A property auction can be a great way of buying property – as long as you choose the right one. There are lots of risks associated with a property auction, as well as the potential for a great deal of gain. If you do an auction right, it can work. So here are some tips to help:
- Get to know the housing marketing in the local area. Whilst you might not know everything there is to know about the property itself, you can ensure you understand property in the vicinity. Know the average prices and average rental incomes.
- Find out what you can about the property. Make sure you hone in on any information that is given and think about whether there are key selling points, like gardens and driveways.
- Book viewings in the local area. Look around similar properties to see if they have any quirks that could also be applicable to the auction property. Go in armed with this knowledge to make an informed decision.