Tips on how to buy a property at auction

Tips on how to buy a property at auction

Auctions can be a daunting process, if you do a little research and get to know the property, it can actually be very easy.  Here are some tips on what you can do:

1.  Research

Find similar properties that are being sold in the area that you would like to buy in.  Look at things like land size, location, the condition of the property and parking availability.  Attending auctions for similar homes in the area will give you a good idea on  the demand and also the price.  Watch the people who are bidding and how they are bidding.   Visit the local council and make inquiries about the area so that you are informed of any issues that may affect your decision to purchase.

2.  Get a pre-approved loan

Get qualified for a mortgage from a bank or lender so you know how much buying power you have.  This is very important as you want to make sure that you are researching properties within your realm.

3.  Outsource help

Speak to agents in the area and get them to show you properties that are within your budget.  Find a suitable property conveyancer who will give you advice on the contract of sale.

4.  Budget

Decide what your maximum bidding budget is and make sure you stick to it.

Good Luck and Happy Bidding 🙂

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