$40K is a low budget, but might be doable, depending on how you want to use the boat.
Dock queen, or cruising?
Don't buy a wooden boat. They are a labor of love, and many marinas and insurers don't love them.
Insurance? Availability and cost? Experience requirements / use limitations?
Slip availability? Services available in winter? Cost?
Do you have time available? Money can sometimes substitute for your time, but boat repairs and emergencies are scheduled by Murphy.
Heat in winter? Reverse Cycle heat/AC units like Dometic don't work well for heat if the water temperature is below 50 degrees.
Taxes? Sales tax, personal property tax, fees?
We are living aboard and loving it, but may have to go ashore for medical reasons. :-(
Good luck, John Sage