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All homes are going to have pros and cons but much older homes can have some hidden (and not-so-hidden) issues that can become costly and need to be considered before purchasing.  Consider just a few items that you'll want to watch out for:

1. Hazardous materials, specific asbestos and lead which are very commonly found in older homes.  Professionals can assess these possibilities and provide you with a quote for removing.
2. Mold or mildew damage.  Depending on the severity, areas of mold and mildew can be treated and eliminated.  Prevention in the form of a dehumidifier and property ventilation to a moist area are keys to taking care of this issue.
3. Plumbing issues.  The older the home the more of a likelihood that substandard plumbing may have been installed.  Lots of older homes have probably had plumbing upgraded over the years thanks to inexpensive plumbing materials like PEX.  Also consider where the pipes run outside of the home and if there are any large root issues that could become a potential problem.
4. Foundation problems.  These issues can be costly and require an expert’s opinion.  Make sure you have any potential cracks checked out so you’ll know the severity and how costly it may be to fix.
5. Future upgrades to preserve your property and increase your homes value.  Maybe you’re lucky that you found on older home that has been properly cared for and upgraded over time.  But if it’s an older home with things you can point out that need to be addressed in the coming years, be sure to factor that into your budget when considering purchasing an older home.