...it depends:
Like all repairs, there are cheap and then practical and high quality answers. Are you going to sell the boat as-is? Or are you going to do the work/have it done before you tranfer the title? If you are going to do or contract the work and price is not the #1 consideration, sand down the surface to the fiberglass gelcoat. then the fun begins. Boat US and others are clear and patient in explaining the process. Plan on applying, waiting 6 to 12 hours and applying, waiting another 6 to 12 hours and doing it all again. and again. Then you get to put more antifouling paint on. Sandblasting is another option. You can contract out whatever portion you dont feel comfortable with. In Chesapeake Bay area, price for the whole job could go as high as $1500 to $2000, plus 'time on the hill', as Cobbs' Marina says. Would it be worth it? Sit back and watch what the experts will say on your posting.