Buying a Property at Auction
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by: Ashok Sharma
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When it comes to buying property there are several ways in which this can be done. The most obvious and common of which being through your estate agents. However in recent years many people are turning to swap ways of getting their dream property, one of which is the option of buying you property at auction.
When thinking of an auction you start to picture antiques and painting being sold, the fact that you can bid on a property or piece of land hardly ever comes to mind first but statistics show that 90% of cheap property is sold through auction.
The type of property that you can buy through auction can be anything from houses through to unused shops or even warehouses. Most of the property that appears at auction is merely just the shell of the property meaning that the interior will need restoration to turn the property into your dream home or business. This should especially be noted within older property; you should anticipate anything from it.
Although, unlike an estate agent, you don’t get as much choice of property at an auction, you do get something that is a little bit different and a property that has its own exceptionality. Properties that appear at auction will more than likely require a form of renovation which is why it is highly important that if you do decide to pursue the idea of buying a property at auction then you must be prepared with a clear knowledge of exactly what you want from your property.
It is really tempting to go to an auction and purchase something that doesn’t fit your needs or requirements. You need to make sure that you don’t purchase something from an auction for the sake of buying. This is why before you visit an auction make sure that you decide the sort of property you want i.e. number of rooms, location and size of property as well as setting yourself a budget of how much you are intend on spending whilst at the auction. By sticking to guidelines such as these you will stop yourself from attempting to take on more than you can handle. You should also research into what certain auctions are going to be holding; not all of them will be submission property for you to bid on. Preparation and planning will ensure that you get what you need from the auction.
If you do decide to go ahead and purchase property from auction then you need to ensure that you have the time and money to make any necessary repair work that may need to be carried out such as plastering, electrical re-wiring or any plumbing work that may need doing before the property can be used. This renovation work can be very time consuming so it is important that if your property is going to be used as a home, that you have an alternate form of accommodation until the work is completed.
Just ensure that when you buy property from auction that you plan and prepare for every possibility as it could be the line between success and failure.
Helen Cox is the web master of ARCH Building Solutions, specialists in Property Renovation.
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