It is exciting. We went through the same process 6 mths ago and purchased a Morgan 22 after getting our ASA101. After spending a lot more money than anticipated getting her up to snuff, we finally got her out on the water. She sailed like a dream, despite her old sails. A whole lot nicer than the Hunter 22 we learned on. Felt like a thorougbred by comparison. (probably because of the 1200 lb lead ballast). The moment she took the wind, it was all worth it. Now we are working on our ASA103/4 so we can charter in the Virgins in a couple of years.
The learning curve we experienced was educational. We bought the boat so cheaply we didnt bother with a survey. The bottom seemed mostly blister free and we knew we would need the rigging
replaced. However the bottom needed more work than expected and the replacement teakwork was pretty pricey,even doing it ourselves. We replaced the centreboard cable and pin and fashioned a tabernacle to lower the mast. Luckily we found a great machinist, rigger and hull repair
guy which made the process easier. We sure learned a lot about the boat in a very short time and spent more money than we could ever anticipate!
Next in our budget is roller furling
and new sails for the sailing season. My old back doesnt do well bending over the sailbag on the foredeck!
Good luck with your survey. We had dreams years back of getting an Island Packet after seeing one at the Miami boat show and we were going to do the liveaboard thing. Unfortunately health issues precluded that.
You are going to have so much fun!
All the best.