When we bought our place, it was technically livable, but really it wasn't. It was built in 80's and had never been updated. It was also a foreclosed property at some point, so came with some problems. And some weird smells. Our plan all along was to completely re-do the inside.
We tore out all the carpet and tile floors, took out the whole kitchen, a tiny wall and the master bathroom, and removed all the popcorn ceilings. When I say "we," I mean we did about 10% of the work and then hired out the rest. Had we done all the demo ourselves, we'd be working on it until next year. It was money well-spent. So we're left with one ugly in-tact bathroom, that we'll eventually demo when the other is completed. Let the real work begin!