So I'm thinking of buying my first canal boat, and I'm a self confessed newbie and would really appreciate any advice. My reason for buying is I grew up on sailing boats and I love being on and around the water - this boat is currently docked in a marina in the city centre and why spend hundreds on a water front studio when I can stay on a lovely boat. I'd also love to meet the community and generally enjoy the lifestyle.
The boat I'm looking at is valued last year at 35k for insurance purposes. It's 60ft from 1996. She was also shot blasted, 2-pack epoxy coated including base plate and had 12 new anodes fitted in 2018. So the boat was lifted out last year and they didn't get any work/plating done - the seller assures me that he wasn't told of any work that needed doing.
We agreed on a price (aprrox 30k), with the agreement that I get a survey, and if there's any work that needs doing after the survey up to £2k, I'll split the cost here. If it's north of 2k, I'll get my 10% deposit back (which I haven't paid yet) and pull out of the sale because I would struggle to pay much more.
The seller seems like a good character, and in the interest of a quick sale (he almost sold it in July and the buyer backed out last minute), he's knocked a further 2k off the price agreed if I do not get a survey and move in this month. Me, being in my 20s, I can't afford to buy this outright so I'll be getting a loan, so this is quite attractive. The present anodes will need to be replaced within 6-12 months, which will cost about 500 quid and need a lift out, so from that perspective it makes sense to get it lifted out for a survey now. On the other hand it would save me money on rent moving in quick, and over the summer I might put it on airbnb over the weekends whilst I'm off in my van rock climbing, which could allow me to live rent free for some of the year.
Do you have any advice? Do you think the discount is a good one? Or do you think this is a massive alarm bell for issues underneath? Do you have any advice for ensuring I get my deposit back in the event of a no sale for the given terms? We've drafted a contract, but not through any official board so I don't know how to guarantee it's enforcement.
From where I'm sat both ways have their own risks, so I'd be very grateful for any experienced folk to let me know what they'd do.