After finding an interesting boat to purchase or if you plan on selling your boat, the first thing you should do is hire an experienced boat surveyor Cape Coral. The purpose of this is to get a pre-purchase survey. In most cases, the surveyor is hired and works for the buyer. The broker may refer the buyer to a surveyor. The seller may also hire a surveyor to help understand the true value of their boat as well as identify areas that need to be repaired before selling. Whether the surveyor is working for the buyer or seller, the surveyor has to adhere to clear codes of ethics in order to avoid conflict of interest.
When performing a survey, a marine surveyor Cape Coral pays attention to a boat’s work list. It is the job of the surveyor to define what is on the list as objectively as possible. It is not the duty of the surveyor to tell the buyer whether to buy or not to buy a boat. In a prepurchase survey, the surveyor will not overemphasize minor issues as doing so can mislead the buyer. It is the work of the broker to ensure the buyer does not purchase a bad boat. Sellers, on the other hand, are rarely surprised by marine survey findings because they already know their boat.
Buyers who try to pressure the surveyor to overemphasize on the issues in order to drive the price down only end up being disappointed. This is because the report compiled by the surveyor is the same one sent to the insurance company. If the figures are absurd, the insurance company may require expensive list of work to be done before a policy is issued.
Scope of a Pre-Purchase Survey
Although clients are free to make special arrangements with the marine surveyor Cape Coral serving as their consultant, market forces create a ‘normal’ pre-purchase ‘condition and value’ survey. A marine survey is a non-destructive inspection meant to inspect the condition of the boat, check the systems as well as adherence of the boat to the applicable standards and regulations. The surveyor further checks for warning signs that may require repairs and also determines the overall value of the boat.
The market has been accustomed to a limited inspection in marine surveys. The surveyor will not disassemble components but rather observe and listen to how the components work. To get in-depth information, the surveyor may recommend thermal imaging.
Once the survey is done, the surveyor will write a report that includes:
- Description of the vessel and all the systems onboard
- Statement of the overall condition of the boat
- Findings as well as recommendations; categorized into levels of importance
- Fair market and replacement value of the boat
A pre-purchase boat survey is a must when buying a boat. It will save you from a lot of trouble now and in the near future. The most important thing is to ensure you find a boat surveyor Cape Coral that is competent and fair.