Renovating a property can be a very rewarding project to take on, especially if you love construction. But what about boats? Contrary to what you might think, renovating a boat is not necessary cheaper than renovating a house, and there are different challenges that even an experienced house-flipper will run into. To be prepared, you will need knowledge, money, and time.
When you’re looking at a boat to buy, you absolutely need to get a survey. This is a list of everything that is wrong with the boat, and let you know what parts are usable and what parts need to be replaced. Using this info, you can figure out if you can make a profit after paying for all the repairs and reselling. In terms of what kind of boat to look for, you should go as small as possible. A small boat will require less materials and take less time to fix up. Selling a small boat will also open you up to a bigger buyer field. The last thing you need to be knowledgeable about is what gives a boat good bones. If the boat has a strong design, you can restore it back to its original state and sell it for a higher price.
You need money to renovate a boat. For a 30-foot fibre-reinforced plastic boat, you could expect to pay $25,000. Repairs and fees to workers could rack up another $25,000. When everything is said and done, you could invest up to $60,000 in this boat. If you sell for $40,000 that is a $15,000 profit. However, this is if everything goes according to plan. Experts recommend you have a cushion for renovation projects like this for any unexpected repair costs and so on.
The last thing you need to successfully renovate a boat is time. You need time to find the right boat, get the survey done, and do all the repairs. To avoid extra costs, most people like to do as many of the repairs themselves. You want to take the time to do the repairs extremely well, too, and not rush through them. A poorly-restored boat will not offer much or any profit.