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Surfaces may be worn or dated.
Appliances are no longer under warranty.
More maintenance and/or remodeling may be required.
Depending on when the home was built, the home may be less energy efficient and more costly to heat and cool.
A thorough home inspection by a licensed professional inspector is a must and may reveal problems that you do not want to inherit, such as a cracked foundation, a leaky roof or basement, or seeping sewage lines. If the inspection reveals fixable flaws, propose the seller do the repairs or lower the price.
Expect the unexpected. Appliances quit, toilets leak, and furnaces fail as components age.