In many areas there are still many homes on the market that are bank owned. They would need some small repairs to bring them back alive. Homes like that would be great for buyers who would like to save some money when purchasing their home and are not afraid to roll up their sleeves.

When looking at purchasing a home that needs some little repairs, is it recommended to take a trusted contractor with you to advise you as to what the home may need in repairs. Sometimes your contractor will see possible issues that you might not recognize yourself.

Let me explain what I mean with “some repairs” because the term “some repairs” might mean something else to you than it does to me.

By “some repairs” I mean maybe changing out the light fixtures, patching small or medium size holes in drywalls, repairing in and outside trim, painting, new flooring, and possibly new countertops in the kitchen.

When it comes to replacing a missing or aging furnace/air conditioning unit, new roof, old windows, outdated kitchen, missing electric or plumbing, or needing to gut the bathrooms, I consider them already as major repairs. Some of them might need a permit from your municipality which would add more cost to a project.

When searching for a home to buy, don’t overlook the bank owned homes which may need some work. The key with them is that a picture will not tell you the entire story. You will have to look at them in person to really see how much repair, if any, this home would need. Many times the bank still will take less than the advertised price, but abstain from trying to throw a super low ball offer out.