Remodeling an older home can be challenging. Whatever your budget, you should factor in the cost of updating electrical, plumbing, heating and air conditioning and even replacing windows and parts of the foundation and wood structure that may have rotted, or be infested with termites. Once those walls are opened up, necessary repairs will become very apparent. All of this can cost thousands of dollars.
If you are thinking of buying an older home because it appears "charming" with the notion of renovation that we often see on HGTV, my suggestion would be don't do it unless money is no object. Doing the cosmetic updates are easy. It is the structural repairs that may be necessary that could end up being a money pit. And, once the jobs starts things will need to be brought up to code to pass local inspections.
Homes that were built 30 or more years ago will not meet current codes. Many times, once those walls are opened up, in order to pass inspection, the home will need to be brought up to current codes. This could be a very costly proposition.
If you already own an older home and are considering renovation, just know that the story will not end with the new kitchen or bath fixtures. The process is like lifting rocks only to find something ugly underneath that will have to be repaired or completely replaced. It is all fine as long as there is a large contingency budget to deal with the unexpected aspects of the job. The contractor will not be able to see those things until the wall is opened up and that is when the need for more budget will come into play.
