Choosing the right project boat

How do you distinguish a real bargain boat from one that’s not worth restoring, even if it’s free

- Rupert Holmes

The idea of a project boat can be enormously appealing. It’s hugely satisfying to give a vessel a new lease of life and it can be a route to a better boat for a restricted budget. There’s also a benefit in terms of ongoing maintenance, repairs and fault-finding if you know every aspect of your vessel intimately.

However, for every successful project there are at least as many that never come to fruition. Before I took her over this had been the case with Minestrone, the Extension 24 Quarter Tonner I renovated in 2008-9 and documented in PBO – even some of the most talented and enthusiastic boatbuilders can get bogged down.

These can represent dashed dreams as well as significant financial losses. A cold, analytical approach is therefore critical when assessing any potential project.

The starting point should always be to look at how you want to use a boat. Will it be day sailing and occasional weekends for a couple of people? Longer holidays for a family? Racing, or long distance cruising? A potential project that's great for one person may well be totally unsuitable for others. Be warned: it's surprisingly easy for the appealing idea of a low-cost boat to cloud your thinking. Trust me on this-I speak from experience.

The total cost of the equipment for an older boat is usually far greater than the market value of a well maintained example. So a project that requires many items to be replaced may not be viable in a financial sense and ideally, you should be looking for a boat that has some relatively new kit. That might be sails-I've seen several abandoned projects with unused new sails-or spars and standing rigging, or a replacement engine.