Now that you’ve found a boat want to buy, how does the transaction work? What about a loan? Survey? Insurance? Closing?
What do you have to do? If you have a broker, what will they do? What about a documentation service?
Learn about the whole transaction process in this podcast.
Prefer to read? Click here:Â Boat Shopping.
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Carolyn Shearlock has lived aboard full-time for 17 years, splitting her time between a Tayana 37 monohull and a Gemini 105 catamaran. She’s cruised over 14,000 miles, from Pacific Mexico and Central America to Florida and the Bahamas, gaining firsthand experience with the joys and challenges of life on the water.
Through The Boat Galley, Carolyn has helped thousands of people explore, prepare for, and enjoy life afloat. She shares her expertise as an instructor at Cruisers University, in leading boating publications, and through her bestselling book, The Boat Galley Cookbook. She is passionate about helping others embark on their liveaboard journey—making life on the water simpler, safer, and more enjoyable.
Prentiss Berry says
One of the surprising things I found when contemplating buying a boat was the addition of sales tax. This is a considerable difference between buying in house. I’m sure it differs by state. Recently when looking at a rather expensive boat in Florida the broker told me there is a cap of $300,000 purchase price that is taxable which equates to $18,000 (a 6% rate) for sales tax that I hadn’t even considered.
Carolyn Shearlock says
Yes, in that respect it’s more like buying a car. Unfortunately.
Brian Kepner says
You just buy it then see what needs fixed. If you’re lucky by the time you’re ready to sail you’ve totally understand every system on your boat. What a horrible missed opportunity it would be to not be able to fix your boat in exotic locations with no resources.
The Boat Galley says
Oh so true.
Tim Meehle says
Great article. I’m buying my first “big” boat, and going through all this now. We’ve accepted the survey, financing is in progress, and I can not wait for closing day!!
The Boat Galley says
Such an exciting time! I wish you all the best 😎🌴⛵👣
Anonymous says
Harrison York