[sailingmum]

Never take one these puppies without a survey unless you've got the wallet and/or the stomach for the consequences.

Thanks for bringing this up. The above should have been in the beginning and at the end and probably in the middle. Yes, if you think the boat is sailable after your preliminary inspection (shop around for surveyor referrals and prices before you do anything, so when you do find a good potential boat, you're ready to move), and believe the vessel is potentially worthy, have a professional expert check it out. Even if it is sailable, there may be hidden and costly problems you can't deal with.. if there aren't problems, a surveyor will be able to tell you what items you should plan to replace and when. If the surveyor's report gives you a go, you'll have a much better understanding of the vessel.
So yes, the boat may be free, but welcome to your watery and windy love affair - WWLA - and yes, you better love it !
The costs begin with the survey, the registration and the insurance. But you're in love with a dream, right ?
PS... If you're just starting out !~! !~ start with a Sunfish or a Laser or American 17~ you don't need more than an experienced sailor friend for that inspection, no motor = no registration, and your homeowner's will include the boat. Oh, and start on a bay or a lake, so you won't be swept out to sea ! and please wear the PFD. It's tough treading water unconscious or for hours if your lookouts decide to go for a drink. Better to be dorky and alive, than cool and dead. Anyway, there are some cool kayaking PFDs, give you great range of motion and after a while, you'll forget you have it on. (until the boom knocks you silly or you're exhausted from trying to right the sucker from a capsize, you'll remember you've got it on and be grateful and much, much more relaxed which will conserve energy).
Oh, and have FUN... it really is FUN !