Boat Surveyors Fort Myers – How to Finance the Purchase of a Used Boat

Gone are the days you had to carry cash to buy your dream boat. Today, there are many options you can use to finance your dream. If you are in the market for a boat, this post will look at the financing option you have. First, it is important to involve boat surveyors Fort Myers trusts to know if you are buying a good boat and if the selling price is fair. With that out of the way, here is the information you must have when working with lenders.

Marine mortgages

When you need financing for a new boat, your best option is a marine mortgage. Many lenders offer this type of financing to purchase new and used boats. These lenders have varying criteria on how they qualify applicants. A common trend is requiring buyers to provide a marine survey. This is done by boat surveyors Fort Myers depends on. The surveyor will determine the fair market value of the boat and document all the issues the vessel has. This report helps lenders to determine how much to give you.

Down payment

Lenders will most likely require you to pay a deposit. You have to calculate the deposit in the initial cost. The deposit is usually 15 to 20 percent of the loan amount. However, the amount will depend on the size, age, and type of boat you are buying. Making a higher down payment will help you qualify for lower interest rates or shorter loan terms.

Loan term

The average loan term for a marine mortgage is 10 years. This can vary. If you choose a shorter loan term, your monthly repayments will be higher. It is always good to finance your boat at the lowest term possible. You must, however, make sure that the monthly payments fit your budget.

Interest rate

Just like with home mortgages, marine mortgage providers will allow you to choose between fixed-rate simple interest loans or variable rate loans. Although a variable interest rate might appear to be low, keep in mind that it can change, and you end up paying higher repayments. Fixed-rate simple interest loans are thus considered to be less risky. Again, make sure you understand how long the rate will remain fixed. Although interest rates change frequently, you can expect to pay a rate of between 3% and 8% APR.

When seeking financing for a new boat, the best thing to do is to choose a lender carefully. Make sure you understand the loan terms precisely before you commit.

Boat Surveyors Fort Myers

Boat Surveyor Fort Myers – Pre-Inspection Checklist

After narrowing down your search to the second-hand boat that works for you, the next step is to hire an experienced boat surveyor Fort Myers depends on. The role of the surveyor is to help with the inspection of the boat in order to create a clear picture of the vessel’s exact condition. All in all, before you can get to this stage, there are a couple of things you will have to do before the inspection. Here is a pre-inspection checklist.

Servicing and maintenance records

In order for a boat surveyor Fort Myers trusts, to do their job well, they will have to take a look at your target boat’s servicing and maintenance records. Knowing if the boat has had regular maintenance and servicing helps the boat surveyor know what to focus on in a boat inspection. As a buyer, you want to buy a boat that has been taken good care of. Ideally, a well-maintained boat will be serviced at least once every year.

Know how the boat was being used

This is yet another important piece of information you should have. What the boat was used for will give insight into how well it was looked after. For example, if the boat was a charter boat, it will be well maintained in order to keep the passengers safe. Still on how the boat was used, if it was primarily used in salty water, it will most likely have more corrosion. In this case, the surveyor will pay more attention to corrosion. You also need to get information on how it was stored, any major damage it might have incurred, and so on. The more information you have the better.

Ask about damages

Finding an accident-free boat is almost impossible. This is because boats hit submerged items and the dock all the time. However, this doesn’t mean you go for a boat that has had a major accident. Minor damages to the boat are easy to repair and conceal. Major damages, on the other hand, are hard to hide. An experienced boat surveyor in Fort Myers will be able to identify major repairs that were done on a boat. Asking the seller about any damages to the boat will help test their transparency.

Know what the price includes

Last but not least, you need to know what is included in the selling price. It is common for sellers to stage their boats in order to attract more buyers. The issue is some of the gear on board might not be included in the price. Asking what is included will help you know if the vessel is worth the investment or not. Your marine surveyor will be able to give you a list of all the items that are missing. You can use this information to negotiate a better deal with the seller.

