According to the Department of Housing and Urban Development American Housing Survey, the median age of an owner-occupied home in the United States was 35 years in 2011, and it's even older now. With few new homes being built post-recession, the chances are good that the home you buy is in need of some major renovations.

For most homebuyers, the most important room is the kitchen, the heart and soul of any home. But if your kitchen is from another generation, it might not meet your needs. It may be closed off the way kitchens were in the 1950s or have outmoded cabinets, drawers and appliances that don't function as well as today's products.