The process of buying a boat.
Find a boat that fits your needs and desires. Boats are like cars; each one of us has our personal tastes and we should stick to what we like. There are plenty of boats and each of our life styles are different. So don't settle for a boat you don't want because you are tired of looking. Since I live in California USA I will describe their requirements. Other countries and states will be somewhat different but this will give you an idea of what the process is.
After you have determined which boat interests you, make an offer much like making an offer on a house with one difference; you need to put a deposit of 10% of the price of the boat. This check will be deposited in to a trust account. If the offer is refused the money will be returned to you right away. This is a lot of money but the state of California requires the money be put into a trust account within 24 hours.
Assuming an acceptance, most of the time there are several back and forth counter offers.
There are still several things that should be done and the process might take several weeks. *Each of the following should be done in order to protect yourself from what could be a real money pit, but it is up to you.
You get to take a ride (sea trial). Generally you will have to pay for a captain to run the boat; this will usually take 2 hours. The cost will be under $200. This will give you some idea of how it feels on the water. You have the option at this point to walk away if you don't like it. This will cancel the deal and get your deposit back less the captain's fee.
Engine survey. This will generally cost under $500.00 and will give you some idea of what condition the engines and generator are in. This is a written report and anything found wrong or defective can constitute a discussion of a reduction in price.
Boat survey. The cost is about $12.00 a foot for a written survey. This is an all day process and the report is long. Additionally, you may wish to have the boat pulled out of the water. The cost for that varies, but figure on $12.00 a foot for that, also. Again, the list of defects can be used to reduce the price or you can ask for the items to be repaired.
So, even after the buyer and seller have agreed to a price, that price can change and generally does.
*As a personal note, I once placed an offer on a 50' Sea Ray. The surveyor found that the whole front of the boat was rotted out and would have cost over $100,000 to fix. I was able to walk away from the purchase with just the cost of the surveys. It was a $2000.00 expenditure but well worth it to keep me from making a costly mistake.
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