Finding value in a project.

[PeteyD]

People work on boats and restore them because they might be attached to a certain boat or get a feeling of accomplishment. Some people grab them cheap, restore them to better condition and sell them right? even turn a profit? or at best cover the cost of materials. My question is how do you guys find resale value in a project?

 

[jigngrub]

Re: Finding value in a project.

Most don't, most people restore boats because they like them and restoring is cheaper than buying a new one... they'll use these boats themselves and never intended to sell them.

If you don't mind working for minimum wage or less you can make a little money off of restoring a boat, but not much.

If you want to make money restoring boats, hire yourself out to restore someone elses boat. Someone that has the money but not the time, or the money and not the know how.

 

[GT1000000]

Re: Finding value in a project.

Ditto^^^^^+1^^^^^Spot ON!

If the boat does get sold it is usually so heart wrenching and disconcerting to the person that restored it, they usually just cease to exist...or they go out and get another one so they can spend all the profits they made from the the one they sold...:facepalm:

 

[Showtimes2]

Re: Finding value in a project.

Profit? Profit? We're supposed to be doing this for profit???? I buy projects because I have a sickness!LOL! It's always cheaper to buy a completed project that someone else has poured all of their money into. I am always looking for something different than everyone else has, so I create it myself. I am buying an old boat soon that has a 351 w/twin turbos but the boat is rotten. After gutting it and replacing the floor, stringers and transom I envision removing the deck railing, changing and updating the dashboard completely, fabricating a new gauge pod and a completely different interior design. But making a buck never crossed my mind! I've done too many car and motorcycle projects to have those silly thoughts! You gotta do it because you love it.......or you're a glutton for punishment like me.

 

[kfa4303]

Re: Finding value in a project.

+1. Very little room for profit, if any. There are a few brands of boats out there that hold there value reasonable well, but finding one at a low enough price to make money off of is hard. It also depends where you live. There are lots of boat brands and styles in various regions of the country that may/may not be well know elsewhere. Here in FL brands like Hewes, Hell's Bay, Gheenoe, Boston Whaler, Chris Craft, Orlando Clipper, Ankona, East Cape skiffs are all popular brands that hole their value reasonably well, but the "cheap" (a few grand, or more) ones get snapped up quickly. Many of them are made for very specific fishing conditions that may/may not be useful in other parts of the country too. We have tons of very light poling skiffs down here that are designed to draft in less than 6" of water, but you wouldn't want to take them down the Colorado river anymore than you would want to try to pole around a drift boat. You're best bet for making a bit of money is to find aluminum boats in good shape and retro fit/modernize them using relatively inexpensive materials you can get from the big box stores.

 

[GWPSR]

Re: Finding value in a project.

The main value in a project is that it keeps you off the streets and out of jail. It's someplace to be and something to do when the alternatives are less fun or illegal

Boat rebuilders do for love what others would only do for money.

 

[tommays]

Re: Finding value in a project.

What is worth restoring is in the eye of the beholder

I wanted a sailboat in the 30' range and have not been all that happy with the new boats i have purchased due to the crappy nature of boat warranties in general

I do not really care for the more modern designs as they have packed a LOT more stuff in the boats i do not want

I think its really important that you UNDERSTAND what you want out of a boat and WHAT your getting yourself into as i see a LOT of projects that never get finished

By working with and accredited marine surveyor i was able to do the things that would allow the boat to be insured for a value that made sense and you could not have even put a minimum down payment on and equal new boat

 

[Yacht Dr.]

Re: Finding value in a project.

People work on boats and restore them because they might be attached to a certain boat or get a feeling of accomplishment. Some people grab them cheap, restore them to better condition and sell them right? even turn a profit? or at best cover the cost of materials. My question is how do you guys find resale value in a project?

You have to know the boat .. I will buy a damaged Swan .. or Hink .. or what about a Shannon..

If the price is right you can make a good profit buying/fixing/selling.

There are books that have all the info you need.

YD.

 

[magnumdeke]

Re: Finding value in a project.

The value is to me, I will have a boat that is in new condition, (maybe not as fancy), laid out how I want it, hopefully better constructed, and no payment. That is what it is about for me!

 

[Yacht Dr.]

Re: Finding value in a project.

While I will agree that some projects are worth the sentimental value I will also console those that put savings or family behind this value of a boat.

Its just a boat.

Fiberglass and wood ( or alum and wood ) = still a boat.

If its a keeper then by all means restore her .. but for some it might be better off parting off or donating a boat.

Most A boat is just a bathtub with moving parts .. If you know your going into a project that will set you back a grand ( or whatever ) and you will not get that investment back..dont do it if you cant afford it.

Its a boat to boat thing..

YD.

 

[PeteyD]

Re: Finding value in a project.

Cool thanks for the responses guys i only ask cause im enjoying my project and im sure when i get mine out on the water il put all the grief behind me and have a smile on my face. But coming up with funds to continue other projects in the future could be a problem.

 

[jasoutside]

Re: Finding value in a project.

Well I bought my last project for a few hundred bucks. The current value of this same boat (almost finished) is a million bux, see....

Oh yah, my buddy Ethan is standing in that boat

 

[Woodonglass]

Re: Finding value in a project.

What's the value??? Hmmm.. I dunno, Ask him....

 

[Pmccraney]

Re: Finding value in a project.

Well I bought my last project for a few hundred bucks. The current value of this same boat (almost finished) is a million bux, see....

Oh yah, my buddy Ethan is standing in that boat

What's the value??? Hmmm.. I dunno, Ask him....

Just a million? I would say those 2 are priceless!!!!

Yeah, repeating what others have said, the value in most of these projects is the time spent making something your own and then enjoying it with your family.. In my case, I'm not there yet, but trying... In most cases: Tons of personal value --> very little economic value...

 

[64osby]

Re: Finding value in a project.

Cool thanks for the responses guys i only ask cause im enjoying my project and im sure when i get mine out on the water il put all the grief behind me and have a smile on my face. But coming up with funds to continue other projects in the future could be a problem.

Sounds like you started with a fiberglass boat. They can be very labor intensive and expensive to complete. Try a tin boat on the next project and then let us know which one is better.

Not trying to start a war here.:redface: