The main purpose of valuing a boat is to arrive at a fair value for the purchase or sale of a boat, sailing yacht or motor yacht. This way you ensure that you do not pay too much because you have insight into the fair current value. The valuation report can also be used for the application for a loan or the insurance of the boat. An independent valuation report ensures that you as the selling party arrive at a well-founded and defensible asking price. This puts you in a stronger position in negotiations with potential buyers.
What is a ship appraisal?
An appraisal is a valuation of the boat, based on the current market position. An appraisal of the boat is usually necessary to determine a value. It is therefore not an inspection. Both the selling party and the buyer can choose to have an appraisal carried out.
It is also possible to have the execution value of the boat determined directly during the valuation. This is a valuation of the expected proceeds in the event of a forced sale in the short term. It is also necessary to have a boat valued for financing or insurance. For example, you do not want to be underinsured for your yacht.
What points are taken into account during an appraisal?
Every boat is unique and in order to arrive at a correct valuation it is necessary to have the boat physically inspected by a certified boat appraiser. It is important to choose an experienced appraiser who has knowledge of your type and brand of boat. The valuation report will include a detailed description of the boat. The appraiser will look at the equipment, the interior, the existing installations and the condition of the various parts of the sailing or motor yacht that you want to buy, sell, insure or for which you are looking for financing.
How is the value/price of a boat ultimately determined?
How the final value of a boat is determined depends on the purpose for which you have the valuation carried out. When selling, the value does not only depend on the outcome of the valuation report, but also on the prices for which comparable boats are offered. It is therefore advisable to orientate yourself on the market in advance. Unless you are selling a boat with a custom design, there are always comparable boats for sale. The price depends on the type, dimensions and age of the boat, among other things.
How can you increase the value of a boat if you want to sell?
The market value depends on maintenance schedules and any upgrades that have been made. For example, you can choose to update the interior so that you can put the boat on the market for a higher asking price. Prices also depend on the location, the season and the eagerness of the buyer. In general, spring is the best season to sell a boat. The temperatures are rising again, which makes people want to go boating. Have maintenance and repairs done before you put the boat up for sale, because many people are looking for a ready-to-move-in boat.
In addition, an excellent presentation ensures that you sell your boat faster at the price you have in mind. Both the online advertisement and the viewings require a flawless presentation of the boat. Wash the boat inside and out, vacuum the boat thoroughly into every nook and cranny and clean any sails and fold them neatly and dry. Let the metal and glassware shine, clean the upholstery spotlessly, beat the cushions and lay them neatly straight. Before the viewing, ventilate the boat well and make sure it smells nice and fresh.
