I have a few thoughts and suggestions I'll share with you. First of all, talk to a lender or two to find out how much house you can afford. In my opinion, unless you have some other means of significant income other than being a planner, knock that price down a bit (between 10 and 20K). You may be able to afford the house, but you also want to be sure you can afford to furnish it and still have money to go out and eat once in a while.
I have a 104 year old house. They are not for everybody. It's one thing to update wallcoverings and paint, it's quite another to truly restore or remodel. Having a bathroom or kitchen torn up for weeks or months can be very distracting for some people and sometimes not good for relationships. Make sure if you are buying an "older" house that you can afford or can perform yourselves some of the repairs that will be needed. For example, plumbing in many houses 50 years or older is often galvanized piping which corrodes and will need to be replaced with either copper or CPVC. You can do it but do you want to? Wiring is another issue for older houses. Make sure the house is wired for today's needs.
I'm not trying to steer you away from an older house. As Budgie said, his house was in a real neighborhood, not a development. There is a difference. I love my old house but there are unique things to consider.
There are a couple of things you should always look for in any house. Starting with the outside, look at how the drainage flows away from the. Make sure water does not stand near the house. Look up and see what kind of shape the gutters are in. Clogged or rusted gutters can allow water to run behind siding and windows. Moisture is a house's biggest enemy. See if the chimney is in good shape, no cracked or missing bricks or leaning. Are the shingles new or are some missing or curled up? Run every faucet, flush every toilet and flip every switch to see how things work. Check for uneven floors and ill-fitting doors and windows.
As Michelle said, when you find the right house and your offer is accepted, make sure you have a reputable home inspector do a thorough inspection of the house. Pick one yourself, don’t let your realtor pick one. I suggest you be there when he does it. Make sure he crawls around in the attic and crawlspace and under the porch and really looks things over. A termite/pest inspection is also a good idea (and often required) Many home inspectors these days work with laptops and can give you a room by room print out of their inspection that can be a big help to you. If there are major things that need to be corrected, try to get them fixed by the seller if possible. If not, then knock something off the asking price.
Bottom line is if you buy a “fixer-upper” do you really want to do most of the work? If you both have it in you, go for it. As for your question about learning how to do all these things, don’t worry about it. There are lots of books and online resources telling you how to do almost any project. If you take your time you’ll be fine. I’ve taught myself how to lay ceramic tile, replace the plumbing, build a deck, refinish hardwood floors, etc. It just takes time and the will to do it.
I could talk about this subject for hours but this should be a start. Feel free to ask more questions, I’ll be glad to respond.
