My wife and I have owned,
refit and cruised on multiple sailboats in various states of condition and size. Live fulltime aboard now. Currently in
Grenada.
Unless you are more into fixing the boat than sailing it, I’d consider selling the boat on to the next person and finding one that you can sail now. $500 is not big sunk cost. ($500 is the cost of a
diesel mechanic to just read the
serial number on your
engine 😂😅
If you’re someone who wants to go sailing, a
project boat will cost 3-4x as much as you think, take 3x as long as you plan for and will break your heart. Even when you’re finally “done,” there will be a lot to fix and you probably will not love your boat any more. I took on a “project boat” to save some
money for our plans to go cruising. It was never really finished. Missed most of two sailing seasons and ended up with what was still a “project boat.”
Came close to ditching our cruising plans and just staying ashore. My wife kept looking and found the boat we have now. It was “sail away ready”; which only meant a new foresail, running & standing
rigging, new
battery bank, new alternators, heat exchangers, new enclosure, new life raft, etc. 😅
If you’re like me you will end up selling your project for way less than you put into it and will have missed out on at least one season of sailing.