HOMES UNDER THE HAMMER

24 02 2014

…A guide to buying rental property at auction

As more and more people turn to property as a key feature within their long term investment plans, ‘buying at auction’ is becoming increasingly popular.

The obvious appeal for buyers is to ‘bag a bargain’ from amongst the very wide range of properties that go ‘under the gavel’ at various auctions throughout the UK.

Belvoir recommends the following at a glance guide for anyone looking to buy at auction:

Do:

• Research the local market

• Budget for renovation costs

• View the property and have a professional survey carried out in advance

• Set a realistic budget – and stick to it

• Find out what ‘rental return’ the property could achieve

• Visit an auction in advance to observe and understanding proceedings before bidding

• Arrive in plenty of time to assess the competition

• Stay calm

• Try national as well as local auctions

• Make sure finances are in place prior to auction day

• Remember that you will have solicitor and surveyor fees, possibly stamp duty. plus the auctioneer’s fee and the cost of any repair work that may be needed • Get advice from an independent lettings or property specialist

Don’t:

• Bid beyond the limit you have set for yourself

• Buy a property you have not researched

• Enter the bidding process too early – it could push up the price

• Get emotionally involved.

• Bid in overly large increments

If you have any specific queries or require advise on investment properties, feel free to contact us on 01782 478444 or email stoke-on-trent@belvoirlettings.com. We are always happy to help you.

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