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Really depends on the boat. If it has a solid core and it is localized it could be blisters or de-lamination. If it is cored it could be we core. If you are going to pay someone to fix blisters or wet core you are talking about 10's of thousands depending on size of boat and extent. If you do it yourself it may be a few thousand in materials, but a LOT of time with a grinder and very unpleasant work. If that does not scare you then go for it. For me if it brought a boat I really wanted into my price range I would do it, if I had a place to do the work. yard fees are rather high, and many won't let you grind on your own hull as there are clean harbor rules and other environmental issues.

Give us more details on the boat, and we may be able to give better advice. Big difference between half price on a 25 foot trailer sailor, and a 60 foot swan.

Keep in mind that annual maintenance will be a lot of money so don't spend yourself into the poor house on the boat and not be able to keep the boat in good shape. Better to get a small boat that you can afford to maintain.
 
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