Project Boat vs Bare Hull
After reading the posts under "project boats - where do you find them", I think one other avenue would be worth exploring. When you find a true project boat you will end-up replacing almost everything (assuming you want to bring it to a seaworthy level). When finished you will have a new boat built around a 20+ years old hull. Does this really make sense?
I know several couples who explored the "project boat" idea but eventually decided on having a good yard build a "new" hull and they finished the boat, under the theory that they would save the labor costs and it would be built the way they wanted it. One boat turned out magnificent while the others are so-so.
Based on their figures (and they are in no way verifiable), they saved about 20-30 percent of the cost of a new boat.
They felt it was worth it for 3 basic reasons:
1)the cost savings
2)they know the boat intimately
3)the cost was spread out over many years