That's a fair concern regarding the worry about major repairs. The flip side of that coin, is that anything likely to need to be replaced (>3 years old), is going to be downgraded in the appraisal. So you're effectively "banking" some of that risk on the front end, via a lower purchase price. In the end it comes down to your comfort level. How handy are you, etc. If you know you won't sleep at night worrying about the foundation cracks, or the roof that might last 5 years or 5 days, then that needs to be heavily weighed. You can't put a price on peace of mind. For me that wasn't a concern, as a contractor who has worked in nearly every trade during my career. My wife and I considered all this 8 years ago, and ultimately decided to embrace the risk. We bought an old house with good bones in a very old neighborhood (we have 2 Jack pines that are 100+ feet tall, and well over 80 years old) that was a bank owned foreclosure, and needed a complete gut and remodel. I spent a month getting it liveable with builder grade materials, and we've done everything in stages since then, only starting each phase when we'd saved enough to do it with cash. We got a 10 year mortgage, which would have never been possible for us with a newer, finished home, and it's already paid off. Doing all the work ourselves, except for replacing the 100 year old clay main sewer line, has allowed us to do $160k worth of work for $55k over 8 years. We're actually currently looking for our "forever home", and all the equity we've built is going to allow us to find that dream home with acreage on the lake that there is no way we'd ever be able to afford without the 200k + that we're going to be able to put down. Obviously this isn't for everyone. There has been stressful moments along the way. And, I've had to preach patience to my wife on a few occassions when she'd get jealous of all of our friends not living in a semi permanent construction zone. But, as I told her along the way, they'll be the jealous ones when we're hosting beach parties on 300 feet of lake shore every summer. I don't know your financial situation, and your future career prospects. If you'll someday be able to afford your dream home without taking the long way, then it's probably not worth the risk and inconvenience. For us, this was likely the only path we had, and now that the end is in sight, we have zero regrets. Whatever you do in the end, just weigh what is going to make you happy. You only live once. Buying a home is a bit like raising kids. You're going to get all kinds of advice, from everyone and their mother, often contradictory. But at the end of the day, it's mostly just noise, and you go with what feels right to you. I'd recommend you don't get locked in too hard in your search. Look at a mix of different types of homes in a mix of different types of neighborhoods. I expect that when you find the one that is right for you, you'll know it in your gut. Best of luck, and enjoy the process! Buying your first home is a major life event, take the time to smell the roses along the way.