How To Buy A Boat Golden CO

Steps

1. Search the different types of boats available. There are many websites that offer boats for sale They also offer different categories of boats, so that you can pinpoint exactly which type will suit your needs. For instance, www.boatnationusa.com is one such site. In the boat search category, you can search for all types of boats for sale. Here you will find fishing boats, family cruisers, day boats, sailboats, and yachts. Remember the old rule about boats: "It's a hole in the water into which you pour money." Even a small boat will require maintenance, insurance, replacement parts, winterizing, etc. A small runabout boat can cost over $40 per hour just to run about, with gas prices high and likely to stay that way! If you're not planning on using your boat for sports like skiing, and speed is not an issue, consider looking at boats with small diesel motors. They go slowly, but inexpensively: $3.00 per hour of use.
2. Educate yourself on the value of your purchase. www.nadaguides.com can be very helpful in learning the value of your boat. Sellers of boats seemingly always expect a better price for their boat than the actual value. www.nadaguides.com gives the buyer an upper hand in the deal.
3. When negotiating the price of a boat, expect to pay 10% less than the asking price. This 10% difference is what is expected by most brokers and dealers.
4. Upon striking a mutual deal on the price for a boat, expect to be required to give a 10% deposit to continue the deal. After a deposit and purchase and sales agreement has been executed, the buyer has right to an inspection, survey, and sea trial. It is recommended that the buyer finds the surveyor and pays for his/her interest to be protected.
5. If all checks out on the boat and you are ready to move toward the closing, request copies of the documentation for the boats and hire a company to do a "clear title search." This ensures that you are receiving clear documentation on the boat. Note: if the seller's boat is financed, it may be necessary to make any closing check payable to the financing institution instead of the seller. If all documentation is free and clear of liens, proceed with the purchase.

Tips

• Always request copies of the seller's driver's license (or any other picture identification) along with the boat documentation. Some state registration offices will require this to register the boat.
• Make sure all documents that require notarization are notarized.
• Check out any brokers or dealers that you are doing your transactions through. Make sure they are in good standing as a corporation and as a broker.
• When buying a used boat ask for maintenance records for the engine and discuss any major work done on the hull and engine
• When negotiating be sure to ask if the basic accessories (anchors, life jackets, ropes, lights, fenders) are part of the deal. For a small boat this can be over $300 worth of equipment.
• Have the seller take you for ride. For small boats it is beneficial when the conditions are windy or choppy. You can learn a lot more about how the boat rides and how dry you stay in rougher conditions.
• When buying a used boat, call a dealer or manufacturer and find out the price of the boat new. Also talk to the sales staff for advice on the valuation of the used boat.

Warnings

• Please take the time to thoroughly inspect the boat you are buying. You should be able to do this before ANY money changes hands. Hire a marine mechanic FIRST to inspect the motor. Often, if it fails to pass his inspection (too much needed to repair/replace it) you should consider passing on the boat. Then find a reputable surveyor and expect to pay a tidy sum to have the boat hauled (lifted from the water by straps) or pulled out (on a trailer)so the surveyor can do a complete inspection.
• You can skip the boat survey/ inspection IF it is a small boat or relatively inexpensive, or doesn't require a bank loan. But most boat insurers require it. Still, bring/ hire an experienced boat owner with you to inspect the boat if you do not know what to look for.
• Never purchase a boat "sight unseen."
• Never allow the broker or seller to provide a surveyor.

Sources and Citations

• How To Buy A Boat - Discover Boating's Guide
• Boat Buying Guide: How to Buy a Boat

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