Boat Appraisals Surrey, Kent, Sussex, Hampshire, Berkshire, Greater London
If you are looking for boat appraisals in Surrey and the surrounding areas get in touch today. We offer appraisals for Yachts, narrow boats and other water craft throughout Berkshire, Surrey, Sussex, Kent, Hampshire and Greater London.
What Are Appraisal Surveys?
A boat appraisal survey is exactly what it sounds like: a survey report process conducted on a marine vessel to determine its value.
People may require an appraisal survey for several reasons, but they are mainly conducted before a boat is listed for sale, when the owner needs to finance a boat, or during an insurance appraisal or estate settlement.
What factors affect the price of a boat?
The main thing that determines a boat's value is its status as either new or second-hand.
Depreciation is a natural part of owning any vehicle, from a motorbike to a car to a luxury yacht, and second-hand boats will naturally be cheaper than brand new boats.
Besides this, several other factors contribute to a boat's value, including:
Another major factor affecting the price of a boat is the class and model range. For example, you would expect a luxury sailing yacht is worth more than a fishing boat.
The class and model of a boat can also affect its depreciation rate. Sailing boats hold their value fairly well, while bow-riders depreciate far quicker.
Models by well-known manufacturers will also retain more of their value than those made by more obscure companies.
The brand of a boat is determined by the shipyard it was built at, which can also affect its value. If your boat was built by high-end manufacturers, such as Princess Yachts, you could expect it to retain greater value.
As you may expect, larger boats are worth more than smaller boats. But it's not just the initial price tag that's affected by the size.
All subsequent maintenance, appraisals, and wintering are calculated by metre so that the ownership cost will be naturally more expensive for larger boats.
Again, new boats are obviously more expensive than second-hand boats, given that they are fresh out of the shipyard with no previous owners.
Of course, if a brand new model is released for sale, earlier models in the line will suffer, but not as much as the depreciation rate for second-hand boats.
While buying a boat is an exciting time, there is always the spectre of depreciation watching over every deal.
The moment you purchase your boat, it will lose a great chunk of its value, given that there is now one more "previous owner" in its history.
Again, depreciation differs between brands and models of boats, but they all depreciate no matter what.
If you have bought extra equipment to go with your boat, such as towing equipment or trailers, this can help raise the value of your boat even if you are selling it second-hand.
Naturally, this depends on the quality of the extra equipment you've bought, but if you sell it all as a package, you may be able to demand a higher price.
Of course, condition plays a big part in the value of a boat. If a second-hand boat is in good condition, it will fetch a bigger price.
Therefore, a proper maintenance schedule is essential to get the most for your second-hand boat.
Much like the mileage on a car, the fewer engine hours on a second-hand boat, the greater value it will hold. However, there are a few examples of where this can be different for marine vessels.
For example, if you had the choice between a boat with lots of engine hours and one with none, you may want to do a little more investigating.
Particularly, it would be best to look at the boat's age. If the boat with no engine hours is fairly old, it shows that the engine hasn't been used properly and is likely in a bad way. Therefore, lots of engine hours aren't always bad, so long as the engine is in good condition.
Boats that have been around a long time and therefore have more engine hours will obviously be in worse condition than brand new boats.
This poorer condition for older, used boats will be reflected in the price. However, age is more of a spectrum when it comes to value. For example, while they may be older boats, antique or classic boats can demand a good price.
If a boat is located in a busy boating area, its price will generally be more competitive given the larger pool of potential buyers.
Alternatively, boats moored in quieter areas will be much cheaper, given that they are in an unfavourable location, and the seller will usually list them at a more attractive price to entice buyers.
How can I know the value of a boat?
There are a few options available for those wishing to determine the value of their boat. Of course, you could always check listing prices for similar boats to yours, but this might not give you the full picture.
It is usually best to pay for a professional appraisal from companies such as ourselves.
How A Boat Appraisal Can Help You Buy or Sell a Pleasure Boat
Once upon a time, financial institutions such as banks or insurance companies relied on the expertise of marine surveyors to determine the price of a boat.
However, professional surveyors don't handle the sale of a vessel, merely assessing its condition, so they aren't the best people to comment on a boat's value.
Therefore, this model wasn't as watertight as you'd expect from people in the maritime industry.
Today, however, boat surveyors have learned a thing or two and can give you an accurate value for your boat after an inspection. Our team of qualified and experienced surveyors on hand to help you determine the value of your boat before a sale.
We have worked with countless boat owners over the years to help them understand their vessel's condition and determine a fair market value for sale.
Why get a boat appraisal survey?
Professional boat appraisals are the best way to get an overall idea of your boat's condition. Our surveyors will highlight any major or minor issues that you need to remedy before a sale to help boost the listing price you can ask for.
If you already have an interested buyer, having a Pre-purchase or Full Condition Survey conducted will put your potential buyer's mind at ease and allow you to ask for a fair price.
These surveys aren't usually a hindrance and can be completed for even the largest boats in a couple of hours. Even if you have an absolutely gigantic yacht, we can complete the Appraisal Survey within a day at the most.
For sellers, the fees for the Appraisal Survey will come out of the boat survey cost we quote for the Full Condition Survey. For buyers, many surveyors recommend you ask for a Full Condition Survey before purchasing any boat.
Having a boat professionally surveyed is the best way to identify any issues and gather research data on the vessel.
Buying a Boat?
If you are thinking of buying a boat and have the vessel you want in mind, it is always prudent to have a New Boat Survey (a.k.a a Pre-purchase Survey) conducted. These boat surveys will give you the information to make an educated purchase.
Damaged Boat?
If your boat has suffered damage in an accident while out sailing, sitting at her mooring or through extreme weather, you may need to declare it to your insurance company.
Cetec Marine Ltd can conduct an appraisal for you to determine the accurate cost of the damage for these purposes.
Need a Marine Insurance Survey?
If your insurance provider is requesting an update on the value of your boat, our Marine Insurance Surveys can help you make an accurate declaration. Marine surveys are the best way to determine the value of your boat.
What is included in a boat appraisal?
A boat appraisal usually begins with either a sea trial or an out of water inspection.
For the latter, our marine surveyors will conduct moisture metre tests on the hull, alongside a visual inspection for damage to the hull, prop or other lower areas of the vessel.
We will also inspect the electronics, navigation equipment and a visual inspection of the engine.
The sea trial will involve our surveyor accompanying the owner or captain of the boat as they take them through a series of tests while in the water.
These tests will measure the boat's cruising speed, WOT and RPM and engine. Our surveyors will then check these readings against manufacturer standards to see if there is any significant difference.
Once back in the marina, our surveyor will test the rest of the boat's features, such as bilge pumps, deck areas, generators, lights etc. Our detailed report will be sent to you, your lending institution or insurance provider within a couple of days, explaining everything our surveyor discovered during the appraisal.
Boat Valuation for Insurance
If you are having your boat insured, a Boat Insurance Survey is a must. Insurance Surveys reassure your underwriter that your boat has enough value to be worth insuring.
Different insurance providers will have different qualifying criteria, but as a general rule, the older your boat, the more surveys it needs to keep track of its condition. Many lenders and insurance companies refer to these appraisals as "Out of Water Hull Surveys".
If you require boat appraisals in Surrey or the surrounding areas get in contact today. Call 01784 464 899 for boat appraisals in Surrey, Greater London, Berkshire, Sussex, Kent and Hampshire.
Cetec Marine Ltd
7 Malet Close
Egham
Surrey
TW20 8ED