Plz help me figure out what I don't know!

[MattV]

Hello,

I'm obviously new here, and I'm happy to have found an active forum. I'm seriously considering purchasing a Hatteras, to be used for my family of 4. I've spent pleanty of time with small boats, grew up spending time with my grandfather on his wooden cruiser (lot of work keeping a wooden boat up!) Both my wife and I have extensive experience operating and managing complex mechanical systems which I'm sure will be helpful. I have no experience as an owner of a large boat though, so I'm turning to all of your experience to help me figure out answers to not only the questions I have, but more importantly to the questions I don't know to ask!A 61' CMY seems to have all the features and systems we'd need for a family to be able to spend some serious time out, which is what we'd like to do. We'd likely base it in South Florida, on the Atlantic side.

Here are the broad questions I've come up with so far:

Purchase - Financing rates and durations available on an early 80's boat
- Vessel survey and engine surveys - cost and how to find good people, done in water or out?
- Broker - Similar to real estate agent? I pay my own? Worth it? Any recommendations?
- Taxes - both initial purchase as well as on going (like excise or personal property)
- Importation issues - one of the boats I'm stalking on the internet is in the Dominican Republic. I know there is a 1.5% duty, as well as some paperwork with minor fees for the EPA. Is importation not much worse than that or are there lots of unseen pitfalls waiting to trap you?

Insurance - Potentially a big issue? Cost? Looking around the forums it seems like it can vary wildly, and I can't exactly show a tremendous amount of experience to an insurer, though we do recognize the need for some good schooling and gentle experience to maintain a safe operation.

Slip Fees - Ft Lauderdale-ish up to Jupiter-ish areas? Around $20/ft/month? More? Less? That seemed like a good starting place from what I could find online. My wife is Miami based for work so she'll use it as a live aboard from time to time when we aren't out.

Maintenance - A huge issue with tremendous variability I'm sure. We are both pretty handy, and I generally enjoy it so we can do some maintenance and upkeep ourselves. I know a lot depends on finding a well kept boat. I assume the prepurchase survey will help there? Even with a well kept boat, things are going to need fixing on a regular basis, it's the nature of complex mechanical systems. What's a decent number to start with budget wise to set aside for maintenance?
- Haul outs? Assuming no unexpected unscheduled maintenance, how often is a boat like this hauled, and what does a haul out generally cost?

Operating costs - Seems like you burn around one gallon per mile with a boat like this? What other variable operating costs? Hours between oil changes, fuel filters, etc?

Schooling - Where are some places one can turn for sound instruction?

Any suggestions for other questions I should be asking, or input on any of these questions would be greatly appreciated. Suggestions on good places to go looking for the info would be great too. I can really use all of everyone's experience to help me answer the age old question - "I can afford to buy it, but can I afford to keep it?!?

Thanks!
Matt

[MattV]

Ugh, I apologize for the formatting. I typed it up all nice and pretty, but can't get it to display that way. I'll try to figure out how to clean it up tomorrow. Maybe it's an iOS problem? I'll try it on the real computer in the morning.

Ah, much better. Had to use a real computer to get paragraph breaks and proper (readable) spacing.

[Naughty Lottie]

Matt,Welcome aboard! What a terrific post, all great questions! I had to chuckle at the gal/mile, I wish I got that, for my boat it’s closer to 3 gal/mile at 10kts. It may sound like a lot, but trust me, in reality, fuel cost is the least of your expenses, especially if the boat is used only occasionally. I average about 1,000 gal every two months, and the other expenses, dockage, mortgage, insurance, electricity, maintenance, upgrades, provisioning, depreciation etc add up to way more. Your results may vary....... As a recommendation, since you are sticking your toe into the big boat world, have you considered starting out with a charter? Several advantages to starting with a charter: you gain experience with someone else’s boat, minimal risk if it turn out your family wants to do something else, you can try diffident types of boats and really decide what works for you and what you like, also gather ideas for upgrades etc. Again welcome and enjoy the journey!

[riverrandy]

Agree many good questions, and Ill take a stab at a few.

The 61 is a very good layout. Hatteras' mechanical systems, design, and layout are better than most, but still on a boat! Your mechanical prowis will come in hand and tax you as well. It will be a huge help if your wife is small or you have small children who do not mind dark wet places from time to time.

Being your first time at bat, I would employ a broker, and one who knows Hatteras. Look at a minimum of 1000 boats. it is a great education and gives you ideas. Ask a ton of questions, and test your brokers knowledge. Believe it or not some will make things up instead of finding out the correct answer.

I lived aboard in Miami for a year, and it was about $25 per foot with power and water, but nothing else. There are places, it just takes some homework.

I know nothing about importing so I will pass on that one. Getting a boat from the DR might be costly for either a transportation company, or even just fuel and a captain.

Mostly Enjoy learning the process.

[nor'easter]

I think a broker that you get a reference for here or from another trusted resource is valuable. I would not cold call one. Too many want to show their inventory and talk you up or down into what fits their agenda. There are a good number out there that can be a solid resource, but there are many that will fail you.

I agree with the charter idea if it fits your schedule. Even if not for the game model, buy similar size and layout.

Also, having someone help you screen these boats that knows them can be a huge asset. We are all crazy, and would likely come along or even look ahead to try and help you sort out some of the issues.

I think another good piece of advice is too buy the best boat you can....condition wise. This is not the biggest, or newest, but the most loved and best maintained.

$.02

[Boatsb]

Jim Pease is living on a boat about that size in that area. Maybe PM him for real world advice. He has a non hatteras but hes a good guy.

[MattV]

Thanks everyone for the replies. Someone else pm'd me a broker name from this forum. I'll likely give that person a call when I feel educated enough and sure enough of our direction to not be wasting that person's time!

After a bit more research, we love the layout of the 61' CMY (specifically having the aft cockpit down close to the water,) but the fuel burn on those big engines is concerning, as well as their increased complexity. I know fuel is a small part of overall cost, but I'd also like to be able to get a little better than 300nm or so between fuelings. I've educated myself a little more on the hull designs, and maybe a full displacement trawler would be a more appropriate boat. While double the speed would be nice, the difference in fuel burn per hour at a given speed with something like a 58 LRC or other similar size/hull design is huge. That aft cockpit would just be soooo nice to have... Any suggestions on other boats to consider would be welcome.

I also dipped my toe into the insurance waters a bit and had my first jaw dropping moment. I just filled out one of those online quote requests from Boat US so I'm sure I can do better but it still was a bit higher than I expected! Any suggestions for an insurance broker I could talk to would also be great.

Thanks again for the replies.

Matt

[MattV]

Oh, I should add, I'm currently hung up on whether on not a water maker should be on my desired equipment list? Be awfully nice to have when out for more than a few days, or cruising around the Bahamas. Not having to be quite so concerned with fresh water consumption, availability, or quality.Worth the trouble? I know it can be added, but the units aren't cheap! Be nice to be able to run it half the day (or less) and have plenty of fresh water for showers and such.

[SEVEN]

Oh, I should add, I'm currently hung up on whether on not a water maker should be on my desired equipment list? Be awfully nice to have when out for more than a few days, or cruising around the Bahamas. Not having to be quite so concerned with fresh water consumption, availability, or quality.Worth the trouble? I know it can be added, but the units aren't cheap! Be nice to be able to run it half the day (or less) and have plenty of fresh water for showers and such.

Sounds like you will use one. I have one and they are great.