Boat Surveyor Fort Myers

Marine Surveyor Estero – 3 Main Types of Marine Survey

Marine surveys are an important part of the boat buying process. They help you understand the condition the target boat is in and its fair market value. But what does a typically marine survey entail? Do you need the services of a marine surveyor Estero trusts? In this post, we will be looking at the three main types of surveys and why you need an experienced boat surveyor.

Pre-purchase survey

This is also referred to as a Full Condition Survey or a Buyer’s Report. Prospective buyers do this type of survey before buying a boat. While there are no requirements for having a pre-purchase boat survey done, doing it when buying a used boat will save you from headaches. In addition, the survey helps you know what you are buying and what the insurance company may ask for. This is the most comprehensive type of boat survey. It must, therefore, be done by an experienced marine surveyor Estero recommends. The surveyor you hire should have experience surveying boats similar to the one you are targeting.

In addition to inspecting the vessel’s structural integrity, the surveyor may recommend getting the boat out of the water to inspect the bottom of the hull. The surveyor will also encourage you to make plans for a sea trial.

Condition survey

This type of survey is not as comprehensive as a pre-purchase survey. It can be done for several reasons. A boat owner may request a surveyor to perform a condition survey to understand the maintenance needs of a vessel or identify faults. Financial lenders and insurance companies may also require a condition survey report to get an accurate market and replacement value of the vessel and its overall condition. In most cases, your insurer or financial lender may provide you with a list of items to be surveyed in a condition survey.

Damage survey

As you may have guessed, this type of survey is requested after your boat has been involved in an accident. Your insurer mostly requests a damage survey. In this case, the insurance company will send their surveyor and foot the cost. A damage survey aims to determine the extent of damage to a boat and estimate repair costs. The report lists all the work that must be done to restore the boat.

The three are the main types of marine surveys you will need. Make sure you work with an experienced marine surveyor in Estero. You don’t want a mediocre survey report, do you?

Marine Surveyor Estero

Who Needs the Services of Marine Surveyors Naples Fl?

The first question aspiring boat owners ask is whether they need the services of marine surveyors Naples Fl or not. Of course, hiring a surveyor is an added expense. It thus makes sense why some people would want to avoid getting a survey. The truth, however, is a marine survey will save you a lot more than it costs.

After finding the boat you want to buy, you must ensure that it is in perfect condition. You want to ensure all the systems are working, all the equipment is on board, and the vessel is in perfect condition. If you have never owned a similar boat before, you will not be able to tell what is missing and what is not working. Most of the damages on a used boat are also hidden. To get a clearer picture of what you are buying, you need the input of a professional who is trained and experienced in inspecting vessels like the one you are considering. This is where the input of marine surveyors Naples Fl trusts comes in.

A marine survey, often referred to as a pre-purchase survey, involves a professional boat surveyor giving your target boat a thorough inspection. The surveyor will test every system onboard, create a list of missing items, list the damages that ought to be repaired, and give a fair market value. All this information is contained in a survey report. Pictures will also be included. It is not a surveyor’s job to advise you on whether to buy or not to buy a boat. Instead, their role is to give you a comprehensive and unbiased review of your prospective purchase.

Types of marine surveys

Many types of surveys are done. Here are the four main ones:

  • Insurance survey

This is the most basic type of marine survey. It is done to give a general overview of the boat’s condition. In most cases, an insurance provider will provide a list of items that ought to be inspected in the survey.

  • Finance survey

A finance survey is similar to an insurance survey. The only difference is that it is done to determine the actual value of a boat that will be used as collateral for a loan.

  • Pre- or post-transport survey

This survey aims to assess the overall condition of a boat before or after it has been transported. It is done for insurance purposes.

  • Full condition survey

This is the most comprehensive type of marine survey. It delves deeper into the boat’s condition. The surveyor will check everything from the safety systems and electronics to the vessel’s structural integrity. Different boats have different requirements. The marine surveyors in Naples Fl that you work with should have experience inspecting vessels similar to the one you are considering.

