Embarking on a yacht refit project can be an exciting endeavor. It allows a yacht owner to enhance their vessel’s performance and aesthetics. It is crucial however to be aware of potential hidden costs that can arise during the refit process.
At PKD we take great strides in completing our refit projects on time and on budget, which is only possible by anticipating and managing these unexpected expenses.
Here are 4 common hidden costs one might encounter during a yacht refit:
Structural Damage and Repairs:
One of the most significant hidden costs that can occur is that of discovering structural damage or issues with the yacht’s hull, deck, or superstructure. During the refit process, as some areas of the yacht are being dismantled, it’s not unusual to discover an unknown issue that requires attention and repair. These repairs can quickly add up, impacting the budget.
As we delve into the yacht’s mechanical and electrical systems with the intention of upgrading or replacing outdated components, issues concerning the method and age of the wiring system can surface that were not initially apparent.
As the refit progresses, it’s not uncommon for additional modifications or upgrades to be requested or required. These changes can lead to scope creep, expanding the original project scope and subsequently increasing costs. Developing a budget outline with figures assigned to various disciplines of the project can assist in identifying budget overages.
Cost of Delays:
Refits are complex projects with multiple suppliers involved. Delays in deliveries, unseen technical challenges, or weather disruptions can all impact the timeline of the refit. On account of this, It’s crucial to build in a contingency plan and relative and budget.
Working closely with trusted refit professionals who can help you navigate these challenges will keep your project on track and within budget for a successful refit experience.