Discussion
So things between my pride and joy and I have become a little strained,
Exhibit A :
(Looks a lot better now)
It always been a dream to have a boat on the helford, I thought I was going to have to wait till my 50's for it to come true, yet at the age of 27 here we are, I'll be honest, it's financially hard, £116 per month to store and when I'm on less than £280 per week with 3 mouths to feed and 2 cars it's achievable but harsh, I love it to bits but it's slowly dawning on me what a mammoth task this is, the actual work isn't the problem, time is, and the cost when finished, mooring is much the same as the yard, and I have no idea what 2 2.5 l BMC diesels is going to drink fuel wise, it's probably worth around £2.5k as it sits, has anyone here had much experience with wheeler dealing their way to a better boat, I.e. Buying and selling for a profit? If so what do I look out for? Do certain class of boats sell better than others? Or do I not bother, just continue as I am? Or sell and save and pray the mrs doesn't find my secret boat bank account? Any advice or experiences would be most appreciated!
Ian
Exhibit A :
(Looks a lot better now)
It always been a dream to have a boat on the helford, I thought I was going to have to wait till my 50's for it to come true, yet at the age of 27 here we are, I'll be honest, it's financially hard, £116 per month to store and when I'm on less than £280 per week with 3 mouths to feed and 2 cars it's achievable but harsh, I love it to bits but it's slowly dawning on me what a mammoth task this is, the actual work isn't the problem, time is, and the cost when finished, mooring is much the same as the yard, and I have no idea what 2 2.5 l BMC diesels is going to drink fuel wise, it's probably worth around £2.5k as it sits, has anyone here had much experience with wheeler dealing their way to a better boat, I.e. Buying and selling for a profit? If so what do I look out for? Do certain class of boats sell better than others? Or do I not bother, just continue as I am? Or sell and save and pray the mrs doesn't find my secret boat bank account? Any advice or experiences would be most appreciated!
Ian
Restoration jobs like that takes facilities, tools, a shed, time and a lot of cash.
The best way to start is to buy little fiberglass runabouts that are just a bit tatty and tart them up. Bit by bit, as you learn the tricks of the trade, you can go larger.
Throwing money at a project will not generate a profit, nor will being a bodging cheapskate. Buy smartly and some lightly used parts can be a real boon, eBay and boat marts are your friend.
It's all down knowledge, experience, time and bloody hard work.
The best way to start is to buy little fiberglass runabouts that are just a bit tatty and tart them up. Bit by bit, as you learn the tricks of the trade, you can go larger.
Throwing money at a project will not generate a profit, nor will being a bodging cheapskate. Buy smartly and some lightly used parts can be a real boon, eBay and boat marts are your friend.
It's all down knowledge, experience, time and bloody hard work.
My experience is that boats can take a lot longer to sell than cars.
Once you get a boat to saleable condition you will need to keep it this way until it sells, which could be significant expense over a long period of time. This is on top of mooring fees, licences, etc.
Boat ownership/ maintenance should be well within your disposable income, if not sooner rather than later it will put significant pressure on you finances.
Trading up to a bigger boat sounds like a nice idea, good luck if you give it a go. Keep in mind that as you work your way up cost will escalate significantly e.g. Moorings/licences per metre, servicing, etc.
Once you get a boat to saleable condition you will need to keep it this way until it sells, which could be significant expense over a long period of time. This is on top of mooring fees, licences, etc.
Boat ownership/ maintenance should be well within your disposable income, if not sooner rather than later it will put significant pressure on you finances.
Trading up to a bigger boat sounds like a nice idea, good luck if you give it a go. Keep in mind that as you work your way up cost will escalate significantly e.g. Moorings/licences per metre, servicing, etc.
Well, originally I was going to live on it, it will happen one day, I'd planned on doing the work whilst living aboard, it looks worse than it is in that picture, that's when it was completely stripped down, the hull is still in primer but the rest of it is pretty much sorted bar a couple of jobs, and the wiring. It seems easier to sell a project than a complete boat, I advertised it on the weekend for 2.5k and just got an email from a chap who wants to view at the weekend, I potentially have another boat lined up, it's a bit of a project but nowhere near as vast, similar in size but it's on a trailer and complete, just needs cleaning and tarting up. I'll get some pics of it during the week.
very few people make money on boats.
to give you an idea of the standard form... an owner buys a yacht for £150k and then spends £50k on it... if they were to sell it immediately without using it, they might get £160-165k for it.