Marine Surveyors Naples Fl

Boat Surveyors Fort Myers – Simple Guide to Help You Find the Perfect Boat

After deciding to buy a boat, the next step is finding the one that will be perfect for you. This is never easy. The market has so many options. If you have the budget, you can buy a brand new boat that can be customized to your specifications. However, if you are like most people, buying a used boat will save you money, help you afford a bigger boat, and avoid the pain of seeing the rapid depreciation of a new boat. You must, however, involve boat surveyors Fort Myers trusts, especially when buying a used boat.

What type of boat suits you?

This is the first question you must answer before you commence your search for a boat. If you have the budget and are interested in leisure, a yacht might be a good choice for you. A speedboat will be ideal if you love speed and enjoy flying over the waves at breakneck knots. The question you need to answer is what you need the boat for.

At times, buyers choose the wrong boat for their desired activity. To avoid making this mistake, you should consider involving boat surveyors Fort Myers trusts. After finding a boat you feel is perfect for fishing, water skiing, scuba diving or any other activity you are interested in, you need the input of a marine surveyor to help you know if the boat is perfect for the job. The surveyor will also inspect your target boat for damages and missing equipment and confirm that the paperwork is in order.

Set a budget

As aforementioned, you will be spoilt for choice when you start searching for a boat to buy. To keep yourself from being overwhelmed, you need to set a budget. The best thing about having a budget is that it helps you focus on the boats you can actually afford. Your budget should not just include the cost of buying a boat. It should include the cost of insurance, maintenance and other costs.  

Be specific

When searching for the boat you want, it is easy for the brokers and private sellers to convince you to buy something you didn’t plan for. That is why you must be as specific as possible. You need to narrow your search down to the manufacturer and model you want. You also need to compile a list of the equipment you want on your dream boat. Doing so will keep you from being swayed away.

Once you find your dream boat, don’t commit to it without having a professional inspect it first. The input of a boat surveyor in Fort Myers will help you uncover problems on the boat and help you know if you are getting a good deal or not.

Boat Surveyors Fort Myers

Boat Surveyor Fort Myers – Winter Boat Buying Tips

Winter is the off-season for boat buying. It is also a time when boating tends to come to a standstill. If you can brave the cold, winter is the best time to start shopping around for your dream boat and get the best deal. However, the rule of thumb is to involve an experienced boat surveyor Fort Myers trust to help with boat inspections. Never buy a boat simply because the price tag is unbeatable. Take time to look inside. A boat surveyor will make you aware of all the problems the vessel has and the fair market value of the boat.

Winter is the best time to get unbeatable deals and ample time when shopping for a boat. Here are important tips you should use when shopping during winter.

Research the boat model and type

The best place to start your search is online. Here you will find postings of virtually all types of boats. As you explore the boats by type, size, geographic area, and more, you need to pay special attention to the boat’s model. What is the model of the boat? When was it built? Who built it? If you are unsure which boat type, brand, or model is perfect for you, you can call a boat surveyor Fort Myers trusts for help. A surveyor will inspect the model you are considering and give you useful information. You can then use this information to determine if the vessel is the right fit for you or not.

Check the resale values

Just like with some car models, some boats have terrible resale value. If you are buying your first boat, you will need to sell it at one point in time. You don’t want to get peanuts for it, do you? That is why it is so important to research the resale value before buying. You can start with market comparisons online. Take a look at how much similar models are selling for. You also need to involve a professional. You can talk to a yardmaster, boat surveyor, or mechanic to learn more about the boat model you are considering. What is its resale value?

Inquire about the boat now

People make a mistake after finding their dream boat during winter by waiting until spring to inquire about it. The demand for boats is usually higher during spring, and another buyer might make an offer before you if you wait too long. So, if you like a boat, inquire about it now. Once you make an offer, you can arrange a boat inspection when the weather improves.

Boat Surveyors Fort Myers

Marine Surveyor Estero – Understanding a Pre-Purchase Survey

Many prospective boat buyers ask whether they need a pre-purchase survey. The answer is yes. Hiring a marine surveyor Estero trusts to perform a boat survey is a worthwhile investment. You should hire a surveyor even when buying used boats in good working condition. The purpose of a survey is to give you a better understanding of the vessel you are buying. It helps avoid buying a boat that will cost a lot of money in repairs or one that is doomed. Understanding the process of a survey is important. Here is what you should know.

