Umbilical Hernia on a new Boston Terrier Pup.

We are considering adopting a 10 week old male boston pup with a small umbilical hernia. He was just taken to the vet for a routine checkup. Very healthy except for the hernia. I've attached a pic of it. The vet said it's small and may or may not close up on its own. A surgical intervention may be needed at the time it's ready to be neutered (can be done at the same time).

Considering we are long term owners of a 14 year old boston who never had any health problems, will this umbilical hernia have any ramifications in his health in the short or long term?

Anyone know if this is a common occurrence and if it's an easy procedure to correct. We ready like this pup but want to make sure it's something that's relatively benign. He will only be a family pet, no plans on using him as a stud.

Also, if a surgical repair is necessary, how much on average would it cost?

Thanks in advance.