In this interview, we delve into the key tips for buying a project boat. They’ll spill the beans on what they've learned firsthand. We'll be discussing the ins and outs, the do's and don'ts, and everything in between when it comes to taking on the exciting challenge of owning a project boat.
Did you know that the concept of project boats is not limited to small boats? Some boat enthusiasts have taken on monumental projects, restoring historic and even military vessels, showcasing the incredible dedication and craftsmanship within the boating community.
Owning a project boat can be a perplexing yet rewarding experience. The burstiness of tackling various restoration tasks can be both challenging and thrilling. From repairing the hull to revamping the interior, each step presents an opportunity for creativity and hone your skills to fit your specific needs.
These boats are often purchased at a lower price due to their condition, and boat enthusiasts enjoy the process of bringing them back to life.
We had a chance to discuss pros and cons of buying a project boat with Christophe Derdeyn and Krisztina Kozary, who not only share a love for boats but also enjoy spending time out on the water together!
In this interview, we delve into the key tips for buying a project boat. They’ll spill the beans on what they've learned firsthand. We'll be discussing the ins and outs, the do's and don'ts, and everything in between when it comes to taking on the exciting challenge of owning a project boat.
Dione: What sorts of people buy project boats? What is a project boat?
Krisztina: We are always tempted to boat life or being close to the sea so that was a big factor for us. We have been living in a condominium for eight years since we moved to Singapore and it’s good, convenient, comfortable and safe for the children, but it’s getting a bit boring after a while.
Christophe: Our boat is an 80-foot boat. It’s quite large. We’re a family of four with the helpers, so we wanted to have something that is spacious. It has four bedrooms. We have three common areas and a big kitchen.
The challenge that we had is that it never was entirely finished. The previous owner had it on the market, but it wasn't entirely waterproofed. So, our first hurdle was dealing with leaks and making the boat watertight.
Dione: When you first came across the boat, did you know that it was a project boat? What made you take a look at this boat?
Christophe: We were actively looking out for a boat and we had seen several. Two years ago we were at a boat show and when we saw what a living boat really looks like, we got enamoured with the idea of doing that. Then we started looking at boats between 60 and 70 feet in the area. Even though they were very nice we kind of didn’t feel that we would fit.
Then our sales rep told us that there is this boat which is probably large enough for us but it’s something that really needs quite a bit of work. We had a first viewing and we were immediately convinced about the space and so forth. On the work side, we didn’t really understand what it all would entail. We knew it had problems but we didn’t really understand the extent of it.
Dione: What were some of the pros, some of the benefits of buying a project boat?
Krisztina: Well, we went for this boat mainly for its potential. I mean, I had no clue about the issues initially, being a first-time boat owner and all. We saw loads of possibilities because there's space to play with, and we wanted to mould it into our perfect floating haven. Plus, you know, the sweet deal—the project boat came with a pocket-friendly price tag.
Dione: How do you manage this incredible list of jobs that need to be done?
Krisztina: Honestly, my top priority is making sure the kids have a safe and clean space on the boat. That was non-negotiable for me before we even moved in.
Christophe: When you look at it, it will always take a little bit longer than you anticipated. Looking at the whole “leaking” situation, because initially you have no clue where all the leaks are coming from. You need to trace them. It takes time. But every time you do fix something and you weather the first storm and there’s no water coming in, you kind of feel extremely satisfied.
I have a list of things that I want to do and from the beginning I said it’s going to be two years before we get it into a state that it’s really good. I think that’s probably achievable because the big ticket items or the complex things we now have done and the next steps are mainly about renovating the areas that we want to change. Those are pieces of work that you can properly plan for and they will not take as much time as trying to figure out where there’s an electrical problem or a water leak or things like that.
I am slower than I thought, especially the first time that you need to do something. It takes quite a bit of effort to figure it out. Nothing is really difficult.The first time you tackle something, it's a bit of a learning curve, but once you get the hang of it—like your own fiberglassing or switching pipes—it's not exactly rocket science. Learning the ropes takes some effort, but once you've cracked it, the next time is a breeze, and you can estimate how much time you'll need.
Dione: Why didn’t you just pull the boat out of the water and hand it over to a shipyard and get it back two months later after it was all finished?
Christophe: I don’t have much trust in other people working on the boat. When I look at our boat and I know some of the parties that worked on our boat before and every time that I see a problem it’s often an area where something has been done before and it hasn’t been done right.
To be very honest, I don’t really trust too much when other people are going to do something unless I’m there all the time, so I might as well do it myself. I prefer to do it myself and do it to a standard that I know is going to be okay. I do realise, of course, that if you give it to a big shipyard and you make sure that you have the necessary oversight it’s also going to work out but we’re talking about very heavy investment while when you do things yourself, you can balance things out and so forth.
Time, especially in the marine context, time is money. Marine engineers or people that work on boats are very expensive. So, to mitigate that, I think it’s good to do it myself and I know it’s done well and I save money at the same time.
Dione: It’s a really important point, isn’t it, especially for those entering the world of boating and first-timers. Treating it like a hobby really pays off. If you genuinely love your boat and enjoy taking care of it, it becomes more affordable. Otherwise it’s pretty much cost prohibitive if you’re just going to throw money at it all the time.
Christophe: If you find yourself needing everything done by someone else, you're probably better off buying a new boat rather than opting for a project boat. I've renovated two houses before, and I find satisfaction in keeping busy. It's a pleasant pastime, and since there's no super urgent timeline, I can plan things out.
