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post #129 of Old 11-01-2013
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Location: North Carolina
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Re: "Free boat" seaworthiness

Something doesn't seem right. That Seafarer (Swan) looks too good to be true. $100-200 purchase price? Outwardly, as far as one can see that boat looks to be in pretty good shape. It might be a good idea to verify the price and that you can get a good clear title to that boat. Talk with the owner. Talk with someone with experience in that size boat and get them to look at it with you. They'll have a better feel for what's needed, if anything, and what it realistically will cost. Why hasn't someone already bought it?

Jack, make sure that you look at your situation financially to make sure that you can handle it. Haulout, bottom paint, wax hull for my 32 foot boat runs about $1,600 every two years. Insurance is $580 a year. Slip fees run $2,000 to $4,000+ depending on where you are. To get insurance may require a survey. Surveys run $3-400?. If the survey finds problems (and they will on a boat of that age), they'll have to be fixed before insurance company will cover it....i.e. more expense. Can you even get insurance? Even liability insurance?...some marinas require it. What needs to be spent on fixing up to a usable condition? Once you buy it, it's yours. If you can't handle the associated bills for any reason, you are going to accumulate an outstanding debt and there's a good chance that someone is going to take you to court and get a judgment against you. Then, until you take care of that, you'll have trouble getting financing on anything down the road until it's cleared up. Meanwhile, you've got two boats to deal with on top of everything else that life throws in your direction.

I know you want a bigger boat, and this one is surely tempting. But you already have a boat that you can't deal with. And no financial reserve. Even $350 is problematic at the moment.
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