Its like renovating an old house. The house is fine, just might need a little maintenance. But, that doesn't stop people from doing an extreme makeover--knocking down walls, changing the floorplan, sprucing it up inside and out. Nobody questions the wisdom, although even the best renovation only returns maybe 70% of the investment.

People do it for other reasons--to make the house more usable, comfortable, pride in ownership (and the spouse wants it). What sane man would spend thousands on "window treatments"?

Of course, you won't get anything back on your investment in boat renovation. But, its a hobby, which is almost always a losing proposition.

Still, there should be some logic to fixing up a boat. As far as I'm concerned, the most important structural items are:

1) The rig (standing rigging, chainplates and attachments);

2) Thru-hulls;

3) The rudder

Failure of these can get you or the boat into grief. Problem is, there is no glory in fixing these items. Largely invisible improvements. Also, it can be hard to tell when they are about to fail. Few people are going to fix a rudder until it breaks.

You also want a reliable engine.

Modifications that improve the safety of the boat and crew are the most important. They also improve your confidence in the boat. The Sea is always looking for your weak point.

After that, it largely depends on how you plan to use your boat. Do you want it to sail better, or look better, or be more comfortable inside? You don't need much for occasional daysailing in protected waters.

No, the boat doesn't need anything. I sailed for years on a run-down boat. It had no radio, no depthsounder, no electric bilge pump. I had nothing. I had a blast.

There's no need to have the nicest house on the block. You do what makes you happy.

Sailors just like to tinker.