Brokers Tips: What Are You Considering Buying?
By Matt Leduc, Latitude Yacht Brokerage, LLC
You have made the jump and are looking for a boat for you and your family. You have worked hard for a long time and this is your payoff. Your broker has listened intently to your needs. You have done your homework together and have come up with a handful of boats that could be “The One.” Do you know what you should be looking for?
The entire process of “looking at the boat” is very important. You must look with intent and purpose. You are looking for clues to the boat’s history. It’s nice to get as much information about the boat as possible before you go to see her. Many times the seller may be unaware of an issue, and other times the seller would rather have you try to find the problems. The data you collect should be used to assess if she is worthy of your consideration. Now, let’s go take a look.
It is all about the layout. Boat building has come a long way over the years, and this evolution has made manufacturers consider the customer. It has always been and will always be about layout. Many of my customers need this advice. Many get caught up in the model number/length of a boat from a particular manufacturer. I have seen many manufacturers move a nav-station desk a certain way and, in combination with a slight move in the galley counter top, make a 36-foot boat feel bigger than the previous 38-foot model. It is amazing! The only way you will observe this is to get out on the boats and take a look for yourself. It will only take a few seconds below to find out if you like it or not. Don’t be shy. If she doesn’t fit, move on to the next boat. If you do not like the interior layout or finish, nothing else will matter. If she looks interesting, then continue. Remember, look with intent and purpose.
The first thing I like to do when I’m with a client is to look at the boat from a distance, ideally from as far away from the boat as possible. Stand forward of the bow and look down her centerline. Look for symmetry. Anything out of balance could be a sign of an issue. Keep in mind, you are looking for clues to an issue that the boat has had in her past. It could be nothing, or it could take you down a path for more information. Make your way closer to the hull, looking down the topsides. You will always see some nicks and dings, but you should be looking for cracks, crazing or blisters. These are the issues that could cause the biggest concern. Then, make your way aft and look at the running gear. Check the strut, cutless bearing, shaft, zincs, rudder and rudder bearing.
All of these items tend to come up in a survey once in a while. These items need periodic attention during the boat’s life, and you may need to budget for maintaining or replacing any or all of these within the timeframe of your ownership. The biggest one of the group is the rudder. An extremely high percentage of all rudders in your marina have a moisture or delamination issue. It is very common issue with fiberglass rudders, and you may need to deal with this.
The deck is the make-or-break point for a boat. If the deck has a high moisture reading on a moisture meter and/or is delaminated in high-stress areas, there is a problem. You may not want to deal with it. On older boats, elevated moisture readings or delamination become more common. When dealing with this type of issue the question then becomes location and size. Many times, moisture or delamination is in an area of low stress. In that case, it should be monitored throughout your ownership. Of higher concern are high-stress areas such as chainplates, mast bases, stanchions or the windlass. The good news is that on a fiberglass boat most of these issues can be repaired to be just as good as new.
When inspecting storage compartments, look not only at the storage space but also the tabbing. The tabbing is the 2- to 3-inch tape that holds the interior parts to the hull. Does it look cracked or coming up in areas? If so, it could be a clue to an issue. Compartments are another area that could hide signs of an active or old leak. Get into the bilge – How does it look? Look at the tabbing, keel bolts, wiring and plumbing runs.
Systems investigation may be tricky. In the Northeast, the biggest buying time is in the late winter and spring, when most boats are out of the water. Most of the systems analysis will be done at the time of the survey. The survey will only be done after you have already seen the boat and agreed upon the price. How do you account for systems issues before the survey? You must ask questions of the seller. Get as much information out on the table before you negotiate the price. All of the 12V and 110V systems should be tested at the time of the survey. What about the water systems? If you’re buying a boat and choose to test a system you will be required to re-winterize any system that you decommission.
Many times these systems will be covered in a decommissioning escrow that will be held back at the time of closing. Talk to your broker about the details of the escrow hold back. This is a very brief description of what you may encounter during your purchase process. You may buy and sell a handful of boats in your lifetime. Every one of them is a great investment of time and money. Your Latitude Yacht Broker can sell as many as 30 boats per year. The above advice is a sampling of what our experienced brokers can provide as we guide you through the process, assist in looking at a boat, and manage the transaction and closing.
This past summer Latitude participated in the Newport Yacht Charter Show at the Newport Shipyard. Latitude recognizes that the charter business is a substantial segment of the market and continues to grow as an exploding trend. Many of our existing clients already charter in the Caribbean and we’d like to offer a better service by assisting them directly. Sue Gearan will be heading up our new Charter Division. She is based in Newport, RI and has been a Yacht Charter Broker for 13 years. Sue has had an extensive career aboard both charter and private yachts working as chef, stewardess and mate for high profile owners and guests. She knows what is needed to ensure that clients get that one-of-a-kind, unforgettable experience. Although her focus is in New England, Florida, the Bahamas and the Caribbean, Sue has explored over 80 countries, visiting many of the world’s most desirable cruising areas. She loves to share her expertize when planning itineraries. Sue is an outgoing “people person” who analyzes and connects with the client and the crew to ensure a perfect match. To create memories that will last a lifetime call Sue at 954-376-1235 or email her at: 
Carter Richardson is Latitude’s classic yacht expert! Carter graduated from the Naval Academy with a degree in Engineering and he served onboard the USS COMSTOCK, deploying overseas to the South Pacific and Alaska. During his time in the service, Carter was qualified as a Navy Diver and Surface Warfare Officer. Upon leaving the Navy, Carter attended IYRS and graduated from the Boat Building and Restoration Program in 2004. Building on the experience that he gained while at IYRS, in 2006 Carter opened East Passage Boatwrights, a full-service inland boat yard that specializes in the restoration of classic wooden yachts like SONNY and SKYLARK of 1937. In 2017, East Passage was a part of the team awarded Classic Boat’s Restoration of the Year (Sail over 40’) for the restoration of the 1935 Sparkman & Stephens yawl SANTANA. Carter’s experience has brought a wealth of knowledge to Latitude. He looks forward to working with buyers and sellers in the stewardship of classic wooden yachts. Call Carter at 401-258-8319 or email: 
Our expansion into the western CT, NY and NJ market was necessary. Many companies in the area are very focused on new boat sales. Latitude’s commitment to the brokerage market is second to none. Our focus is your listing! Gene Magnetti will lead our expansion south into a new market for Latitude. With a career in sales, marketing and organizational consulting, and as a lifelong boater and sailor, Gene understands the need for information and helpful advice in buying and selling. He’s held positions at Fortune 500 companies such as Xerox and Exxon, was a Senior VP at a Wall Street mutual fund company, and headed up the Westchester Convention and Visitor’s Bureau as President and CEO. His homeport is Mamaroneck, NY where he sails his 33′ sloop and does harbor tours on his Boston Whaler Montauk with his family. Gene has ten years of yacht brokerage experience assisting clients to find the right boat at the right price or selling at the best possible market price. Call Gene at 914-806-3399 or email: 
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