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To me, good bones is if the house has a layout that I like. Repairing ceilings and finishing a basement are not as big of a deal as making an open concept first floor into a closed concept, or vice versa. It can be VERY expensive to change the whole layout of the home, especially since some internal walls are load bearing and can’t be completely removed. But ultimately you have to figure out what sorts of things you are comfortable with compromising on relative to what your budget is. Unless you’re a millionaire chances are you won’t be able to buy your dream home these days. You’ll have to slowly make it into your dream home over the years
And the cost of that old house might be the same or with a little bit more to a brand new house in a decent neighborhood. A house is a place to live. Not a dream. We are putting too much emphasis on the dream house that we are missing the point of house ownership.