Buying a house is a really big deal. Not only is it a very pricey purchase, it is also one that has a multitude of complications. All of the different aspects of the purchase will need to been gone over carefully and thoughtfully before you finally sign the papers. There are things that you will need to check about the house that you like. You need to go over financing, insurance, and taxes to name a few.
Debating whether or not the older house that you want is a great deal or not depends on a few factors. Can you do the repairs and rehab yourself? If so then you will only need to buy materials and take the time. that can be very cost effective. If you can't do much more than change a light bulb then you will have to face paying for labor, and that is expensive.
Often you will find some absolutely lovely homes that have been already fixed up nicely. These are usually in areas that are really attractive and have great old growth, with beautiful trees and bushes. Even though at first glance the house might look perfect you should look at the closets and windows carefully. Many older homes were built without closet space. The windows, if they are original will probably leave a lot to be desired for energy efficiency.
You will no doubt have less taxes to worry about with an older house. You will have more than the previous owner though, and that is something you will want to know. Even though it will be less than something that was just built. You can always get an equity line of credit to help with the improvements and that will keep you from having a great big mortgage payment. Another way to get a lower payment is shop around for financing.
You need to get homeowners insurance info before you start the buying process too. A lot of people find that a home warranty for the large appliances in the house makes like a lot easier that first year. It is nice of you don't have to worry about thinks breaking and needing to be replaced. The nice thing about having a home with a small mortgage is the low payments. You can fix it how you like and when it is finished you will have a lovely home without a fancy house price tag.