Renovation & Remodelling

First Time Buyers tips – property auctions?

I’m 24 and hoping to be able to buy my first property in the next year. My idea is to buy something small, that needs minor renovations – like upgrading furnishings, modernising bathroom etc. Do you have any tips in general. Are property auctions an affordable way to get on the ladder?

Make sure you have a survey done on the property that you have seen. Even if it’s going for auction the agent will let you enter the property to inspect it. Once the hammer goes down at the auction you’ve exchanged contracts and the properties yours. It’s a different kettle of fish than buying through an property agent.

Make sure you get the roof inspected. Check all the walls for rising damp or signs of damp. If there is carpet in the property, pull it back from the skirting boards to see what condition the floor boards are in. Woodworm is one thing to check for.

Auctions are a good way of putting money on a property but they can have little surprises if you don’t have a check done first.

The main things that will add value to a property are

Windows
Kitchen
Bathroom
Garage
Conservatory – if there is room

The problem with the housing market today is the value of the properties. Check with all agents that run the auctions to see what properties they have and a guide price. Compare these with properties in the same area that are up for sale and how much work has been done to the properties to get that price. It’s an easy way to see if you are making money or losing money by buying at auction. Your main competitiors will be developers who are always looking for properties to do up and sell at a higher cost.

If you do buy at auction make sure that you have taken in to consideration the cost of doing up the property.

I forgot to mention – don’t forget the lease. If it’s freehold it’s fine but if there is a leasehold and there is less than 70 years to run. You’re mortgage company will want the lease renewed and the holder of the lease could charge anything from £12k-20k to renew it.

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