Understanding Marine Surveys: A Comprehensive Guide for Boat Buyers
When you’re in the market for a boat, understanding the surveying process is essential. A thorough survey protects your investment and provides peace of mind. Here are six important questions clients often ask about marine surveys, along with insights to guide your purchasing journey.
Do I Need a Survey?
In most cases, your insurance provider or lender will require a survey. While some brokers may offer waivers, it is strongly advised that all buyers conduct a presale inspection survey. Relying solely on listing details or marketing materials can lead to risky oversights, as used boats may harbor hidden issues. A marine survey is essential for identifying necessary repairs or upgrades, ensuring the vessel operates safely. Additionally, many lenders will not finance a used boat without a survey, and insurance companies often require one before issuing a policy.
How Do I Choose the Right Surveyor?
Selecting a surveyor is akin to choosing a contractor; you need someone who aligns with your specific needs. Consider the type of boat you’re interested in—experience with that brand and model is crucial. You can find a list of accredited marine surveyors at the National Association of Marine Surveyors (NAMS) or the Society of Accredited Marine Surveyors® (SAMS®).
Who Hires the Surveyor and Pays for the Survey?
Buyers are responsible for hiring their own surveyor and covering all related inspection costs. Brokers and sellers should not be involved in this process—period. After the surveyor is hired, brokers can assist with logistics, including haul-outs, dockage, and scheduling, to ensure the boat is ready for inspection.
What Does a Boat Survey Cost?
Typically, the cost of a survey is around $25 per foot, plus or minus $5. If the boat is in the water, expect to pay an additional haul-out fee, which usually ranges from $10 to $25 per foot. Remember, these expenses generally fall on the buyer, much like purchasing a home. Note that mechanical inspections are separate and are not typically conducted by the same surveyor.
How Do I Prepare My Boat for a Survey?
Preparing your boat for a survey is much like readying your home for an inspection. Check off all necessary items beforehand to promote a more favorable report and minimize issues for the buyer. Hiring a surveyor for an unofficial preliminary inspection is worth every penny, as it allows for corrections to be made prior to the sale.
What’s the Difference Between a Survey, Sea Trial/In-Water Demonstration, and Mechanical Inspection?
- Survey: Much like a home inspection, a survey checks the structural integrity of the boat and its systems.
- Sea Trial/In-Water Demonstration: This evaluates the vessel’s performance and stability while underway, ensuring it runs as the manufacturer intended.
- Mechanical Inspection: Typically conducted by a certified technician specializing in the boat’s engine brand or manufacturer, this is a separate process from standard surveys.
Other Questions to Keep in Mind
- How long does the survey process take?
Surveys can take anywhere from a couple of hours for smaller boats to several days for larger yachts. There are times buyers hire multiple surveyors, which causes the survey to take several days depending on the schedule of the surveyors, though this is very rare.
- Is my presence required during the survey?
While surveyors typically don’t require your presence, attending can provide valuable insights about the boat and the marine environment.
- Will the survey provide a cost estimate for repairs?
Yes, surveyors generally include a preliminary budget for repairs or necessary upgrades, though these figures are based on average costs.
Why Your Broker Should NEVER Recommend Any Specific Surveyor
It’s crucial to emphasize that brokers and sellers should never influence the selection of a surveyor. Buyers must hire their own independent contractor to ensure objectivity and avoid any pressure from involved parties.
Conclusion
At Guard Yacht Group, we understand that navigating the surveying process is a critical part of your boat-buying journey. By asking the right questions and preparing properly, you can safeguard your investment and enjoy a smooth purchasing experience. If you have any further questions about marine surveys or the boat buying process, please don’t hesitate to reach out. Your peace of mind is our top priority, and we’re here to assist you every step of the way. Our mission is to support you both on and off the water!