This is a bit of a loaded question but let me break it down for you.
First, it depends upon if you're paying cash or getting a mortgage. If you're getting a mortgage, the mortgage company will require that all the mechanicals (water, electricity, A/C, heat %26amp; drainage) are in working order BEFORE the mortgage is finalized. Otherwise, you might have to take out an interim loan (construction loan) to fix the house, which would then be rolled into a regular mortgage.
As for code violations in the wiring or plumbing: Your local utility company will not turn on your service if there is a major problem with it. So, if you will have to fix the problem -- while bringing it up to code -- before they flip the switch.
If you are looking for a fixer upper, but don't have much money, you MUST make sure the mechanicals are in good shape. Major repairs to these systems usually cost thousands of dollars to fix. Also, make sure the roof is in good shape and that the framing has no wood rot or termite damage. A good home inspector can do this for you for $300-$400 in most areas.
I assume that if you're looking for a fixer upper with little money, your idea is to put your "sweat equity" into the property. This can best be accomplished by buying a place that needs cosmetic repairs -- paint, small drywall patches, landscaping, doorknobs, outlet plates -- instead of the major repairs mentioned before. These cosmetic repairs have fairly minimal costs (depending upon the quality level of materials you choose), are labor intensive and require a minimal amount of tools or skill level.
Hope this helps.If I purchase a fixer upper with some code violations, how much time would I get to fix the problem(s)?
As long as you do not occupy the property, you can probably take as long as you desire. If you intend to occupy at the time of closing, you may not even get an occupancy permit OR financing, if the code violations are sufficiently serious.If I purchase a fixer upper with some code violations, how much time would I get to fix the problem(s)?
Not to much money. Great- you need to get information! Information (consultations) cost money, unless you get it from the gov't county or city agencies. Your best bet is to ask a civil engineer or architect (don't know which one will have the correct answer) but go to this site:
http://www.giler.net/surveyors-engineers-architects/forum/index.php
and ask them.
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