from my experience back in 2010/11, the banks were making it much harder to give money for renovations than purchase. They would only release the cost to buy the house initially, and then pay extra for renovations incrementally based on an architect report every x months as progress was being made. This obviously would cause cash-flow issues for people
Another downside of renovations is the fact that some people will need to continue renting while the renovations are happening, which is another extra cost. Can also be delays here if planning is required etc
But as others say, its more down to peoples preferences !
If you any concerns on the house (or not) just ensure you have a top quality structural survey done !