marine Law (also known as Admiralty Law). A marine lawyer specialises in all maritime matters and laws and knows draft a contract that protects both you and the buyer. The maritime lawyer should have a contract that is clear, factual, and easy to understand for both parties. It is best to be safe than sorry.
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