PROPERTY
Winning at Property Auctions Anyone can win at a property auction – the trick is knowing what to do next. We present our guide to the scary world of bidding to win
Martin Roberts can teach you all the skills of making money from property auctions
I
t would be very easy to get over-excited at a property auction and just keep bidding until you win. The winning bit is easy – the trick is to win on something that is a good investment of your money, and to know what to do next in order to turn a profit. Here are a few of our top tips for winning at auctions, and making sure that you aren’t buying a lemon.
Read the LegaL Pack Nasty surprises can lurk in the legal documentation accompanying a property, such as outstanding bills you may inherit, major works planned which should be detailed in Section 20 notices, and short leases. Make sure that the lease is longer than 80 years and that you have at least a month to complete the deal. 34
ProPerty & Home
do YouR homewoRk Pressure at a property auction can be intense, and there’s often little time between a catalogue being released and sale day, so the best informed bidder is at an advantage. Reading the legal pack and having your lawyer look it over, looking online at local property prices and checking the floorplan will only tell you so much; a personal visit and getting a full survey done will tell you if the property is damp, dilapidated, illegally converted or in need of expensive electrical restoration which will eat into your profits.
don’t FoRget exPenses Things that can add to your auction costs include a percentage to the vendor, a fee to the auction house, Stamp Duty and insurance.
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27/10/2020 09:00