You’re happy with the boat and have no plans to sell. Does that mean you have no reason to arrange for a boat appraisal? The fact is that the results of an appraisal can provide more help than setting a sale price. Here are a few of the things that you will learn.
Identifying Issues That Need Attention
While you do a good job of keeping the boat ready for use, there may be some issues that are easy to overlook. By taking the boat to an appraiser, it’s possible that the professional will pick up on something that has escaped your notice. This provides you with the chance to make the repairs and further protect your investment.
Think of the appraisal as a good way to get an objective look at the boat itself. The input will make it easier to know what should be done with the boat next, make plans for the repairs, and possibly make future maintenance a little easier.
Determining If You Have Enough Insurance
It’s been some time since you gave any thought to the boat insurance. While there’s no doubt that you locked in sufficient coverage at the time, is it still enough? One way to find out is to have the boat appraised.Once the appraisal is done, compare the market value to the amount of coverage that’s in place. You may find that the amount is still good. It may also now be more than needed, or perhaps the enhancements you’ve done indicate that more coverage would be a good idea. Use the appraisal results to adjust the coverage accordingly.
A Figure to Use For Assessments
There will be different types of assessments that apply to your boat. Many of them will be based on the current market value. It’s in your best interests to know what that value happens to be currently.
For example, the results of the boat appraisal may provide some insight into the figure used to calculate the taxes that you pay on the boat each year. If the results indicate that the base figure used to determine the tax obligation is too high, the appraisal may provide the grounds for having that figure adjusted.
Knowing Whether the Boat is Appreciating or Depreciating in Market Value
For a number of reasons, you want to be aware of how the boat’s market value is moving. Some might say that there is no need for this, since the boat is likely to depreciate over time. In fact, it is possible for a boat to appreciate in value, much the way that classic or antique cars can become more valuable.
Since you may not be aware of all the factors that influence shifts in market value, it makes sense to get an appraisal from a professional. Keep that figure on hand, since it may come in handy if you decide to sell in the next year or so.
When was the last time a certified appraiser had a look at your boat? If you can’t remember, now is the time to make plans. What you learn may end up benefiting you in more ways than one.