another example... someone pays circa £130k for a yacht and then spends £350k on it. they sail it for 5yrs and then put it back on the market for £220k.
best example is a yacht which was bought for £150k, had in excess of £1,000,000 spent on it and then was sold for about £140k.
are you getting the idea?
this might all sound insane, but in most cases, the owner has got use out of the yacht between finishing the refit and selling which has 'value'. if you lose £50k, but have spent 2yrs sailing around the caribbean, that means it has cost you £25k per year for that adventure... pretty good going by any account.
everyone should buy yachts... it's the best form of wealth redistribution out there! (spoken as a true yacht broker)
to give you an idea of the standard form... an owner buys a yacht for £150k and then spends £50k on it... if they were to sell it immediately without using it, they might get £160-165k for it.
another example... someone pays circa £130k for a yacht and then spends £350k on it. they sail it for 5yrs and then put it back on the market for £220k.
best example is a yacht which was bought for £150k, had in excess of £1,000,000 spent on it and then was sold for about £140k.
are you getting the idea?
this might all sound insane, but in most cases, the owner has got use out of the yacht between finishing the refit and selling which has 'value'. if you lose £50k, but have spent 2yrs sailing around the caribbean, that means it has cost you £25k per year for that adventure... pretty good going by any account.
everyone should buy yachts... it's the best form of wealth redistribution out there! (spoken as a true yacht broker)
Ok, so bit of an update, put my boat on gumtree for 2.5k, I paid 2k spent about 800 all in all including sandpaper, the odd tool, face masks and all the materials and parts I bought so far, also 1.5 years ground rent @ £115 PCM. Arguably a big loss but I don't count rent, just sold it for the asking price just over a week after advertising it! Found this!
Engine is a 2.0 Volvo, starts and wins well, only thing that's not working is a morse cable, she's got all the kit right down to fenders and flares! Trailer needs 2 tyres (braked twin axle). Other than that it's just rough round the edges, will clean up really nice, interior is the biggest job.....£3k ! It's on a trailer so storeage at my gaff is free, and I'll have more time for it because it'll be at my place! Somebody pinch me!
Engine is a 2.0 Volvo, starts and wins well, only thing that's not working is a morse cable, she's got all the kit right down to fenders and flares! Trailer needs 2 tyres (braked twin axle). Other than that it's just rough round the edges, will clean up really nice, interior is the biggest job.....£3k ! It's on a trailer so storeage at my gaff is free, and I'll have more time for it because it'll be at my place! Somebody pinch me!
See if you can get the engine and drive model No.s. I have some parts that may fit that are now obsolete on the listings.
http://www.marinepartseurope.com/en/volvo-penta-sc...
http://www.marinepartseurope.com/en/volvo-penta-sc...
I find refitting extremely therapeutic and bloody rewarding, there's another boat to throw into the mix now, hillyard 2.5 ton, 1951, 19ft all wood, stunning! Now I can't decide, upside is the hill yards actually completely solid and requires very little (for now). So I can be in the water this summer. Nice little boat to learn to sail in?
Just to say, I'm not shy of the work, got a lot of knowledgable folk behind me too whenever I need a bit of advice or help. So I am going into this with my eyes open, projects and big jobs don't scare me.
Just to say, I'm not shy of the work, got a lot of knowledgable folk behind me too whenever I need a bit of advice or help. So I am going into this with my eyes open, projects and big jobs don't scare me.
Re "Obsession"
Engine looks like an AQ130 which would have been mated to a 270 drive - but the drive and transom shield look like a 290, much newer.
Is that also a blanked off exhaust next to the engine?
Could be made up of bits and pieces.
However, a Princess / Pilgrim 25 in good nick could be worth £8-£10k
Might be worth a look.
Engine looks like an AQ130 which would have been mated to a 270 drive - but the drive and transom shield look like a 290, much newer.
Is that also a blanked off exhaust next to the engine?
Could be made up of bits and pieces.
However, a Princess / Pilgrim 25 in good nick could be worth £8-£10k
Might be worth a look.
Well, she was originally fitte with this engine from new, but by the time the guy bought it, it was fitted with a 4.0 GM motor, you noticed some of the remnants of that motor, I had a look round the wooden one today, seriously beautiful bit of kit, but I'd be lieing if I didn't say it was all a bit overwhelming, so much to learn, absolutely stunning to behold and clearly very well taken care of, I want it badly but I don't foresee a happy ending, so at the moment obsession looks like the logical purchase, it's all a bit plastic though. Cruddy name also!
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