I think the dept & breadth of the refit
changes with boat and with the target adventure.
We got an 'old' (20 y.o.) boat and spending a marginal amount on preps we went rtw and we made it. Yes, we upgraded things along the way but most importantly, we had next to nil technical failures: the 20 y.o. engine
worked fine, the X y.o. rigging
held (mostly) fine - till we replaced some of it half way down the track.
But we did have a sound and well maintained boat at the start. Well designed and build hull
, strong rigging
set-up, old, but quality, engine
On the other hand, I do know people who got a much younger design, spent loads (yes, LOADS) of cash on prep and went from the Med to Cabo Verde only, before calling it quits (on financial/maintenance grounds apparently).
So it is clear that a refit
is a most broad term. And also it is clear that the starting position (type of boat, her condition and quality of her original components) counts as much as her new owners' invention, imagination and their bank account balance.
All other things aside, I must say that getting the boat ready for an adventure is at least as much fun as being out there, sailing and exploring.