Refit
Major maintenance, modernisation, or rebuild work undertaken at a specialist yard. Typical scopes range from cosmetic refresh to multi-year structural rebuild.
Refit is the umbrella term for periodic capex on a yacht above survey-and-class minimum. Mid-life refits at year five to seven typically cover paint, soft furnishings, and selective system upgrades. Full refits at year ten to fifteen include structural and propulsion work and can run 30 to 60 percent of the yacht's pre-refit market value. Overrun against initial budget runs 30 to 50 percent on the empirical opened-up-vessel pattern.