What is in a survey report?

A marine surveyor Estero trusts will thoroughly check the vessel from the bottom up. Surveyors inspect a vessel using official guidelines such as the Code of Federal Regulations. This regulation covers the minimum requirements for the engine, safety equipment, electrical systems, fuel system, navigation lights, and waste systems. If the vessel is less than 24 meters long, it will be surveyed using The Marine and Coastguard Agency’s Code of Compliance.

The job of a boat surveyor is to identify the areas that are unsafe or need immediate repairs. Surveyors never give a personal opinion on whether to buy the boat or not. Instead, they simply compile a detailed and factual report which informs your decision. The report includes a comprehensive description of the boat, its systems, findings of the surveyor, the overall condition of the boat, and the fair market value of the vessel. Photos of the surveyor’s findings will also be included.

The process

The first point you must understand about working with a marine surveyor is that they never take components apart to look inside. Their work is only to observe, listen and report. If they feel a closer examination is needed, they will recommend you bring in a mechanic or an electrician.

The marine survey process is pretty straightforward. The survey typically lasts a full day though it might take longer if the boat is larger. You will get a survey report within a couple of days. You must pick a surveyor with care and be patient to avoid rushing the process. You have to liaise with the seller or broker to facilitate the survey as well as make arrangements for taking the vessel out of water.

Sea trials

To better understand the vessel, a surveyor may insist on a sea trial. Unfortunately, sea trials are not included as standards in pre-purchase surveys. They can, however, be arranged for an extra fee. A sea trial helps get a better feel of the vessel and helps the surveyor to look at how the engine runs. Don’t bring more than three friends on the day of the sea trial.

Marine Surveyor Estero

Marine Surveyors Naples FL – Key Areas to Focus on in a Used Boat

If you are on a tight budget but still want to be a proud boat owner, the most viable option is to go for the used boats. There are so many boats across Florida that are in mint condition. Finding a boat that works for you will be easy. However, you must keep in mind that used boats tend to have a number of hidden problems. Working with marine surveyors Naples FL trusts will help you identify most of these problems and avoid spending money on a doomed vessel. Here are some of the key areas surveyors focus on when inspecting a used boat.

Engine

The engine is the heart of a boat. As a result, it is one of the most expensive parts to repair. With that in mind, you must always ensure the boat you are buying has an engine that is in good condition. Marine surveyors Naples FL endorses will conduct several tests to determine the condition of the engine. They start with the dipstick to check the condition of the oil. If the engine oil is milky, that is a sign of water ingress. An engine with water ingress will be a ticking time bomb. The boat surveyor will let you know whether the engine is salvageable or not.

Electrical systems

Modern boats are equipped with all manner of electrical systems. They range from the light switches to the navigation systems. These systems make operating the boat easy. The first thing the surveyor will do is ensure all the systems are working properly. He will then check for electrical surges and inspect the fuse box for wear and tear. If there have been lots of obvious repairs, that is a sign the electrical systems will be problematic.

Hull

The hull is the body of the boat. It is what keeps the water out and determines the aesthetics of the boat. An out-of-water inspection is recommended in a hull inspection. This helps the surveyor to inspect the underwater parts. Any major problem will be documented. You can use this information to determine if buying the boat is a good idea or not.

Pumps

A boat has many pumps that need to be investigated. They include water makers and freshwater pumps, air conditioning systems, and bilge pumps. Pumps are an expensive repair. Make sure all the pumps are working as they should.

Mast and rigging

With sailing boats, the mast and rigging must be considered. A small fault can render the mast and rigging useless. The surveyor will begin the inspection at the chain plate where the rig is affixed to the structure. The surveyor will check for cracks, corrosion, and correct fitting.

Finding problems in a used boat shouldn’t demoralize you. In most cases, you can use the findings to negotiate a lower price. Always make sure the damages are repairable before proceeding with the purchase of a used boat.

