Ray,
There are several hidden costs and most people are unaware of them before
they bite. Be very careful about taxes and use charges. These are very
different, place to place. Moorage fees can also bite. Security costs are
location specific and are a real concern. The biggest of all is insurance.
The typical cost is 1.5 to 2.5 % of the insured value per annum. Remember,
good insurance is insurance that pays when claims are made, not the least
expensive premium. Make absolutely sure what your insurance covers, even if
you have to hire a third party to decode the fine print. Do not insure low.
If you do and then make a claim, the value of the claim will automatically
be reduced proportionally. Do not use an estimate of value. Get the boat
surveyed and thoroughly inventoried with photos and receipts and be certain
to submit them to the insurer at the time of signing the contract. By now
you have realized just how expensive this coverage is. You can elect, as
most people do, to assume your property risk yourself. You must not elect to
not insure against liability. This is very foolish, as liability insurance
is affordable. Under the law of the sea, the vessel is firstly responsible
for any caused damages. What this means is when the responsible party is in
question, a bond must be made equaling the claim or the vessel is chained to
a pier until the issue is resolved. This can take years. The costs for this
moorage will be born by you and can easily exceed the cost of the vessel.
Additionally, you may not be allowed either access to, or maintenance of,
the vessel during its impoundment.

If you are thinking about mortgaging the purchase, you will be forced to buy
full coverage insurance of the vessel and you will find that this very
expensive insurance will have a use radius clause which limits your coverage
to say 150 mile radius from your declared home port. Any voyage exceeding
this radius will require specific trip insurance, which may not even be
offered or it will be offered at such a rate that it would not be
unaffordable. Additionally, the mortgage holder must also give specific
permission for the trip. There is a very good reason that only very wealthy
people with lots of disposable income own large boats, even if they build
the boat themselves.
Steve


"ray lunder" wrote in message
...
I've only owned small sailboats before but now,.. I'm looking at a
pretty good deal on a 41 footer that needs some work. Can anyone
comment on the less obvious costs of owning a boat this size? I do
most repairs myself on smaller boats. Thanks as always.