Buying a property at auction can be a fun experience, providing you’ve prepared yourself beforehand. We’re not just talking about getting ready for the auction itself – we’re also referring to finding the right buy-to-let property for sale before you start bidding… and that involves going to view the property first.
Why Bother with Viewing?
Some investors don’t bother with a viewing before they start bidding at a property auction. However, we’d recommend against buying blind, as it could result in huge problems further down the line, not to mention additional expense.
A viewing gives you the chance to get a feel for the property; to check that there’s nothing obviously wrong with it, and to survey the surrounding area. It’s a golden opportunity to make sure that it’s the right investment for you.
House Auction – A Viewing Checklist
Here are a few things you should consider when viewing your auction property:
- Are there any major issues? It’s a wise idea to invest in a surveyor to check the house out properly. However, there are various checks you can perform yourself. Press a hand against the walls to see if there’s any damp. Likewise, look at the ceilings and around the windows (key areas where damp often develops). Check the pressure of the flush on the toilets. Peer under the sink and bath to see if there are any leaking pipes. Don’t be afraid to have a good nose around – after all, you’ll be investing serious money here, and you want to get it right.
- What about planning permission? If any improvements have been carried out, did the current owner get planning permission? Also, if you want to add an extension / convert the attic etc. can you get planning permission easily? It’s important to find out for certain, rather than assume.
- What are the boundaries? Exactly how much land comes with the property, and which parts are you responsible for? Make sure there are no boundary disputes too – as this can be a major hassle to resolve in the future.
- What’s the surrounding area like? Are the neighbouring houses in good order? Is there a train station close by, or a good local school? Can prospective tenants walk to the shops? Consider the wider picture when you’re viewing.
- How much will it cost to improve it cosmetically? Does the property just require a lick of paint, or will it need a major cosmetic overhaul? Make sure you factor any costs into your overall budget.
- Will it appeal to tenants? This is perhaps the most important thing of all to think about. If tenants don’t like the property, they won’t want to move in, and this will adversely affect your ROI. Approach your viewing like a tenant and ascertain what they’ll like / dislike about the house.
Buying a House at Auction With The Buy2Let Shop
If you’ve never been to a property auction before, you might be feeling a little apprehensive about the whole thing. The Buy2Let Shop are a team of expert property investment agents and we’re here to help you with every step of the house auction process – including identifying which buy-to-let properties for sale are best for your requirements.
To find out more, visit The Buy2Let Shop website today.