Yes, it may be worth it to buy an old house and renovate it, especially if you are looking for a traditional style home to update with a modern ascetic. However, before buying any old home to renovate, you may want to have a full inspection conducted to identify any structural damage as well as maybe have a general contractor take a look at the property to give you an idea of what your renovations are going to cost you. If you have more to gain than lose, then yes, it may be worth buying an old house and renovating.