By buying a property at auction, you can get yourself a very good deal on a new property which you can keep for yourself or spend a little money doing it up and then sell it on again for a profit. However, for those who have not done it before, be warned, there is a lot of work to do before turning up and placing your bid, especially if you want to get yourself a bargain and not end up losing a lot of money.
The other benefit of buying at auction is that rather than spending months going back and forth with the seller and the estate agents, making offers and filling in paper work, the whole process of buying the house is done and dusted within a few minutes.
Before you think about going to an auction though, there are a few things that you should think about and we will run through these now.
1) Before you even think about buying a house at auction, visit a couple to watch first. Get to know the venue so you feel comfortable when you go. This is probably the most important step. Ensure that you have sat in on a different property being auctions off so that you understand how it works and you can see how the atmosphere feels - this may be enough to put you off!
2) If you are not looking for a specific house, make sure that you contact the auction house and request a printed catalogue of all the properties going up for auction soon and look through them all thoroughly.
3) After creating a shortlist of the properties you are interested in, plan them all out on a map and take a few hours to go and visit each property.
4) Make sure that you research the local area for any new developments etc, speak to the local estate agents and see what they have to say about the house and the area in general. Why not go and speak to the people living on the same road - after all, they are going to be your neighbours.
5) You buy the property "as is" without any warranty or guarantee, unless stated. For this reason, it is important that you carry out your own checks on the property and its land.
6) Speak to a solicitor or lawyer about buying a property at auction.
7) When you bid on a house at auction, you will be expected to present a 10% deposit immediately on that day - usually as cash. This means you must have this with you! You then have a further 4 weeks to source the rest of the money and pay the outstanding balance.
That's 7 basic points for you to think about before buying a property at auction. Now you have bought the house, you can start turning this blank canvas into a property you can call home. Add an orangery, look at bespoke kitchens, splash out a little on a few luxuries - after all, you got the house at a bargain at auction!
Author Resource:
Vale Garden Houses design and manufacture bespoke conservatories, orangeries and roof lanterns which will create an extra room, or expland an existing room to provide the extra needed space. As well a conservatory , the Vale Garden Houses group also covers conservatory furniture and floor grilles, bronze windows and now through VelaCici offers bespoke kitchens, bathrooms and bedrooms. You can read more tips here .
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