Buying an older house always comes with a certain amount of risk. The history and craftsmanship might be appealing, but even the most attractive aesthetics can hide expensive repair projects.
Frequently, old homes will quickly prove to be in desperate need of carpentry help, re-painting or maybe even an exterminator. Perhaps the most common issue an older property will have is a badly outdated electrical system.
The average American home would've been built in the early 1980s, and many older properties are still being sold. Many of these houses still haven't been rewired to deal with the demands of modern devices and appliances. The evidence will be in sparse electrical outlets, lights dimming when you turn on other appliances or breakers that seem to trip for the smallest electrical loads. If you find yourself taking too many climbs up ladders for blown bulbs or too many trips into the basement to the breaker box, consider overhauling your electrical system
The older your system the bigger the project you'll be looking at. Old houses may lack access to spaces where the wires themselves need to be replaced instead of just rerouted. Projects like this may have to be done piece-meal over time. Materials alone could cost over $1000.