The Biggest Problem With Overhaul Claims
One of the biggest issues with sellers claiming their boats have been overhauled is that nine times out of ten, hardly anything significant has been changed. In fact, you may even end up purchasing a boat from someone who made it seem as if the whole engine was just recently replaced, when in reality they splurged for the cheapest temporary solution to a major mechanical problem that wound up actually causing more damage than good. How can you prevent this from happening?
Do not ever accept anyone’s word as truth, or sign any contracts, unless you are convinced the condition of the vessel has been proven. If someone tells you their ship’s engine or whatever else has just been repaired, replaced, or otherwise overhauled, contact a professional marine surveyor right away for a second opinion. Or, better yet, before you even do that, ask the seller directly for detailed copies of all invoices related to the repairs they’re talking about. If they are willing to give them up, you should be able to see exactly what was done to the vessel, by whom, and for how much. That way, the seller can’t get away with vague statements that lead you to believe anything other than the truth, and you can rest easy knowing that a reputable professional truly did perform the work being emphasized.
What To Look For On An Invoice
If you’re handed any handwritten invoice, or any document with a listed lump sum cost and really nothing else, be weary. What you actually want is an extensive, detailed list of every part and service offered with each individual price listed, from a reputable company you can actually look into. Only then will you be able to know for sure exactly what’s been done to the boat, which parts are new, and how much time and money was spent on the entire “overhaul” so you can determine if the actual asking price is fair compared to the quality of the work.
How An Overhaul Affects The Sale Price
What you really want to look out for are sellers looking to bolster their sale price by falsely claiming major overhauls. For instance, even if someone were to sink $30,000 into repairing or refurbishing a vessel, that doesn’t mean they can tack on an additional $30,000 when they go to sell. Even the most well-handled repairs and overhauls performed by the best will only see a 10-15% value increase on average, some slightly higher, but it really all depends on the ship’s overall age, condition, and popularity.
The most important thing to remember is, when in doubt, contacting a marine surveyor, like me, Christian A. Syoen of CAS Marine Surveyor, will always put your mind at ease! To schedule a survey for your own vessel, or one you’re going to purchase, reach out to Christian A. Syoen of CAS Marine Surveyor today by calling 1.810.531.0992 or fill out the form in the sidebar to schedule your free consultation.