Re: Im buying a big boat! But i have never sailed
Mate, all you are looking for is for somebody to tell what a good idea it is. You are seemingly not even vaguely interested in listening to anyone who casts some doubt on the wisdom of buying the thing, particularly at that price.
Tell you what, go find yourself a bunch of steel boat owners and I'd put money on pretty much all of them saying that nothing beats steel just like the ferro owners .... jaysus man , there are probably people out there who would still swear blind that Morris Minors were better cars than the Toyotas and Nissans (Datsuns) that put Leyland to the sword. Doesn't matter how adament they are, they'd still be wrong.
Sure there are good floating footpaths, just not very many and even those that are superb have crap resale value and are monumentally difficult, if not impossible to comprehensively insure. You do understand what third party property insurance is don't you ? You are not insuring your boat. You are insuring against smashing up someone elses boat. Big difference.
Anywho, good on you. You've already decided apparently so don't let us tell you that you are probably paying 20.000 (preumably UK pounds) over the odds for a boat that no one else wants but hey, the other bloke is in poor health and despite the fact you are not a wealthy man you are going to help him out. You are storing up some really meaningful karma for the future .... presuming you believe in such tosh.
Advice ? Reach into your pocket and pay to have the thing surveyed and valued. Now. Not in 2004. If you are not happy to do that then figure out how long you really have to pay it off and how much you are saving by not having to pay interest. If the interest you will not have to pay is greater than at least 20% of the asking price then maybe just maybe you have a good deal. Oh yes , and I sincerely hopes that if your dad's mate carks it before you have paid him off that the estate does not have the right to demand full balance payable imediately.
"Those who do not observe the impulses of their own mind must of necessity be unhappy." Marcus Aurelius