Twelve years ago? Isn't it a little late for buyer's remorse? :)

My house was built in the late 1920's--we purchased it in 1994. No way I could buy a new house of the same size and quality, for the amount we've invested in this one.

I prefer older houses, if they've been kept in good repair. Is there something specific worrying you--the roof, possibility of termites, foundation problems?

My 1908 house couldn't be touched today for the price I paid for it back in '87--it has many original features inside--and while I'd gladly trade my garage, the house is going nowhere in my lifetime!
Yes, my exterior has a few split clapboards and some porch flooring which needs repairing, but other than that, it's still in good shape for being more than a century old. I'll take any bets that the '50s ranch I grew up in will NOT be as good when it reaches that age in 2058! Want to try nailing or screwing into century old joists, studs or rafters--be prepared for a real chore! :)
Most old houses are built of better materials than you can get today, and done with more real style than the cookie-cutter boxes put up even by the McMansioneers. Newer houses have an entirely new set of problems and most building codes are the minimum standards, and don't amount to good construction which will last--count yourself lucky you made a wise choice and laugh when your friends in newer houses start running into the planned obsolescence built into THEIR houses.

I would echo columbusguy's comments. The era between roughly 1890 and 1940 seems to me to be a sort of golden age for house building. Great materials, careful craftsmanship, excellent design and far "greener" than much of what's been built since. Of course there are exceptions, but all in all, a house from this time period is a great buy.

I have a house built in 1780. Sure it has a few needs, but it would cost 3 times what we paid for it to replace it. We have a restoration insurance policy on it so it would be rebuilt to those standards with those materials. Nothing like the charm of old houses :)

Thanks to everyone. Your response gave me more confidence in purchasing this house. There are a few things that concerns me( the seam in the wall of one of the bedrooms is cracking, and near the fireplace when we walk across the floor in squeaks).

Minor issues, Rabbit--in that they are nothing to worry about. The crack can be fixed with mesh tape and compound, and squeaky floors are part of the charm of old houses, unless you are a light sleeper! :)
Look at the underside of the floor if you can see it from the basement--there should be bridging (angled braces of wood) between the joists. The main cause of squeaks is where the wood is a bit loose and rubs against the nail holding it to the joist or subfloor--there are easy fixes for this which I saw on a home repair show, but it is 99% nothing structural to worry about.