The list of tasks is never-ending, and every day we discover new things that need attention, but nothing too disruptive. I can schedule and accomplish tasks at my own pace. If I don't feel like working on a particular day, I don't, but when I'm in the mood, I can just get started. It's quite enjoyable to have the freedom to do these things. For me, that's also a significant part of the charm.
Dione: What are the top three things you've learned so far from diving into this project? Are there specific insights or tips you've gained that wouldn't have come your way if you hadn't taken on this endeavour, something useful for other first-timers?
Christophe: On the buying process or generally, paperwork is typically very slow-moving and not extremely regulated.
Dealing with insurance has been a bit of a challenge for live-in boats. There have been a number of accidents in Hong Kong as far as I understand and as a consequence, the insurance market is a bit difficult. It’s not that easy to find a company that really wants to insure, let alone insure it at a reasonable price, because several of these larger insurance companies like Axa, they currently don’t want to take up these types of risks.
With the necessary help you can get around. That’s actually one of the things that I very much appreciate and I think it’s extremely valuable because in the boating community, you don’t know each other very well, necessarily, but you’re still like extended family. You talk to each other and you extend ideas or “I got my insurance there,” so that’s the way that I got my insurance. I got a link up with a guy that said “I can get you insurance” and I actually got a very decent one at a very competitive rate.
Communication is key in this community. We share tools and equipment; if I need a power washer, I borrow it from someone, and I've lent my own tools to others. It's a supportive and friendly network, which is especially beneficial when you spend a lot of time working on your boat. Just take things one step at a time and it’s all going to work out.
Dione: What would be your key tips for people who want to do this?
Krisztina: I think as a first-time boat owner you don’t know what to look for. It’s a very good point to get a pre-survey just to identify the issues which are important or urgent to fix.
Christophe: Euphoria of the purchase and the initial move is one thing and that hasn’t necessarily diminished, but what I see is a gradual improvement of the things that are happening. Day after day we often see very small things are changing but it adds up and you can see that there is a positive evolution in the whole thing and that is very promising.
If we just continue on this path, then it can only get better. From that perspective, I don’t think that this is going to go wrong unless there is something major that happens.
The assessment that was done, I think, when doing an assessment like this, you need to make sure that you have a very critical and very thorough surveyor. When we first saw the initial report of the surveyor’s remarks and this was the outcome of the mini survey, we were pretty shocked with what was in that report because it’s difficult to place what these things are but it also looks quite scary.
With the same surveyor, we had a very extensive discussion--a couple of hours--debating the finer points and understanding how they look at things and how we need to place those things. That was very valuable for us to understand the context better and to see if these are things that we can manage ourselves or not. It’s important that you have a decent discussion with people that you feel are critical enough in their assessment of the boat and have a decent competence that they’re in.
Dione: Is this something that you encourage other people to do or do you have one main tip that you can say to a first-timer who might be thinking about buying a project boat?
Krisztina: Being handy is important, unless you really have a lot of available funds to invest because then, as you mentioned as well, you can buy a project boat and bring it to a shipyard and then they fix that in two or three months and then you’d get it back as you want to. However, the more practical option is to be hands-on.
Christophe: In the project boat community, I don’t know exactly how large our community is but there are six or seven people that I deal with. They’re basically very similar to how I deal with my boat, engaging in tasks like grinding, tinkering with the engine, applying some paint, and addressing various fixes. They have a big list and the big list will not really get that much shorter even though stuff gets done, but nothing is really urgent. So it’s kind of a laid back style of living for people that actually like to get their hands dirty and that’s nice.
As Krisztina and Christophe shared their experiences, it became evident that owning a project boat is not just about fixing leaks or updating interiors—it's a lifestyle. A lifestyle that requires hands-on dedication, a love for the sea, and a community that supports each other through the ups and downs of boat ownership.
Their journey unveils not only the challenges but the rewards of turning a neglected vessel into a floating haven. From navigating the intricacies of paperwork to fostering a sense of camaraderie within the boating community, their insights provide a roadmap for those embarking on their own project boat adventure.
As Christophe wisely points out, the journey of owning a project boat is a gradual improvement, a positive evolution that, with dedication and a love for the process, can only get better. So, for those considering the plunge into the world of project boats, take it one step at a time, embrace the challenges, and soon you might find yourself cruising the waters in your very own meticulously restored vessel.
About Christophe and Krisztin: They both are boat enthusiasts and enjoy their time out on the water with each other!
Krisztin, originally from Hungary, has a deep connection with water and boats since her early years spent fishing and playing around Lake Balaton. With a background in finance, she has worked across various European countries before settling in Singapore in 2011. Despite her demanding roles as a director and CFO, Krisztin is also a proud mother of two lovely children. Her discovery of Sentosa just two years ago reignited her love for the boating lifestyle, leading to the recent purchase of a houseboat where her family happily resides.
Christophe, the Director of Delaware Consulting Asia Pacific and partner in the Delaware International group, is a dedicated boat enthusiast with a thriving career in global IT services and consulting. Since 2012, he has played a key role in building Delaware in South-East Asia, specialising in back-office automation, finance ERP implementations, and information management solutions for various industries. Christophe's journey in IT consulting began with infrastructure and system implementations, eventually expanding into shared services setup and optimization. His expertise extends to large-scale transformations in finance, logistics, procurement, and HR for tier-1 FMCG companies. Beyond his professional achievements, Christophe finds relaxation and enjoyment in the laid-back lifestyle of boat enthusiasts, particularly through his involvement in Sentosa's vibrant boat community.
Note: This interview is being run for the Boat Buyer Expo (www.boatbuyerexpo.com). You can also watch the interview on YouTube HERE.
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