This is how you do a pre-purchase boat survey - PowerPoint PPT Presentation

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This is how you do a pre-purchase boat survey

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Title: This is how you do a pre-purchase boat survey


1
Carry out a pre-purchase boat survey
2
  • Choosing a Marine Surveyor,
  • Understand the surveyors choices
  • Match the surveyor to the precise boat
  • Understand Surveys from both buyer sellers
    perspective

3
  • Like an inspection for the car but for your boat
  • If you have
  • found the right boat
  • already looked up the HIN Report at
    boat-alert.com
  • Or you are
  • selling your boat and found a buyer at the right
    price

4
  • Tough for the surveyor
  • Surveyor works for the buyer
  • Broker and owner want to get paid for the used
    boat sale
  • Broker might refer clients to surveyor
    potential Conflict of Interest
  • SAMS and NAMS have clear Codes of Ethics for
    members

5
  • Surveyors are not supposed to
  • Tell you to buy
  • Overemphasize minor problems
  • Downplay boat issues
  • Boat owners are rarely surprised by surveys.
  • Remember that a survey report goes to the
    Insurance company too. So it must be accurate.

6
  • Code of Federal Regulation (CFRs) or Coast Guard
    regulations.
  • requirements for safety equipment, navigation
    lights, sanitation, engine, fuel, electrical
    systems on gasoline-powered boats
  • Recommendations of American Boat and Yacht
    Council (ABYC) Standards
  • Additional standards by National Fire Protection
    Agency (NFPA)
  • The standards cant help evaluate the importance
    of certain things when a surveyor is faced with a
    system on an older model.

7
  • A normal pre-purchase
  • inspection of the boat to ascertain its condition
  • check its systems for basic operation and
    adherence to applicable regulations and standards
  • look for any warning signs which can recommend a
    follow-on inspection by a specialist
  • determine its overall value.
  • Note Some areas wont be inspected and no
    guarantee that an electrical component would stop
    working in coming weeks.

8
  • Inspection on its hull and bottom cleaning within
    mid day
  • A hull inspection once the boat dries
  • Re-launching and a quick sea trial, followed by
    any more inspections needed

9
  • Survey on large inboard boats with expensive
    engines
  • Surveyor may suggest including an engine surveyor
    within the deal
  • This is common on larger powerboats
  • On sailboats, some surveyors travel up masts for
    rigging inspections, but it adds time and expenses

10
  • Report given by surveyor will contain
  • Descriptions of the boat and each system onboard.
  • Findings and proposals, divided into levels of
    importance.
  • A statement of the boats overall condition.
  • Fair market and replacement values for the boat,
    supported by comparable sales or industry data.

11
  • Some surveyors use a flat rate depending on the
    length of the vessel. Others use an hourly rate.
  • A pre-purchase survey will cost about 22 per
    foot, itll be higher on larger and complicated
    boats.

12
  • Let the surveyor assess any red flags for you
  • If theres a deal breaker for you, let the
    surveyor know first.
  • Its common for the surveyor and client to agree
    on partial payment in case of an apparent defect.
  • Be there physically
  • Write down your questions

13
  • Keep a log with all invoices for maintenance and
    repair work performed on the boat throughout its
    life.
  • As a surveyor, once you hear the owner is
    extremely handy, and hes done plenty of labor on
    the boat himself, its a red flag.
  • Prior to the survey, clean the boat and remove
    any clutter.
  • Be available to answer questions and use common
    sense

14
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15
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