TKC BREAKING NEWS FACT CHECK!!! LAND BANK OF KANSAS CITY OFFICIAL WARNS: #HEARTOFKC OLD & BUSTED $999 HOUSES REQUIRE AT LEAST $20K IN REPAIRS!!!
Recently Kansas City headlines touted affordable homes for sale by a local institution for a shocking low price of $999.
The extent of repairs required to the renovate the vacant and repossessed homes was buried by local news outlets and often unreported.
To wit . . .
#HEARTOFKC HOUSING HYPE IS NOTHING BUT A TEASE!!!
TKC reality check:
LAND BANK TINKERING WITH THE KANSAS CITY HOUSING MARKET WILL COST BUYERS BIG BUCKS ON THE BACK END FOR LOUSY LOTS!!!
Here's the most important quote on the topic . . .
Ted Anderson, Executive Director, Land Bank of Kansas City assuming that people who purchase the houses are doing the work themselves: "It'll probably be $20-30,000 dollars to put one of these houses in livable shape. For our application, they're going to need to show they have $8500 in the bank so they can at least get started on a rehab. They're going to need to finish the code violations on the outside in at least 4 months. They'll have an additional 8 months to put the property in habitable condition."
The news BREAKS the local cycle of hype and should be reported first and foremost in the interest of public safety . . . Credit due to this really informative video for the whole story:
Is it worth it??? You decide . . .