You should always keep resale in mind when restoring your house, even if you intend to live in your dream bungalow or Queen Anne forever. Circumstances change, and you might have to sell. Most of the rules I've formulated in a decade of renovating for resale make good sense whether you plan to turn the place over immediately or live there happily ever after. Here's my punch list. Buy the Right House at the Right Price.
Some additional rules apply to old houses.
Don't buy a house with an awkward fioor plan, and there's no such thing as a cosmetic fixer-upper. Because charm is expensive to put back, I only buy houses where most of the architectural elements are intact. Contrary to the advice of many real estate experts, it's OK to buy a house with structural problems, but only at the right price. If it Ain't Broke, Don't Fix it. These improvements may be well and good, but they do not add value to the house.