One of the things I dedicate myself to when getting a house ready to be sold is the preparation. And, sometimes, that's what a new homeowner will take on with their dream house. Especially in Northeast Portland where I live and work, historic homes and their restoration is a common topic.
Aram Irwin is a historic home designer. He has outlined the levels of what it takes to renovate from least to most involved and expensive. It's an interesting and worth the time to look at his style levels and strategies.