Boat appraisals are not as extensive as purchase surveys, insurance surveys, or financing surveys. An appraisal will consist of inspection of the vessel for obvious defects, or outstanding repairs. An appraisal establishes the condition of the vessel. Once the condition of the vessel is established a Fair Market Price is placed on that vessel.
The Fair Market Price of a vessel will often vary, sometimes as much as 50% depending upon the condition of the vessel.
-
Appraisal surveys are often used when boats are donated. The appraisal survey is an important part of IRS documentation.
-
Appraisal surveys are also used in divorce settlements and estate settlements.
-
Appraisals surveys are often requested prior to placement of a boat on the market. This survey will establish the approximate value of the vessel and will usually indicate at what price the vessel will sell. Many boat owners will consult a surveyor prior to selling a vessel in order to obtain the best selling price. Surveyors often have suggestions on selling a boat.
