Buying property at auction - is it a good idea?

Why buy property at auction

People buy at auction for lots of reasons. They may want to move quickly or they could be looking for a plot of land to build on, a repossession, or quite simply they want a quick purchase without the risk of gazumping. Also, many buyers looking for investments buy at auction as a catalogue full of properties gives them lots of opportunities to choose from. Buying a property at auction is both exciting and potentially profitable. It avoids all of the lengthy purchasing procedures that you usually have to endure and the risk of everything falling through at the 11th hour. At an auction, as soon as that hammer falls, that's it - the property is yours. But it isn't to be undertaken lightly and it pays to do some research. To help you decide whether you want to explore the world of auction a little further, we've listed a few of the main benefits of buying property at auction HERE.

Before buying at auction - what you need to do

A property auction can be a thrilling way to buy property, and snap up a bargain.  They aren’t just good for buying repossessed homes, it’s now possible to buy all kinds of properties at auction. However it is essential that you do your homework before trying to buy a property at auction, and you need to put a number of important things in place before you go. It does't matter what your reason for buying at auction is, the key to success is preparation.

Before you go to auction to buy a property there's a lot of groundwork that needs to be done. A good place to start is by making a list of must haves (what you're looking for basically), then once you've found the property you'd like to buy, you now need to prepare for the auction.

To find out more, take a couple of minutes to read our step-by-step guide to what you need to do before you head to a property auction.