Well, to me it would depend on the ammount of work the house would need for you to be comfortable in it with a newborn/baby.
We sold our house when I was 4-5 mo pregnant with #2. It was very exciting but a huge move while pregnant. We had a rental for Ds#2's birth, which was fine. During the end of my pregnancy we decided we wanted to explore building another house in the same town. We found some land that we both really liked and could actually afford....so......we went for it. I was the last hold out. Everyone else was saying go for it, it will be great etc. I felt like it was taking on a lot while having a newborn. We began construction when Ds was a month old.
It did end up being really difficult cause Dh built the whole thing himself. He also worked full time. He wasn't available much and so I was a suddenly single mamma, who also worked full time, with a newborn. Dh was so busy he didn't get as much time as he would have liked with his kids. Ds#1 went through the huge change of having a new baby in the house and having his very involved dad suddenly be super busy. Ds#2 missed out on really bonding with his dad.
BUT, in the end it is so great!!! We moved in last October after a super hellish 6 months. We all LOVE the house and the land and are so happy. Going through hell was so worth it. And, we all made it through without any major scars or traumas :LOL
To me, after all that, if it was a house that really fit, and I could see living safely in it by the time the baby came, I'd go for it. Or, maybe you can do the rental thing nearby while you work on fixing up the house??? Sounds like you have some good "experts" to consult and that will definately be helpful in making your decision. What I came to understand is that sometimes good things in life don't always come at the most opportune time
