When you purchase a resale home, it’s important to also factor in an estimated amount of money it would take to renovate or repair the home. For example, there may be appliances that need to be replaced, old carpeting, a mural in the kids room that you want to be your office, even overgrown landscaping. Even though the price of the resale may appear low, a budget for projects once you’ve purchased the home should be considered as part of the home price.