New to us boat - how to justify spending on refurbishments and knowing when to stop!

No need to justify it.

I bought my 1982 boat for £29k eight years ago.

Had I sold her before starting to spend money (new engine and stern-gear, tanks and plumbing, radar, furlex, etc, etc) five years ago, I'd have got maybe £25k for her, not such a huge loss considering I'd bought around the top of the market. Plan was always to stop spending and sell her for something a bit bigger, but each time I held back because still felt too much in love with her, and - more rationally - realised that I didn't need anything bigger or different.

Now, with additional expenditure most years since (including a new sprayhood and cockpit enclosure), I've decided to splash out this year and have the 32yr old topsides stripped and resprayed with Awlgrip, the hull slurry-blasted and Coppercoated, and the interior wood stripped bare and refinished. At a rough calculation for everything I've ever spent, and ignoring my own labour, I'm now in for a grand total of £50k. Despite this work meaning that she presents at the top of her class for her year, I'd be lucky to get £34k for her on the market, but even so my current 'loss' equates to £2k per year of ownership - which is bu88er all in the grand scheme of things!

Next year I'll replace all the upholstery and fit a calorifier for hot water to keep my woman happy, and a new mains'l to keep me happy.

Enjoy your boat!
 
Wow Tidclacy that is an impressive list of improvements, hubby had 65 on his ‘to do’ list last year and I haven’t dared to ask him how many are still work in progress/vital, he has promised me the boat will be launched again next weekend.
 
Sailsalot said:
We bought a Parker 275 last year, 20 years old but in good condition. We sailed it all last summer and had a great time getting to know the new boat. We’ve had racing dinghies for years and our previous boat was a Cornish Shrimper, which we enjoyed as a day boat but the overnight accommodation for 2 of us plus dog was limited, so we didn’t have it long.
Our new and more spacious boat had a problem though, the alarm for the motor kept going off- which was worrying and loud, so we decided to get the motor overhauled during the winter, plus sort out the water inlet. When we added up the costs of all the parts that needed replacing, it was obvious that a new motor would be preferable, so that has been fitted.

Other jobs that have been tackled:
• Copper coating
• Fitting a skeg (discovered when we hauled it out that it didn’t have one)
• Partially re lining the cabins
• Pipework for head/holding tank replaced
• New and very smart stripes on the now very shiny hull
• A new folding stainless steel boarding/swimming ladder – pleased with this as had to design it ourselves. Getting back onboard last year after swimming was daunting and difficult.
• New windows as they were leaking in places, only a tiny amount, which we didn’t notice at first, but would eventually have spoiled the interior.
• Removing the keel and having it re-surfaced (probably not the correct term).
We are having the cabin upholstery re-covered over the summer months at fairly vast expense, strictly speaking not necessary as it was replaced less than 10 years ago and in relatively good condition, but slightly faded, other half could have lived with it, but I want my own choice of fabric.
It has been a little scary to add up the cost of all refurbishments, even with most of the work undertaken by hubby (well done him); far more than we intended. Suppose we could/should have stuck to the priorities of fitting a new motor, normal anti fouling, having the skeg made.
We have attempted to justify expenses to ourselves :
• We both enjoy sailing, so on a per person basis the expenses are ONLY half each.
• Having a reliable motor an essential, not a luxury.
• We will use the boat for holidays, therefore saving money!
• We bought the boat at a very reasonable price, so all improvements add value….but that is just self-delusion.
• The ladder is needed for health and safety.
• The new linings, boat upholstery will put a stop to any boat interior envy.
• It is our money we are wasting, whoops I mean investing.
• You only live once

Although we shouldn’t need to do many more major improvements - new sails would be nice, spray hood re-covered, new wind dodgers, hmmm……..they will definitely have to wait!
I wonder how many others on here have spent far more than they intended, or is it best not to count the cost?
Click to expand...

