Helpful tips for buying a property via an auction
While most people buy their property via the more traditional method of using an estate agent, there are of course alternatives. One of the more intriguing options is to buy a home at auction, but of course this method isn’t for everyone. However, if you like the idea of doing so, here are a few tips to make the process simpler and more effective.
Pay the property a visit
It’s possible to find out a great many details about your desired property in the post, over the phone and online, but nothing beats seeing a place up close and personal. While floor plans, photographs and written descriptions can be useful, you need to see houses or flats in the flesh to know exactly what you’re buying.
Make sure you know the legalities
Buying a property represents the largest purchase most people will ever make, so it needs to be done properly. If you buy through an estate agent like most purchasers, you’ll need to have legal advice from the start, and buying at auction should be no exception. Without a law expert on your side, all sorts of problems could occur.
Set yourself a maximum spend limit
A property auction can offer something of an exhilarating environment, and for some it’s easy to end up getting caught up in all the excitement. To avoid spending too much, it’s a good idea to set a maximum limit for yourself and, just as important, to avoid going over it.
Make sure you have the initial funds
In many property auctions, you’ll be expected to pay a deposit (often 10%) at the end of the auction process. Therefore, you’ll need to have this money available even if you are yet to arrange a mortgage. This is another good reason for setting a spending limit and sticking to it.
James Neave the Estate Agent are based in Walton-on-Thames. We offer access to a wonderful selection of flats and houses for sale and for rent.