Protecting your investment by keeping your boat in good condition is just plain commonsense - but precisely how much money you should spend on improvements are more of an open question.

The starting point, of course, is structural integrity. Understandably, your insurer would expect you to make sure that your boat is fit for its purpose which means checking that everything – including the rigging – is sound and seaworthy. But even here, you have a choice: when things wear out should you replace like for like or upgrade to something better? It depends to some extent on whether you want to keep your boat for the foreseeable future – in which case you can simply choose what best suits you, but if, on the other hand, you think you might sell her at some stage, it’s more a question of market economics.

So, before you embark on any serious improvements it’s worth looking at the sort of prices people might reasonably expect to pay for a boat like yours. When you look at the figures, you might conclude that, while updating a classic yacht with an established following could be worthwhile, pouring vast amounts of money into, say, an outdated, thirty year old GRP production cruiser might be very unwise.

As to the exact kind of work you might do, as a rule it’s best to play safe. Untried innovations, extravagant or unconventional modifications and personal flights of fancy rarely add much to the value of a boat and in many cases may actually make her much more difficult to sell. That’s particularly true when the boat in question is a class yacht or a one-design.

Indeed, if the changes you make mean she no longer conforms, attracting a buyer may be almost impossible unless you dramatically reduce the price. At the other extreme, making rational, relevant and professionally approved changes – upgrading deck hardware and plumbing and heating systems for example –might be well worth the outlay. As before though, it’s important not to price your boat out of the market.

Another reality check is liaising with the relevant owner’s association. Organisations like these can speak with authority and insight. For example, if you fancy changing your engine – switching from petrol to diesel perhaps – they can tell you which engine make and model their members tend to favour (and why) and which ones they prefer to avoid. They can also help you avoid some of the other obvious pitfalls and provide detailed facts and figures that go far beyond the brochures. As well as helping you to make more informed decisions, this will also probably save you time as well as money.

It’s equally important to talk to your insurers. With their vast database of information they can often provide valuable information, not least about such things as on-board security systems, the installation of which, in some cases, may not only enhance the value of your boat but also actually reduce your premium.