There is an intrinsic appeal to a home buyer in the low price of properties that may require some level of repairs of TLC (tender love and care).
A study performed by Porch.com, where they surveyed 1000 homeowners who purchased fixer-uppers, found that a majority of them who thought they would end up saving money ended up spending around the same or more as if they would have bought a move-in ready home.
Fixer-uppers are a two-edged sword, they need to be approached with extreme attention and care. The inspection and repair estimates are two very important aspects of these deals. There should be a good amount of planning to allow for any unaccounted repairs that could surface, increasing your cost. A fixer-upper does allow homebuyers the opportunity to style and design their space to their taste, but this also must be taken cautiously cause it can also be a cost-increasing proposition.
The above-mentioned survey found that these fixer-uppers have no regret and would buy the same home again, even though 60% of them said they went over budget. In my opinion, fixer-uppers are great investments if done properly. I would suggest the use of a Real Estate professional that can guide you through the buying and planning process. They can also help you project the final value of the finished home which will help you in keeping within budget.