Home Investment Tips Preparation is the key for buying property at auction UK

Preparation is the key for buying property at auction UK

by Jonathan Adams

Buying property through an auction is exciting, cheaper and easy – all at the same time! You do not have to undertake the lengthy and complex process involved in the traditional way of buying a property. Under the auction process, once the hammer falls, the property is yours – hassle free and quick. But it does not mean that buying property at auction UK is all that easy as it seems. For making it easy, you have to do some hard work which includes research and doing your homework thoroughly.

Firstly, you will have to spot an auction. When you locate an auction, you need to find a lot about the properties that are scheduled to go under the hammer. Find out where the auction is going to take place and the date and time of it. This can be done by going through the property magazines, other publications and websites dealing in property, real estate and auction related matters. You can also talk to the local property agents. They will be able to tell you lot more regarding the auctions. They will know the local properties that are up for sale and may land up at an auction the next time an auction takes place.

When you have found an auction, you should view its catalogue and study it in detail. It is not a good idea to visit an auction without going through the catalogue. Some people visit auctions without preparation and bid randomly which is not the way to make a big decision and invest in property. While it may seem a bold way, it is always better to be prepared when visiting an auction as buying a property involves a major decision of your life. You may get lucky one time or two, but it is not going to work every time. So, a prepared visit to the auction room is definitely the way forward when you are looking for a new address for your family and buy something where you are going to stay for, at least, a few years.

After identifying the property you want to bid for, contact the auctioneers to arrange a viewing. More than one viewing is strongly recommended in order to be well aware of every aspect of the property. Preferably, you should visit the property at different hours of the day for knowing more about it. Take an expert along for tips on improving the property as most of them are not in ready-to-move condition. Finally, you should bid only after thorough research, price comparison and knowing the condition of the property.

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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