Why buy a property at auction?
Why buy a property at auction?
If you live in the UK you have probably noticed that property keeps becoming more, and more, and then somehow, even more, expensive.
Relative to wages, the value of property has grown by thousands of percent over the last 30 years.
This all means that if you're looking to buy a domestic, or commercial, property your money just won't go as far as it used to. Prices have now risen so high many would-be buyers struggle to obtain the kind of property they need.
In this kind of market, finding a good deal can be difficult. But if you're prepared to do a little extra work, there are still bargains to be had, and buying a property at auction can be a shrewd choice. New property is auctioned off every week and on average it's 30% cheaper than on the open market.
Not only are auctions cheaper, they also complete more quickly, meaning you won't have to wait months before you move into the property of your dreams.
So if auctions offer you the chance to get a place more cheaply, and more quickly, than a conventional sale, what's the catch? Well, the tradeoff is, you take more risk.
Unlike with a conventional property sale, once you've made your winning bid, it's legally binding. There is no way to retract your offer if you later discover something about the property you hadn't expected, so as a prospective buyer you need to do your due diligence BEFORE you make a bid.
Our team of experts will do your due diligence for you. We will look through the auction pack of your intended property and send you, in plain English, everything you need to know about it.
