Bundeenabuoy said..Andrew68 said..MorningBird said..
A week of cleaning and polishing and $10,000 on electrics and rigging and it is a great buy. Maybe another $10,000 on standing rigging but still a great yacht for the money.
That is the same price I sold Morning Bird for, $42,500.
If you have unlimited time, and money is not an issue then this is a great project.
We all have different criteria with variable skill sets. What is an enjoyable challenge for one can be a never ending nightmare for another.
Andrew's phrase 'where I was happy with it' resonates with me.
OK, I must admit I am new to sailing, but what I have found is that almost anything metal on a boat has a serviceable life of 20 years, or less.
The sailors I know that are doing offshore work are undertaking complete re-fits on a 10-15 year cycle and this is consistent with boats that are for sale that are being used off shore. I know about 10 people who have lost their rigs and I have seen first hand lots of examples of near misses - all on old kit that would have catastrophic. I have seen out of date life rafts fail, VHF radio's with less than a 5-mile reception, anchor fittings, fuel fittings, auto-pilot, bilge pumps fail. I have been the only yacht out of a half a dozen that has a floating dinghy with a working outboard motor.
If I was fair weather club sailing in the bay, sure no problem, but 100 miles off land in 40 knots it is a different story. Then you also need to consider the liability risk if you are taking on crew.
I think the costs depend on what point in the re-fit life cycle the boat is and whether you are prepared to run to failure or have a reasonable margin of safety. I am an engineer, qualified electrician, do all my carpentry, fibre glassing, engine servicing, assist my rigger, climb the mast, search the web on ebay, gum tree for cheap parts and I still couldn't get the costs down. All the small costs add up. Despite all the work, the boat still looks the same as when I bought it, I have pretty low standards, I just want to be happy that the boat floats, rig wont come down, the keel won't come off, I can call for help and I wont be sued. I enjoy the challenge and love the boat, but for most that want a similar level of safety to what they would expect for their family or work, it is expensive BOAT business.
There is definitely a group of sailors that are oblivious to safety risk. Here are some photos from my boat that previous owners and others have taken into bass strait. None of this was immediately visible and was not picked up even in survey. This sort of stuff seems common, at least in Victoria, in older boats and I think should be expected over a 20 year life cycle.
50% of the deck fittings were like this. All between 15-20years old:

crack in fore stay turnbuckle (under furler):

don't worry, you can polish out those rust stains...someone actually said this to me about this stanchion before it cracked.