During my days as a renter, I became pretty adept at managing expectations vs. reality when it came to Craigslist apartment ads. “Hidden gem” roughly translated to “Live here if you dare.” Adjectives like “charming” were code for uneven floors and a chilly winter draft. And “historic”? That usually meant just plain old. Still, I purposefully sought out old apartments because I wanted something with character. The same held true when I bought a home (mine was built in 1930), and I’m far from alone.

For many people, finding a property with character and soul is paramount.

For many people, finding a property with character and soul is paramount, even if it isn’t truly considered a historic property. Old houses come with other tangible perks, like a larger yard with mature vegetation, a location in a more established neighborhood (and the long-term neighbors that typically come along with it), and usually proximity to downtown areas and attractions like shopping and dining. 

On Instagram, accounts like Cheap Old Houses highlight properties big on character and low on price. It’s tempting to see cute Craftsmen bungalows available for $20,000 or Victorian mansions up for grabs for under $100,000, and if you’re like me, you’ll be amazed how much time you can spend scrolling through these properties. 

If you’re thinking about actually pulling the trigger, here’s what you need to know about buying an old house—and how to keep financial surprises to a minimum once you’ve moved in. 

How old is too old for a house?

According to OldHouseWeb.com, the 2009 U.S. Census found that the median age of American houses was about 36 years old. By that statistic, some might argue anything built before 1984 could be too old. Others might say anything older than 20 years is too old (i.e. a home built before 2000), as many costly items like HVAC systems, kitchen appliances, roofs, and fencing need revisiting after a couple of decades—check out the International Association of Certified Home Inspectors’ “Life Expectancy” chart for homes.

However, we character-seekers know that 1984 just isn’t going to cut it for an old house. The real question is, how much money are you willing to put into a house of a certain age?

If you’ve got the funds and resources to take care of maintenance, replacements, and upgrades, the age of a house could theoretically go back hundreds of years. And if it’s already had the upgrades from previous owners (as was the case in my house), then what’s the difference? If a house is 100 years old, but the roof is new, the HVAC is less than 5 years old, and the plumbing and wiring have been updated, the age is hardly relevant—not to mention a new build could just as likely include cheap fixtures and builder-grade everything. Furthermore, if you’re interested in living in a by-definition historic home, it'll need to be at least 50 years old to qualify for the National Register of Historic Places, according to most State Historic Preservation Offices. 

What should I do before buying an old house?

So much of what you would do before buying an old house is what you’d do before buying any house—like looking for signs of mold, foundation issues, and other red flags. But there are other tips that might be more specific to an old house, according to Will and Susan Brinson, who purchased and renovated an 1800s estate chronicled on Instagram at @houseofbrinson. 

Susan Brinson shares on her blog that the No. 1 thing she wished she had done was get two inspections. While your inspector might catch big items, he or she can make mistakes. A second inspection costs about $500-$600 on average but can bring peace of mind. Brinson also said that “if your inspection shows anything structural, get an engineer in there before you buy.” Hiring bug and mold inspectors might also save you dollars down the road.

So much of what you would do before buying an old house is what you'd do before buying any house.

You should also ask an innocuous but worthwhile question: How long has the house been empty? This came into play when I bought my own house. It had been empty for only about a year, but still presented an unforeseen problem that also went undetected on inspection: Because no one had been using water in the house, tree roots grew into a piece of terracotta pipe in the backyard (clay pipes are another hallmark of old houses).

Our inspector told us our pipes had been updated to copper, so we were shocked to learn there was still a small, previously undetected portion of terracotta remaining, buried underground. Two weeks into homeownership, we were hit with a flooded toilet and an expensive repair. With regular water use, the roots would’ve been unlikely to grow into the pipes. The same applies to pest infestations, mold, and other issues—if a house is long empty and no one is there to see or address a problem, it can become a real headache for the new homeowner. 

How can I avoid a money pit?

Doing your homework and getting various inspections can help you make the best decision about purchasing an old home and knowing exactly what you’re getting into. Choosing properties that have electrical upgrades like grounded outlets (electrical outlets with three prongs instead of two), plumbing upgrades like copper pipes, and energy upgrades like insulation and newer windows can also help save you time and money down the road.

The San Francisco Chronicle’s website SF Gate has a helpful home inspection checklist for older homes; use it to think about expensive, structural components like plumbing and electric plus foundations and more. Remember, all old homes need maintenance and upkeep—but so do new homes.