Having lived in my house for a year now I've gone through a tremdous amount of work and learning to bring it up to what I consider livable and comfortable. A year must seem like a blip on the radar for most of you all, but for me it has been a world changing experience. I've replaced my plumbing, re-wired circuits, painted (something you don't do in an apartment), replaced windows, cleaned gutters, done drywalling (fairly well), installed lighting, installed insulation, etc etc etc etc... All of which were things I'd never done before.
Given what I've learned and how I feel about the subject now, I think if I had to do it all over again I'd still go for an existing house rather than buying a McMansion or buying a house that sits on a 1/8 acre plot (standard size lot in my area). I find that I derive a great deal of satisfaction repairing and working on an older home, rather than buying a new house and calling out a repairman when something goes wrong.
There are some things that I simply won't touch, the panel, the water service, a patio door. But for most everything else I really enjoy fixing them or replacing them with something more to my liking. I hated it while doing the work FOR THE FIRST TIME, but subsequent jobs were a joy - mostly because of the experience of doing it the first time and being able to apply my knowledge learned.