The Importance of Getting a Boat Appraisal

Buying or selling a boat could be exhilarating, exhausting, and a daunting task that requires painstaking planning and execution all at once. Here’s a bit of advice; a boat appraisal is the first major step in the right decision.

Getting a Boat Appraised

A boat appraisal should be done by a qualified appraiser to assess and determine the merit or seaworthiness of the boat.

The most helpful information used to evaluate a boat is its basic information. Details such as the manufacturer, year of manufacture, its length, width, model and the types of accessories it has are all important if you intend to search online on the various boat guides that are available. It also helps to add any major upgrades or modifications that might have been added or made to the boat.

If you are planning on selling a boat, you should ask a broker for their opinion of value. They would readily provide you with this as its part of their services to you.

Reasons to Get a Boat Appraised

Here are some reasons why getting a boat appraisal is a good move

  • If a boat is a part of an estate that needs to be settled or you find yourself going through a divorce, you should carry out an appraisal to ascertain the value of the boat so that the estate can be settled or the divorce proceeding can continue.
  • A boat appraisal is also used to determine a vessel’s face market value. This would prove useful in certain legal cases. It is also a recommended course of action if you are looking to obtain financing from financial institutions to make the purchase.

Such an institution would need the appraiser’s report just to make sure that the decision to provide you with the money for the boat is a sound one.

  • If you are the party that wants to sell a boat, then it serves you well to get the boat appraised before you place it on the market. First of all, it ensures that you are getting the right price for your assets.

In this case, it also saves you from the trouble that tax agents are bound to cause for you if the boat wasn’t correctly valued.

  • If you want to insure your boat, your insurance company would also require that a marine surveyor inspect the boat from top to bottom. This is also directed at determining the overall condition of the car so that they know the policy they could offer to you if at all.

Getting the Right Marine Surveyor

Finding a qualified marine surveyor to carry out a boat appraisal for you is a matter of knowing where to look and what to look for.

  • Marine surveyors are not regulated or licensed, so virtually anyone can call himself a surveyor as do many unqualified people. A good indicator of competence is a surveyor who is affiliated with a marine surveyors’ association.
  • Boats are of a wide variety. It would do you well to find a surveyor that is an expert in the type you intend to buy, sell, or own.

Post Author: Sophie Toby Hall

A former car magazine editor, Sophie’s blog offers in-depth car reviews, industry trends, and maintenance tips. Her breadth of knowledge makes her posts invaluable for both car enthusiasts and everyday drivers.