A fixer upper can be a way to buy more home for the money and fix it as you go.  The trick would be to find that fixer that you can live in while you do the repairs.  The expense of renting while working on the fixer will drain the savings faster than you think.  If you run out of cash then just put up with the house as is until you recover.  The end result will be a home that you could not afford to buy is now your home.  Luke Weil is a fixer and loves to make old home come alive.