Re: Purchasing Sunken boats
I would not pay a dime for a boat in need of anything beyond cosmetic repairs, and I say this because I am in the process of restoring 2 sailboats I was given for free. There is no such thing as a free boat... They are all money pits. I enjoy projects. If you don't get great enjoyment out of major projects, run away. You will always find more things in need of repair once you start working on it. Even starting with free boats, I MIGHT break even if I ever decide to sell either of mine, but both of my boats were complete and needed no major repairs. Both of mine came with multiple sets of sails. if you decide you don't want to finish repairing the boat after you start, you could end up possibly paying someone to get rid of it if its junk.
I have a few requirements for project boats:
1. Must have a transferable title in the current owners name(same for a trailer)
2. Must not be missing any major items(sails, mast, rigging, rudder, etc.)
3. Must not need any major repairs to the hull or deck.
What's this boat worth in good condition? What other repairs are needed? Is this a salvage title situation? Keep in mind, there probably aren't too many beating down the sellers door, maybe you can get it or free or close to it, if you make the boat disappear quickly!
1980 Compac 16
1983 Starwind 22 w/pop top
Trailer-sailing our way from Pennsylvania to Ontario Canada and soon the Chesapeake Bay!!!