Also, you would need to make sure all permits for the repairs are applied for in a timely fashion (costs money), all contractors are licensed & insured, etc..Fixer-uppers can cost you more money and time in the long run....however, it can provide "family time" by choosing to do it all yourself if you have that kind of spare time.
This safeguards you to know if it is with the money to do repairs. The time frame on repairs is hard to figure out in advance since some of the repairs may require permits from the City and inspections.
If you are a first-time buyer, don't know much about home ownership, don't have much money, or time, then buying a fixer upper may not be the best way to go. But if you've owned a home before, have money to put into it, have time, etc. then go for it. A 203K mortgage is an excellent way to go, but not all lenders offer them. You'll have to find one in your area. Ask around.
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In my opinion, if you don't mind the work, buy the fixer upper. You will have far less competition and generally get a very good deal that way. I used a 203k loan to buy my house and I have never regretted it.