We Bought A Boat! A Few Tips From Our Experience.

Have you had a ‘far off’ dream or maybe your spouse has, that seemed like it would probably never happen? Well, that was Eric. He had learned about America’s Great Loop back in the early 2000’s and has always wanted to take on the challenge of the 6000 mile circumnavigation of the eastern US. But it was definitely one of those “someday” dreams… would it really happen? Well, back in 2020, he shared with me his dream of buying a boat and cruising the Great Loop. I’d never heard of “The Great Loop” before this….(it took by French husband to tell me about American geography! :))… but after a short while, I, too, caught the bug, and together we began our boat research. (Check out Our Boat Adventure to see more posts on the Great Loop)

We spent over 18 months looking at boats, mostly online but some in person, learning what we needed, what we thought we wanted, what we liked and disliked about our “dream” boat. We quickly learned there is a lot to think about and learn about when considering what boat to buy. But we made our list of must-haves, wants, and ‘would-be-nice-but-not-necessary’ items and went on the hunt.

And after lots of online searching and walking docks all over, from Carrabelle, (our home port) to Annapolis,MD; St Petersburg, FL; St Augustine, FL; and then Clearwater, FL, where we found and bought our boat – a 42′ Carver 405 aft deck motor yacht. It did not have everything on our list, but it did have the must haves and a few ‘wants’ that made this a good purchase. Plus the price was good and the mechanics were in great shape. Based of this experience, I thought I’d share what we learned and a few tips on how to buy a boat, especially one for the Loop.

How to Buy a Boat.

Since this is our first big boat buying experience, we will not claim to be experts, but thought I’d share a few things we learned along the way.

Take time to research the boat you want to buy:

This is a major purchase, typically over $100K and more, so unless you are very boat savvy already, spend time looking at boats on sites like Yachtworld, Boat Trader, and boat broker sites. Preview different styles, makes, models and amenities. You will start to see a pattern of items that draw you in or things you absolutely must have. And definitely find some boats to actually walk on. The space and layout of boats vary greatly, so be sure to understand what spacing you like and just as important what you do not like. For us, having the galley open to the living area was very important. Some galleys are all be themselves in what seems to me like a cave. But this is why it’s important to get on some boats to find out what you like.

Make your boat wants & needs list:

There is no such thing as the ‘perfect boat’. No boat will have EVERYTHING you want. But, there will be items that are absolute musts. For Eric and I, some of those must-haves were: diesel engines, an aft deck, a good galley, a salon spacious enough for yoga, a walk around queen berth, and easy access for Moose (our 14 yr old cocker spaniel). We also had several ‘wants’ that we would like but could live without. Two of those were a single level layout and a cockpit at the stern. At the end, we did not get all our wants (neither of the aforementioned are on our Carver) but we did achieve all our ‘must-haves’.

To use a boat broker or not?

A boat broker can be a very good asset to have when boat shopping, as they know the used boat market and have experience with boat purchases. We did try to use a couple different brokers to help find and buy our boat, but we were not successful in finding one that worked for us. The couple brokers we tried did not communicate well and did not seem interested in finding boats that fit our criteria.

However, we have read and spoke with people who found using a broker was extremely helpful. For Loopers, Curtis Stokes & Associates comes highly recommended. However, we did eventually find our boat on a Facebook boat group. As luck would have it, Eric was the first person to contact the owner, so we were first-in-line. We had to drive from Carrabelle to Clearwater to see the boat, but in the end it was worth it and we are very happy with our boat.

The nitty-gritty of a big boat purchase:

One good reason to have a broker to help with buying a boat is so he can help with the legal paperwork, the transfer of documentation, financing and insurance. But, since we were buying a boat through a private seller, we had to figure out all the paperwork etc. However, since it is not real estate but a ‘motor vehicle’, there is not as much paperwork. A purchase contract is advisable for both parties’ protection. There should be a deposit to show a buyers’ good faith. There are different ways to secure the deposit, like a third party agent, a separate bank account or simply holding the check until the purchase is complete. The latter is what happened with us.

But back to the paperwork…you can do the work yourself as there are basic contracts online, but I would recommend using a professional service. We used Connie Crews with All Yacht Documentation for all the legal paperwork. It was very nice to have all the documentation completed properly by a third party and one who knows what is needed. We recommend Connie and her team to help with your purchase.

What About Financing?

As mentioned previously, buying a boat is a major purchase. Depending on your boat and/or your financial situation and purchase price, this transaction will easily be $100K – $200K or more. So unless you have this much cash in the bank or you are planning to sell your home and live aboard, you will most likely need to finance the purchase, which is what we needed to do. Your local bank or some larger banks may do recreational boat financing. But there will be restrictions, especially when it comes to the age of the boat. And many will not finance this kind of purchase.

We thankfully found Cindy Lewis of Sterling Associates, who came highly recommended, to handle our boat financing. She is great, very professional and efficient and works to find you the best loan for your purchase. And she focuses on boat purchases, so she is very knowledgeable about how to buy a boat. We highly recommend Cindy!

Are you buying a boat?? Get a Survey!!

Just like buying a house where you get a home inspection to check to be sure the house is structurally sound and all the plumbing, electrical and HVAC systems work, you must do the same when buying a boat. It’s called a ‘survey’, and the boat surveyor will check the engines, sanitation systems, electrical systems, the hull, propulsion and more. The survey will range in cost from $500 – $1000+ and is usually based on the size of the boat. You will need to have it hauled out as well so the surveyor can inspect the underside and propellers etc. This is not really an option. You want to know what condition the boat is in that you want to buy. Although it costs some money, it’s worth it to know you are not buying a lemon.

Are you ready to buy a boat?

I hope some of our tips will make your boat buying experience more pleasant and easier. Just remember to take your time (unless of course the very rare perfect boat comes quickly…) do your research and work with professionals who will help make the boat buying process smoother. So whether you want to embark on a big adventure like the Great Loop or simply want to have an awesome weekend home on the water, make the dream happen. Tomorrow is not promised and there is always a way to make it happen.

Until next time, keep making your someday…today.

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