You recently decided that it was time to have your pleasure boat appraised. Now that the results are in, you can put that information to good use in a number of ways. Here are some examples of what can be done with a boat appraisal once it’s in hand.
Be Happy Knowing You Have Enough Boat Insurance
One of the first things that you noticed is that the appraisal confirmed something that you believed to be true. The current amount of boat insurance that’s in place is enough to cover the entire value. That means if an accident led to a total loss, you would have enough insurance money to purchase a suitable replacement.
This may also mean that some of the enhancements or modifications that you made to the boat did not affect the value. That’s actually a load off your mind, since someone had told you one or more of those modifications would decrease the value. Now that an expert says otherwise, you can put the matter to rest.
Use the Details to Make Minor Improvements
Appraisals involve checking into all sorts of areas of the boat. There’s a chance that the appraiser will come across some minor issues that don’t affect the overall function or safety of the boat, but do have some impact on the value. The good news is that you can make minor improvements that help to protect that value.
In some cases, there will be little things you can do on your own. Other issues may need attention from professionals. Take care of them promptly and they won’t have any impact on the boat’s market value hen the next appraisal is done.
Take Care of Any Major Issues That Are Discovered
Perhaps there are no little issues to address, but the appraiser came across one or two things that are of a more serious nature. This is actually good, since they are problems that you have not noticed. Thanks to the boat appraisal results, you now know about them and can take action.
Keep in mind that resolving those issues may be important in terms of ensuring the boat remains in good enough shape to use. It will also mean that you and anyone else in the boat will be able to enjoy it with a greater degree of safety. Those are good things in any case.
Set a Sale Price For The Boat
The chief reason you decided to have an appraisal done was because the plan is to sell the boat. Along with ensuring the boat was in decent shape, that appraisal helps in another crucial way: providing inspiration for setting the asking price.
Based on what the appraiser tells you, it’s possible to come up with a price that’s fair, competitive in the local market, and will hopefully cover all or most of the cost of purchasing another boat. With the right price, you may find that your boat doesn’t remain on the market for more than a couple of weeks.
Remember that a boat appraisal can be helpful in more than one scenario. From staying on top of general upkeep to knowing what sort of sale price is reasonable, there’s a lot that can be done. If it’s been more than a couple of years since you had the boat appraised, today is the ideal time to set something up.