Originally Posted by sailingdog
I generally recommend you reserve at least 15-20% of the boat buying budget for refitting, upgrading and modifying whatever boat you do buy.
I agree with sailingdog on keeping money in reserve for upgrades/maintenance....but I think for a boat that is 30 years old, the maintenance/upgrade budget should be closer to 40-50% of the purchase price
of the boat. Unless the owner has been *METICULOUS* with maintenance and upgraded key components (standing rigging, furling gear, etc), you will run into heavy expenses on a boat this old.