A pp makes an excellent point, if you’ve a mortgage you’ve not over paid, lenders don’t allow it and the property is valued for the lender, not you. And it was valued in its current condition
We live in an old listed building. When we bought it I fell in love immediately, it’s so unique with a huge garden, and I have to be honest, the previous owners had absolute beautiful furniture and rugs. When it was all removed I remember thinking maybe we had made a mistake, it was so so run down and they’d not touched it for 30 odd years. It also smelled really badly, musty.
We’ve done one big thing a year for eight years. Plus lots of smaller things, from floor boards sanding to new bathroom and kitchen, painting, landscaping, beams sandblasted etc. not stuff we planned when we bought it, but there is no doubt we have added value, but we did it for us to live in. We love it here and it bears little resemblance to what we purchased other than structurally.
You need to see a house as a blank canvas, live in it awhile. Then start making changes as you can afford, wish and have the time. If money is tight much can be done for relatively low cost. Painting rooms, rugs, cushions, throws, art, even curtains etc.
When we bought our first home in our early twenties, nearly thirty years ago, we did very little to it, no experience time or money. It didn’t even occur to us to buy a tin of paint. Or to shove new Lino down on the crappy kitchen floor.
Now several houses later, we know it’s all changeable and it’s not hard to do. And it doesn’t need to be done tomorrow, or even all at once.