Property Auctions can offer potential buyers an opportunity to grab a bargain property that otherwise would have been out of reach through the normal house buying channels. If you, or someone you know are considering attending a property auction for the first time we would like to share our top tips to make your auction experience a positive and successful one.
First and foremost before you even think about attending a property auction it is crucial to do your homework on the auction house language. Understanding and speaking the lingo will enable you to effortlessly partake in the bidding process and help to prevent you from making any mistakes as a result of a poor understanding of the process and the auction house jargon.
Once you have familiarised yourself with the property auction process and lingo the next step is to do some research on when and where the next local auctions are taking place. Checking out the property auction catalogue will enable you to see what properties are up for auction. It is important at this stage to ensure you do extensive research on any properties you are interested in. Byoot highly recommend you go to view any property you intend to bid on before you go to the auction. In addition to going to view the property yourself it might also be a good idea to take a builder, architect and even a surveyor to a second viewing to assess the property and to enable you to have a clear idea of what you are letting yourself in for as well as a rough idea of how much it would cost you.
All properties in the property catalogue will have a guide price however it is important to note that a guide price is just that, it’s just a guide. You might want to do your own research on the property value, you could even approach some estate agents in the area and ask for their opinion.
Property auctions can be unpredictable and very dependant on demand on that day, in some ways its a game of luck. If the auction house is quiet you might be able to pick something up for an absolute bargain but, if there is a bit more of a buzz in the auction room it can be a little easier for properties to go faster and for more money. It is crucial then to know your finances when you attend an auction and have a clear ceiling budget which you know you cannot exceed, this will help you to stay grounded and not get carried away by the ‘auction buzz’ and bid a higher amount than you can realistically afford.
In summary there are many things you can do to prepare yourself for a property auction and in addition to the above we would also advise you get to the auction early so as that you are not only in a relaxed frame of mind but also so as that you can get a good seat to make yourself comfortable and be close to the auctioneer.
If you are looking to buy a project house at auction and need help to renovate or extend please do get in contact. Byoot provides a full turnkey solution to our clients, from planning, architects, structural engineers, building control and the build, leaving our clients to focus on their day jobs while we do ours. If you are thinking of extending, renovating or improving your home speak to one of the team on 0208 4509185 or send us an email at email@example.com