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Nick-Now

Buying a sunken boat..Thoughts?

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Hello,

I am considering buying a project boat. The boat has got water damage and will need plating work but it is cheap. The boat was owned by a retired couple and the husband sadly passed away and the boat was neglected for around 18months untill it started to list on one side. I did read on a previous survey that the weed hatch wanted raising so could it of been the cuplrpet if the boat was neglected and took in rain water? Just a thought that is?

 

I would obviuosly have it surveyed and any welding work will be carried out. I have estimated that even if I spen 10K on the interior fit-out, it would be worth at least 15K more than i would pay for a similar boat?

 

Any thoughts or advice about buying this boat? Or would I be buying an hole heap of trouble?

 

Thanks in advance.

 

 

Edited by Nick-Now

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2 minutes ago, Nick-Now said:

Or would I be buying an hole heap of trouble?

I guess it is about price, but there are plenty of tatty heaps out there, at fairly bargain prices, that haven’t once been occupants of the canal bed!

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3 minutes ago, Nick-Now said:

I be buying an hole heap of trouble?

Hopefully that wouldn't happen following the necessary welding work.

 

Doing a project is well known to cost twice as much as the most pessimistic estimate and take four times as long as planned.

 

If this is your 1st boat then  it may be better to continue saving your money until a 'usable' one comes along

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2 minutes ago, Alan de Enfield said:

Hopefully that wouldn't happen following the necessary welding work.

 

Doing a project is well known to cost twice as much as the most pessimistic estimate and take four times as long as planned.

 

If this is your 1st boat then  it may be better to continue saving your money until a 'usable' one comes along

exactly this

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2 minutes ago, Nick-Now said:

It's out of the water on dry dock.

Unless the engine was correctly drained and flushed thru then leaving it standing out of the water is the worst thing for it.

It could be a write off -

What is the history since it sunk ?

Who has done what work to it ?

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Nothing has been done to it as of yet, it was taken out of the water and put in dry dock and its been up for sale every since. The price keeps dropping as nobody wants to take it on. I want a live aboard but I need it to be a certain spec interior wise. So whatever boat I buy I would need to do work on it to get it how i want it. So was I thinking of getting something that needs work anyway. As far as I can see visually and praying that the engine is sound, it needs some repanaling and a new fitted kitchen to get it to a liveable standard. It would however need a new bathroom suite at some point.  I also need to add another bedroom but there is space at the stern as it was used as quite a large utility room.

Edited by Nick-Now

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3 minutes ago, Nick-Now said:

As far as I can see visually and praying that the engine is sound,

 

If it has just sat there full of water, I would suggest budgeting about £4-5000 (depending what engine it is) for the removal and replacement of the engine.

 

Have you considered getting a qualified marine engineer (NOT a surveyor as they tend to little idea about engines) to do a full boat report for you ?

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As was said, the engine is a big concern.  If it hasn't been touched I would expect major repairs, maybe to the point that replacing the engine would be cheaper than repairs.

 

I had a 20 foot sailboat that sank. Apparently someone got on it leaned it over till it took water over the sides one night. Found it the next morning and we had it floating by noon, so at most 12 hours on bottom. What amazed me was how much damage it did to the plywood inside. It absorbed water and many places the plywood started to delaminate. Didn't show up at first but  a few weeks later. So you could be facing some serious hidden repairs inside the boat.

 

Without seeing it and knowing the details I would expect a major refit. My feeling is you would be better off passing. There is probably good reason no one wants it.

Edited by Kudzucraft

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How long was the boat sunk, and how sunk was it? (e.g. water part way up the hull, or hull right under and completely inundated?).

Was anything done to try and save the engine when it was raised?

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Looking at that video:
EVERYTHING up to gunnel height is going to have to be completely removed and scrapped. And if the water went higher than that then EVERYTHING is scrap.


I suggest you go and find another boat.

And to be fair that boat is on a hard standing, not in a dry dock.

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Frankly, you would need to pay well south of £10k to make this anything like viable.  When we bought our boat we had a look at a very tatty boat from a bankrupt hire fleet.  Hull, engine and lining were sound, but everything else needed replacing, they were asking £38k, I calculated that I was not willing to pay anymore than £19k if the deal was to be viable.  We didn’t proceed with an offer, but remember your boat is going to need plating, at about £100 per foot, re lining, let’s say £2k and likely an engine rebuild/re-con, upwards of £3k.

 

I would walk away...

Edited by The Dreamer

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42 minutes ago, Alan de Enfield said:

Did you actually look at the engine.

The engine is the expensive bit - wood can be replaced fairly cheaply and spread over a period of time.

i looked at it yes didn't try and start it though. Looked perfectly normal and dry. Hard to say if its ok

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my standard response...

it costs just as much to fit out an old boat as it does to fit out a new boat, but a newly fitted old boat is still an old boat, and an overplated old boat in your case. 10k for an old boat.....have a look at how much a brand new shell would cost.

 

..............Dave

 

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2 minutes ago, dmr said:

my standard response...

it costs just as much to fit out an old boat as it does to fit out a new boat, but a newly fitted old boat is still an old boat, and an overplated old boat in your case. 10k for an old boat.....have a look at how much a brand new shell would cost.

 

..............Dave

 

Yes thats in my thoughts too. Liverpool boats part fitted 65 foot 42,859 pounds

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55 minutes ago, Nick-Now said:

Yes thats in my thoughts too. Liverpool boats part fitted 65 foot 42,859 pounds

and have a look at Lymm Marina boats, they produce loads of boats in various stages. £30,000 for an insulated but not lined sailaway.

 

................Dave

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What would be the scrap value of this boat?

Under £1000?

Cost to make usable £15000-20000+ (not including labour or tools needed)  Check the price of a skip, at least 2 could be required for rubbish removal.  Plus the hardstanding/mooring fees, whilst the work is being done.

Value of finished boat?

Time to achieve, Full time hours (40+per week) 6-9 months?  Part time hours (16 per week) 2-3 years?  Don't forget to add travelling time, to and from home to boat.

Your decision.....

Due to the age of the hull, I don't expect the R.C.D. regulations to come in, BUT the B.S.S requirements definitely will, and will have have to be complied with.  

 

Bod

 

 

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10 hours ago, Nick-Now said:

Yes thats in my thoughts too. Liverpool boats part fitted 65 foot 42,859 pounds

 

Are you getting that from the Liverpool Boats website? 

 

If so, check the dates. They went bust in about 2007 but for reasons we don't understand, the website is still live. 

 

 

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39 minutes ago, Mike the Boilerman said:

 

Are you getting that from the Liverpool Boats website? 

 

If so, check the dates. They went bust in about 2007 but for reasons we don't understand, the website is still live. 

 

 

oh, thought they were cheap lol

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