How to identify the best property investments up for auction

Julie Brownlee, Fsp Invest, 30 Apr. 2015

Tags: property, buying property at auction, property auction, investing in property,



Buying at auction is a great way to get your hands on undervalued property. But you must have your wits about you.

Once you’ve looked at a property auction’s catalogue detailing what’s coming up, make a shortlist of the ones you’re interested in. Then you must view them before auction day.

So what should you look for when looking at a property you want to bid on?

Read on to find out…



Five things to inspect on a property up for auction


#1: Windows and doors
Ensure all windows and doors open and close properly in the property. Fixing a large number of windows and doors will add a surprising amount to your costs.

#2: External walls
Look for any discolouration on these walls. If you find any, it could suggest dampness is getting into the property.

#3: The look of the property
Check for anything that doesn’t look right. You want to see a roof in good repair and no missing slates or tiles, for example. This check can highlight things to investigate further.

#4: Gutters and downpipes
Are these all in good working order? If they’re made of metal, are they rusting or falling apart and need replaced? If they’re plastic, make sure the joins are sturdy.

#5: Dampness
Check out around windows and doors for any signs of dampness. Look at walls inside and out to see if there are any signs of dampness or mould. An off putting musty smell can be a bad sign.


Weighing up a property going to auction


Buying a property that’s in disrepair will be costly to rectify, but if you can get your hands on it at a bargain price, it may be worth it. You need to have a lot of time to spend on a property like this and, of course, money.

The key is knowing what you’re taking on and doing proper costings before bidding at auction. Only then can you know if you’re getting a bargain or not.

So there you have it. How to identify the best property investments up for auction.

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