Buying a home at auction can sometimes be quite hit and miss, which is why it’s important to evaluate any potential properties before you decide whether or not it’s a good idea to bid. There are a number of things you can do before you attend an auction in order to evaluate the property which you are interested in and make sure that it’s worth bidding on when the day comes. To make sure that you don’t get caught out when bidding on auction properties, here are a few rules which you should abide by.
Don’t Bid Blind
A lot of auction bidders make the mistake of placing bids on homes that they’ve never visited and viewed before, only to find that once the property is theirs it doesn’t quite match up to how it looked in the photographs displayed. Before bidding on a property at an auction, it’s crucial that you see the real thing beforehand so that you know exactly what it is that you’re bidding for. Make an appointment to view the property prior to attending the auction so that you can have a proper look around and make an informed evaluation. The majority of homes sold by luxury real estate auction companies will have open days before the auction in order to showcase the home to any prospective bidders.
Get a Professional Opinion
Along with visiting the properties before you decide whether or not to bid, it’s important to get a professional opinion on the home that you are considering. When you book a viewing or attend an open day at a property, it’s advisable to take a professional property inspector or a building surveyor along with you. This is so that they can spot any issues with the structure or internal workings of the home which may not be very noticeable to the untrained eye. You may find a home that you like the look of aesthetically but has hidden problems that you are not trained to notice. Making sure that you get a professional opinion on the property can help to eliminate problems later on a down the line once the property is yours.
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Visit the Area
When buying a home at auction it’s not just the property you should spend some time evaluating. Depending on the purpose you are buying the home for, it’s also important to have a look around the local area and make sure that the home is ideally located for your needs. For example, if you are planning to bid on a home to live in yourself with your family, you’ll need to make sure that it’s close enough to local amenities such as schools, hospitals and shops. If you are an investor looking to rent a home to tenants, again it’s good to ensure that the area will be attractive to any prospective tenants looking to live in your property.
Buying a home at auction can be quite risky, but if you know how to properly evaluate the property beforehand this risk can be significantly reduced.
