The inspection that was just concluded on the home I want to buy shows that there are no insulation in the attic, and there is no evidence of insulation in the walls of the house. What is the implication of this and what can I do to correct it? More so, is it very expensive to do this? Thanks

I'm not sure what the cost would be. That would depend on how well you insulate and what type you put in. Basically, an uninsulated house tends to reflect or amplify the outside temperature. In the attic that means that it woulld get very hot in the summer, very cold in winter. No insulation in the floor or walls or attic means that it will cost more to heat and cool your house because it will not hold temperature well. If you plan on living in the house (not renting or selling it soon) insulating could be costly but would save money in the long run and improve comfort.

Should have dramatic effect on heating/cooling bills, comfort and lessen chance of frozen pipes. We had a copper pipe that had been placed in the attic, which we didn't know about and which I hope is against code, which burst a year ago with much trouble and expense.

No insulation means you will have huge heating bills. And suffer in the summer too. The best is to buy insolation for your attick which you can put in yourself usually. It comes in bags and can be rolled out. As for the walls you will need a professional to come in and put insulation into the walls. This is done by drilling a hole in the wall and depositing a fine granular insulation then corking the holes. If the house is made of bricks then this can still be done.

truth In Ohio insulation can range from 9 dollars to 36 dollars a roll depending on the R value, it covers 40 square feet or 32 linear ft. The place where I bought mine had blowin insulation and the machine to do it with was free to use. Now that may have just been a special. Believe me if you buy a house with no insulation and do not get it done or do it yourself You will freeze/burnup and your bills will be very high. I have a house that is almost a 100 years old.
If you gather up the measurement then most companys will gladly give you an estimation.

Having no insulation will make your heating bills huge. It is worth it to have it installed now, even if it is expensive. The money you will save in the long run will be worth it.

Warm air rises, so its imperative you have a min. of 4" insullation in loft. Have a laging jacket on your cylinder to keep water warm. Do not have any exposed copper pipes - use draught excluders in lettebox. If rads are below windows (which is silly) put tinfoil behind them to deflect the heat. Best to have windows facing west to get max of sunlight (that's free). East facing windows... freezing...