THE PROJECT-BOAT DILEMMA

You can get what you want with a project boat or a turnkey vessel, but only if you take a hard look in the mirror first

- ROGER HUGHES

In 2011, I began searching for a specific type of ketch. I flew from Florida to Mexico, to Seattle and the British Virgin Islands, all to inspect boats. My budget was around $180,000, but I was unable to find a vessel to my liking-unless it was a project boat that would require a lot of repair and TLC.

I'm far from alone. No matter what the ideal boat is in any sailor's mind, it's always a quick descent from the dream back to reality, which usually includes asking yourself whether you should buy a less-expensive fixer-upper or a more-expensive (and allegedly) turnkey edition. Experienced boat owners tell first-time buyers to take a hard look at their own skill levels and personal circumstances when trying to decide. Many first-time buyers fail to listen, at which point the descent continues from reality into nightmare.

Part of the problem, I think, is that a laundry list of factors comes into play when deciding which type of boat to buy. Precious few buyers ever think about them all. You need to consider your aptitude for and attitude toward do-it-yourself projects, your available tools, your age and health, and the age and condition of the vessel-not to mention your expectations and personal circumstances.

With all of that in mind, here are smart ways to think about the possibilities and pitfalls that might confront you, whether you go the fixer-upper or turnkey route.

MAJOR CONSIDERATIONS

If your budget is limited, then a project boat-a neglected vessel that needs a lot of work-might be the best way to acquire a particular model. For a person who is capable of doing the work, the project boat can become a nice boat that is more valuable.