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There’s a big difference between “under budget” and “inexpensive.” Renovation is seldom cheap. People who haven’t renovated before or people who’ve been do-it-yourselfers don’t usually have a good idea of what a realistic budget is,” so they start with a really low budget and it always comes in twice what they had budgeted.”

Many financial experts suggest your total housing costs (including mortgage, property tax, repair costs, etc.) shouldn't exceed 35% of your gross income. Of course, how much you can afford also depends on your current debt level, your job security, how long you plan on staying in your home. If you don't stay for at least 5-7 years, it's probably not worth buying because the realtor / selling costs will wipe out your gains.