Many people question the importance of getting a Washington D.C. marine survey. To them, it feels like a waste of time and money. Many believe they can perform a thorough boat inspection on their own. However, while some people end up being lucky, especially when buying a used boat, many end up with frustrations. This is because the lack of specialized equipment and experience causes them to perform a mediocre boat inspections.
Is a marine survey worth it? If you are one of the many people who ask this question, this post is for you. In this article, we will be answering this question with practical examples. Let’s get started.
Helps determine the fair market value
It is easy to walk around a boat and make note of all the problems that the vessel has. The hard part is determining the fair market value of the vessel. Even when you consider the price of similar vessels, there are many factors that affect the value of a boat. One of the services offered by a marine surveyor is appraisal inspection. This is a type of survey done to determine the fair market value of a boat. You can use the survey report to determine if the seller is overcharging you and negotiate a better deal. Sellers can use an appraisal inspection to set a fair selling price.
Exposes the condition of a vessel
There is nothing more frustrating than spending money on a boat that has more problems than you imagined. Many sellers of used boats perform cosmetic work to cover up flaws in their vessels. If you are not keen, you may end up spending money on a doomed vessel. Bringing in a marine surveyor will help you uncover all the issues that a vessel has. This information can help you determine if it is worth buying the boat or not.
Helps with financing and insurance
When you need to use the boat as collateral, the lender will give you a fraction of what the boat is worth. Getting a marine survey done can help determine the real value of the boat and also help lenders give you better terms and a larger amount. For insurance purposes, a marine survey will help you know the type of coverage you should take and how much coverage to take.
Helps with decision making
If you are still asking is a marine survey worth it, the answer is yes because the survey report will help with decision-making. In addition to understanding the fair market value of a vessel and learning about its flaws, a marine surveyor will be able to help you know if the vessel suits your intended use.