both the furnace (I assume not a boiler) and the AC suggest replacement based on age. I personally would not want an oil furnace strictly from expensive operating costs. Is nat gas available? Not a fan of home inspections. Septic tanks are quite common and generally trouble free. Windows are windows. If old and single pane, they can be problematic as far as comfort and leaks. You have some expensive projects in front of you. If things are working, then you will not get any help from the seller. No reason not to ask though as long as reasonable. Working is the key word here. What exactly have you learned from home inspection?

IMO

The big ticket items in a house are kitchen and bathroom renovations. I would look at those rooms carefully and decide how much money needs to be spent in the years you plant to live in the house.

The septic tank can be another big ticket item if it needs to be replaced. Call in an expert for an inspection.

If the roof has 20 year shingles, then you will be replacing it before you move. If someone had the foresight to use a 40 year shingle then you should be OK if the work was done properly.

Are you sure there is a furnace and not a boiler? Does the house have baseboards or radiators? Where is the house located and how big is it? HVAC equipment sold in the 60s and 70s were built like tanks and lasted a long time. However they are energy hogs. Ask the homeowner for copies of the fuel bills. I would not be surprised at fuel bulls over $2000 per year. Cooling costs may be high if you are in a warm climate.

Get comparisons of recent sales of similar homes and see if the house is priced correctly given the old HVAC equipment and age of other windows and roof. Don't put blind trust in your real estate agent. He or she is looking to make a house sale and may down play problems if the seller is not willing to reduce the price. You are usually better off getting money taken off the price as opposed to the seller making a repair.

This is common issues for a home that age. If everything is working the homeowners will not credit you anything, unless something is broken like the windows you can ask for credit or have them replace it at the same time it's not a big deal to fix/replace a few windows.

Other than that, you basically left with 2 choices buy the house or look for a newer house with more up-to-date equipment, roof, etc.

That being said, properly maintained and serviced equipment will probably work for another 10 year give or take or it could fail tomorrow. Roof, depending on shape i.e if there is no sign of loose, missing, or sign of deteriorated shingles, bad flashing etc the roof could last another 10+ years.

Septic tank should be inspected because that could be a big expense.

Just make sure there are no structural issues with the foundation, framing, etc and having to evaluate 100's of Home inspection reports everything you listed is pretty much common issues for a Home that age.

Good luck

I basically agree with GN Builders. If there is nothing wrong right now, and you like and can afford the house, then get it. I bought a 100 year old house and am still living in it 28 years later. The only repairs I "had" to make were a new roof and a new septic tank about 20 years ago. I did or had done a lot of things, but they were my choice. I'm very happy with the house.

As mike_home said, the biggest ticket items are the kitchen and bath; are the existing ones satisfactory? If they are not, find out what replacing these would cost, add that cost to a newer home which has K&Bs you like.

Ask your realtor about purchasing a home warranty. In my area, 1 yr $750.

Home warranty companies are notorious for nickel-and-diming you on claims, but it may be worth it for peace of mind.

This doesn't sound too horrendous. Think about updating the furnace and HVAC up front as new systems will generate energy/cost savings that are cumulative. You can start thinking about pricing if you want (if seller lets you bring contractors in for estimates before closing). Septic will probably be fine (definitely get the inspection). Well pump is also probably okay. The roof probably has some years left at least. The other stuff is going to be at your discretion, so think about how much money you will have available for other updates you want.

This is not an uncommon situation for people buying an old house, however. Just bite off a little bit at a time and before you know it the house will be in good shape.

I strongly advocate immediate replacement of the HVAC. It'll pay off in only a few years if you make a good choice. And you will be far less likely to have a failure.

Home warranties are almost worthless. You are better off putting the $750 in a good mutual fund.

If the heating fuel could be switched to natural gas, then I agree the pay off could be less than 5 years. If you are only installing more efficient equipment, then I highly doubt you will be a return on investment before you move in 7-8 years.

Hmm, that's possible...I was thinking more about AC..but then I'm in the hot humid South...and maybe the poster isn't.

That house could turn into an impossible task for people consumed by work and young family time crunches. If you expect to have a lot of time to work on it yourselves or time to educate yourselves and deal with contractors, buy it. If not, think twice. I am not saying the place is broken, but you need to know. Will you be content spending all of your recreational time fixing up your house? Some people find great satisfaction in that and it can be financially rewarding.

As others have stated, the septic and well should not be a problem if they are well executed. In the time the home was built, septic systems were not required to be as well done, percolation of the waste water might not be up to modern standards and might mean an unpleasant back yard at worst. Is the soil permeable and the yard well drained? If you have the time, there are lots of resources on line about wells and septic. Land grant universities are good sources, but you are hard pressed for time to educate yourselves.

No municipal sewer system probably means no nat gas. I'm guessing that this is relatively out in the boonies and you are stuck with hight fuel costs. That might not be a big deal in the long run if you can seal up air leaks and insulate superbly, but that likely means extensive renovation from the studs out.

Septic system raises several issues...in some states, if it fails, you cannot simply replace the leach field, you have to switch to a aerobic system, at a potentially pretty steep cost. Even if you can keep the old style septic, is there an alternate leach field still available and/or approved. Most systems were built with a primary and alternate leach field, but after 60+ years, I would not be surprised if the system were already on either the intial alternate or a third alternate.