The Kansas City Land Bank is back at it again with an all new program geared toward selling homes.
Tuesday, the Land Bank listed these 50 homes for $999 each.
Inspectors tell 41 Action News the basic structure and frame of these homes is solid, but they need everything from minor foundation and roof repair to new plumbing and electrical work. The Land Bank is telling interested buyers that the estimated renovation cost is about $20 to $30 thousand.
What does it take to turn an abandoned, dangerous building into a true home? We talked to Franny Knight with Urban Cool KC, a local real estate company that rehabs houses, to learn more.
41 Action News: What do you think of the program?
Franny Knight: I think it's great that they're trying to do something creative. Man this is a great opportunity for some people out there if their eyes are wide open.
41: What's the first thing you look at before choosing a home to rehab?
FK: The foundation, the roof, the mechanics, the plumbing, the electrical. One of those can be off and not really done well, but if they're all bad then we just don't think it's a good house.
41: When can looks be deceiving?
FK: The bathroom looks awful but you're going to have to pull up the floor and pull everything out anyway. Bathrooms are easy and they're great when they're done.
41: If you had one key piece of advice for someone considering these homes, what would it be?
FK: Bring in somebody who's done it before. A small investor, contractor. Walk through with them before you make that decision.
41: What does it really cost to renovate a home like these?
FK: $8500 is just barely going to touch it. I have not seen a house yet that we have walked in to try to renovate or flip that's not going to be at least $30 thousand.
This isn't the first time the Land Bank has made a splash with a home sale. In May 2016, over 100 homes were listed for the low sale price of $1. About 40 homes were sold through that promotion and although some are almost totally renovated, none have been completed yet.
If you have more questions about the "Houses that Need Love" program, check out this link. The deadline to apply is April 30th.
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