Three quick rules that I’ve found to be true regarding boats and boat restoration/rehabs.
- Any money you spend on improving your boat will not add resale value in terms of return down the line when you want to sell it.
- All boats have a reality value which seldom conforms to their asking price.
- Your personal labor on your boat (aka sweat equity) can increase the value of your boat but only up to but not more than its reality value.
Now, I’ll be the first to admit that these rules tend to fly in the face of perceived wisdom but they all are based on simple math of the 1+1=2 sort and in 99% of the time seem to stand up.
More on the subject soonish…