I just got beat up by the 'hidden' costs myself. I paid $6500 for an Etap 26 sailboat that appeared to be in very good shape. It had problems that I was well aware of, but I am dangerously handy. I can do almost anything from making the drawings to welding, machining, fiberglass molding, plumbing, etc. What cost me a lot, was that many items were not repairable, and had to be replaced. For instance, I planned on rebuilding the head, then foundd out the main housing was cracked, and parts cost more than a new head.
Another really important point. I bought a boat for $6500 that cost $36,000 in 1984, and would cost about $80,000 today. When I buy parts, I'm buying parts for an $80,000 boat NOT a $6500 boat! My budget, based on cashing a CD was $10,500 for this year. I have passed $15,000 and the Admiral is NOT happy!