Nothing too indulgent in your list, spend early and then enjoy the fruits of your expenditure while using the yacht. Some expenditure like upholstery can be minimised by doing the work yourself but you do need to know what you are doing to an extent. Just do what you can yourself and pay to get jobs done that you can't tackle yourself. I helped an experienced friend make my new cushions but will do the curtains myself!

Yoda
 
I think it's all about perspective, if your plan is short term gain, forget it. If it's long term enjoyment only stop when you are happy with the boat.

Paean cost £2750 to buy and I'm well over £30k refit costs. But now she is (to me) beautiful. But I doubt I'd get more than £5k cause nobody wants an old wooden boat. But to me she is priceless. roi was to be 10 years but 5 years in I cannot believe I'll want to sell her in only 5 years time.

It's all about perspective.
 
Just what to spend money on and how much seems to me a major concern for all my life. No I don't have an answer. I suppose we should be greatful that we have some to "waste". Of course if you truly have n money then not so much of a problem yet even the down and outs have to decide if they buy another bottle of booze or a sandwich.
Having squillions of money doesn't help much either. Should I order another brand new yacht? Am I being ripped off by those around me? Can I afford a personal jet?
For myself I have a small yacht which over the years has given much pleasure for not too much outlay. I promise myself it is my last yacht. How many more years will I have it? That is the question. Sowith winter pull out approaching how much do I spend. Fortunately I have got past the concourse de elegance urges. Just neat at the start of the season is all I ask know it will get grubby before the end.
Anyway good luck to you all with this constant question. Don't beat yourself up for the pleasure received in spending your hard earned cash olewill
 
Welcome to becoming a PBO - not practical boat owner but poor bloody owner.

I have a 35 year old Westerly Fulmar that I am renovating. It was structurally sound with a replacement mast in 1996, with top grade sails and electronics of the same era, plus the engine had been replaced in 2008. Overall the boat was scruffy and needed some tlc, but bought at a fairly low price. It is a 3 year project with a budget that almost equals the purchase price. But once complete I will have plenty of years sailing a boat with little maintenance, plus when it finally come time to retire from sailing, will be an easy boat to sell due to its condition. I expect it will sell for more than I paid, but I will never recover all my investment of time and money. I do know it should still be around in 50 years time when some of the current modern boats will have been scrapped.
 
I remember my father telling me, in the 1960s, when teaching me to sail that a boat is "a hole in the ocean into which you will pour lots of money", He was right.
 
We're like that. Some of it is just guilt, at spending your own money on something for yourselves. However, we try to keep it sensible. We've had Avocet for over 20 years now, maintained on a shoestring, but every now and then there's a little "treat" that we go for. We cheer ourselves up by thinking of the cost of a season ticket to the football and a satellite TV subscription that we're not spending out on instead!
 
I think its often better to get a boat where the work has already been done. That way you can enjoy the sailing right away. Admittedly there are still going to be refinements/additions that are necessary to suit your taste. One of the most common conundrums is whether it is worth re-engining when the time comes. My own boat cost much less than a new engine, and yet I would willingly (ish) pay out a sum equal to her purchase price for a new engine if it became necessary. Crazy isn't it?
 
Yes I think we are all slightly crazy when it comes to our boats.
We replaced the engine with the same make/model , which made fitting it ourselves easier. That saved on labour costs. We liked the idea of a bigger hp one, but would probably have made little difference to speed and more complicated to fit.
With the summer sailing season stretching ahead, sun shining and bank account recovering, all expenses will seem worth it :cool:
 
I did that with my first boat. New motor, new sails, new sprayhood and dodgers, new cooker, new upholstery, etc....

Then one day you wake up and realise that it only gets dirty and knackered again, and stop worrying about stuff like that.
 
We bought our first boat -a very nice GibSea 96-and proceeded to make it EXACTLY what we wanted.

About 12K later we fell in love with our current boat, had a serious senior moment and bought it.

The purchase price was good, but we dropped about 10K on the GibSea............................
 
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