Boat owners invariably decide that it is time to sell their boat, usually because they are looking to upgrade or have their eye on a newer model. When the time comes for you to sell, it’s understandable that you want to get the best price possible, especially if you are investing that money in a new vessel. Therefore, preparing your boat is a must.
To maximize the sale price, you need to take the time necessary for preparing your boat is to ensure it’s in good condition. This usually requires some preparations before you can list it. During this time, you’ll need to make sure you maintain your OC boat insurance on the craft you are selling. If you purchase a new one before selling your current one, you’ll need coverage for both.
Here are a few tips on getting your yacht in shape to sell.
Cover Your Legal Bases
As with the sale of a car, you’ll want to demonstrate that your boat is legally yours. Ideally, you would have a paper trail that leads from the original owner to you. Not all boat owners have receipts for a bill of sale for every owner, especially for older boats. If your records are incomplete, you can ask your yacht club or mooring provider to verify that the boat is yours, should it be required.
There is also paperwork that occurs with the transfer of the vessel from owner to buyer. If you are selling through a broker, they’ll take care of this paperwork for you. If you are selling a boat privately, you’ll need to make sure you have everything you need before you a buyer approaches you. This includes the title and VAT documents, insurance information, and the Recreational Craft Directive compliance folder.
Present Your Boat in the Best Light
Next, you need to focus your attention on your yacht’s condition. You’ll receive a better price for it if you make sure that it is in good shape by taking these steps:
- Conduct a boat maintenance check and fix any issues that arise.
- Remove anything that is not going with the craft in the sale.
- Give it a thorough, deep clean.
Taking care of maintenance issues, de-cluttering, and deep cleaning your boat may take a bit of time and money, but it will be well worth it in the end. Buyers are more likely to walk away from the sale if the vessel needs even minor repairs or looks cramped and dirty.
Promote Your Vessel
Once your yacht is ready for sale, you’ll likely need to promote it. Listing it on sites geared toward boat sales will get you the widest audience, but you need to make sure that you target your ad to local buyers. Do your homework when setting the price. Many boat owners make the mistake of asking too much, leading to a longer wait and racking up mooring and insurance costs in the meantime. Often, they still end up having to slash the price in the end.
About Mariners Insurance
Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (888) 402-5018 any time you have questions or concerns about insurance for your vessel or marine business.
