I have a 100 year-old colonial that is actually out in the country. Strange for this part, most colonials are in the middle of town. Just remember that some things you might want to fix are characteristic and not worth messing with. I have crooked doorways, crooked floors, and everything is built from hand-hewn oak. It's a chore to do anything and everything costs more than you budget. You always run into things you didn't plan on. Also keep in mind what the place will be worth after all the renovating is done. I've burned about $25,000 in the last year and a half and have another $20,000 to go and I've not done a complete renovation. I'm lucky with the location and area as it's very desirable. I'll probably make money when I sell regardless of what I spend. However, you need to consider that along with your financial position. Not hard to get upside down on these deals and if losing money on a sale would destroy your finances then it might not be a good idea.