Marine Surveyors Naples FL

Boat Surveyor Fort Lauderdale – Guide for Buying a Boat from a Private Party

Thousands of used boats change hands every year. The market is thriving because used boats offer the cheapest way of becoming a boat owner. However, this does not me you go into it blindly. In addition to retaining the services of a boat surveyor Fort Myers trusts, there are many things you must do when buying a boat from a private party.

See the boat in person

While this point might seem obvious, many people skip to bargaining long before they have a chance to see what they are buying. This is more so when the ad is posted online. You must never trust everything the boat owner tells you. More often than not, sellers will only stress the good and ignore the bad altogether. Seeing the boat in person helps you determine if it is what you want and gives you a chance to assess it personally before spending money on a boat surveyor Fort Lauderdale recommends. Boats are listed in many places, including the local newspapers. Make sure you get the seller’s contact information and make arrangements to see the boat before doing anything else.

Get a thorough inspection

Most boat owners will work on the aesthetics when getting ready to sell. They will fix up minor damages and cover up the serious ones. At first sight, a damaged boat can seem like a good investment. However, it takes a trained and experienced eye to spot major problems. That is why you should bring in a marine surveyor in Fort Myers. Always select your surveyor and not the one recommended by the seller.

Marine surveyors can spot major problems that a vessel might have. They will also help with valuation and check the paperwork. The input of a surveyor can give you the points you need to negotiate a better deal with the seller. A surveyor will also keep you from making a bad investment.

Sea trial

Although not all boat surveys involve a sea trial, if the vessel you are buying is in good sailing condition, you need to test how it runs. Having your surveyor on board will be great because the sea trial will help spot additional issues that may not have been determined any other way. Make sure you ask questions during the sea trial to know how everything works. Make sure everything is tested.

Draw up a purchase agreement

Just because you are buying a boat from a friend does not mean you trust them blindly. In addition to getting an inspection done by an experienced surveyor of your choosing, you have to draw up a purchase agreement. The agreement should list everything you have agreed with the seller. There are templates available online. Having an agreement signed by both parties gives you leverage in case there is any disagreement in the future. 

Boat Surveyor Fort Myers

Boat Surveyor Fort Myers – Why Should You Buy a Boat in Winter?

When it comes to buying boats, whether used or brand new, the warmer spring and summer months are the most popular time. This is when people are more comfortable staying outside and planning for the sunny days. The high demand for boats causes the prices to go up. It is, thus, better to start shopping in the colder months when fewer people are buying boats and when sellers are more desperate. There is also a low demand for surveyors, as a result, finding the best boat surveyor Fort Myers trusts will be easier.

Boat prices are high in the summer months

It feels strange to buy something you will not use for several months. For example, most people don’t shop for swimwear in December because they will not use them for months. The case is the same in the boat market. Most people don’t go shopping for boats in the off-seasons. What you should note, however, is thanks to the low demand of used boats in winter, the prices are very low. Winter is the low season of boat buying. It is the best time to get boats at unbeatable prices. However, to avoid surprises later on, always let a boat surveyor Fort Myers affirms inspect the boat before buying. Sometimes the prices are too low for reason.

There are more choices during winter

When the demand for boats is high, there is more competition over the same product. When more people vie for the same type of boat, the prices go up. During this time, you can find yourself making compromises on features or models in order to secure a boat. There is less demand for boats during winter. Consequently, you have a better chance of finding a boat with all the specifications you want. The low season further gives you time to think, get a comprehensive boat survey, look around at comparable models and be certain you are choosing the best boat. This is unlike the high season where you are pressured to buy before someone else closes the deal.

Spend the off-season getting the boat ready

Most used boats will have issues you have to fix before you can put them on water. There is plenty of free time during the winter months. There is also less pressure on shipyards. You can use this time to leisurely get your boat ready.

There is no good or bad time to buy a boat. Winter, however, offers the best freedom. Before making the final decision on a boat, make sure you work with a boat surveyor in Fort Myers. The surveyor will help you learn about all the issues the boat has so that you are not blindsided.

Boat Surveyor Fort Myers