I just bought my first house about 4 weeks ago. I live in the northeast where it gets pretty cold. My house was built in 1965 and I was wondering if the outside walls should be cold to the touch. If they should not be, is it worth my time and $$ to rip off the drywall and reinsulate? I have to patch most walls and paint them anyway.

 

Not my area of expertise but I don't think they should be cold. You may want to explore a little to see if there is insulation in the walls. If not you may want to consider blowing the insulation in the bays. that way you wouldn't have to rip all the drywall out. You would just patch a few holes.

 

Jason,

I just did this. This is a messy and time consuming job, but not all that expensive. It is a lot more work that patching and painting. If you want to try it, I have some suggestions.
Do a room upstairs, where the mess will be out of the way, on the north (or least sunny) side of the house, where you'll get the most benifit from extra insulation.
Upgrade the wiring to current code while you have the walls down. Add a phone and computer/cable line.
If you have painted wood trim, test for lead and replace if necessary, unless you're a real glutton for punishment.
If you have unpainted wood trim, you can re-use it if you're very careful removing it.
Think about replacing the window with double-glazed.
Check out the ceiling.
Enlarge the closet now if you're going to.
Do one room at a time.
Remember owning a home is an ongoing project, not an accoplished fact.