When considering refitting an older yacht one must understand that in many cases the refit could cost more than the yacht is worth. If you buy a 10 year old vessel for $9 million and wish to restore her to new condition this amount of detailed work could cost another $9 million. A new yacht of the same basic design might be valued at $27 million but the refitted vessel with $18 million in her may only be worth $15 million after all of the work is completed. Even though one may not like this financial equation, if the plan is to keep the yacht for many more years, the refit will begin to look like a good decision, especially if the name brand and the pedigree of the older yacht is significant.  

Before considering the purchase of the older yacht and taking on the work, due diligence must be performed just like any other good business plan. Important questions must be asked.

-    Who will write the bid specs.?

-    How many quotes will be necessary before selecting the shipyard?

-    Where will the refit take place?

-    Will the yard carry appropriate insurance?

-    Will the fixed price quote be able to be bonded against a miscalculation of the bid price?

-    Are the management and the workers skilled enough to achieve the expectations you may have?

-    Can the time allowed for the refit be met realistically?

-    Is there enough information to truly understand what has to be repaired and replaced on board?

-    Before taking on the refit, make sure you have the refit design and engineering completed.

-    Before any yard is awarded the contract there must be test samples of the expected results for exterior paint finish (panels that will be compared to the final yacht for gloss, texture, imperfections, plumbing repairs, furniture refinishing in color, texture, and gloss, comparative photos from previous yard work.

-    The team is the key. Taking on a refit without a full understanding of your team's capabilities can lead to disappointments. Surround yourself with recommended professionals that you have known long enough to trust with your yacht, your time, and your money.


Below are some past YMS refit projects: