Buying your dream boat

When it looked like early retirement was a possibility for me, I started thinking about boats again.
I have always loved the sea and sailing, had owned boats in my early 20's, back on the south coast of the UK, and had raced dinghies and yachts through my 20's. Owning a sailboat again has always been a dream. But it's an expensive proposition upfront and a money-consuming enterprise as time moves along. I have also always been of the opinion that buying a boat just to see it parked in an expensive marina for most of the year makes no sense.
So, could we afford one, and did we want to spend about half the year sailing were big questions to be answered. Hil and I agreed that "yes" was the answer, and part of this decision was that we would buy a boat in the Caribbean, with a plan to cruise through the islands over probably a 5 year period.
There are lots of boats available throughout the islands, and good deals to be had. Most marinas will have an array of boats up for sail. But the simplest way to look is via internet searches, through sites such as yachtworld.com
Decide what you want to do and where you want to go with a boat - that should narrow down your choice of boat type.
If you find one you like, you can get a lot of info on it from the internet and the broker, and you can also arrange a survey - but at some point you need to go and do an "on the water test" - take it for a sail.
Having cruised extensively (bareboat charters) in BVI, it was BVI where I started looking for a boat.
I also actually made a bid for a yacht at a US government auction in St Croix - these don't often come up, but if they do, you may get lucky and acquire a vessel at 50-60% of its market price. My bid was online, and you need to be present to win this process, so I was unsuccessful. (Go to US Govt auctions, and try a search on boats)
My next offer was also unsuccessful - it was for a 45" Hunter - the price was right - it surveyed fine - but when I came to sail it, I just didn't like the boat. So, I walked away, despite having sunk some money in the survey and travel to see the boat.

I ended up buying a boat that was coming up to the end of it's 4-5 year charter service in the Moorings fleet in Tortola. Buying an ex charter boat has pros and cons. They have been used extensively, and not necessarily handled with care. But they have also been maintained fairly well. I have always had the view that a boat stays in better shape when it's used and maintained, rather than just left to sit in the elements. You can also ask to see the boats maintenance records, and get a really good feel for its usage and history.
Charter boats come "as-is", fully equipped for charter, so ready to cruise the islands.

I found Moorings excellent to deal with, and receptive to helping with questions and issues on the boat long after the purchase date. The brokers in Tortola, John Welch and Richard Vass, were just great to deal with
Moorings also offered a nice deal to buy a new set of sails at their wholesale price, and you can often buy additional non-standard equipment from the boat owner or sister-ship owners. I purchased a gennaker, shore cables and other gear this way.

My boat purchase story was actually captured in one of a series of articles in BVI's YachtGuide magazine (Dec 2006 issue), and you can read it online.

So a few quick tips for those interested - based on buying a second hand boat

- work out how much time you want to spend on the water. If it's 2 or 3 months or less per year, you might be better off chartering.
- decide what you want to do and where you want to go, to help narrow your boat choice
- GET A SURVEY DONE, and preferably be there with the surveyor
- take it for a good sail test
- include everything you want fixed as "conditions of purchase"
- don't get carried away with size - smaller can be better - easier to handle, and less cost
- go through the maintenance records if possible
- go for low engine hours, either since new or rebuild
- if you are thinking of moving on US waters, buy a US built boat - easier resale and registration
- if you are thinking of moving on to med waters, buy a euro built boat - electrics and registration