You guide to buy auction property

Posted by highstreetauction on December 19th, 2016

Auction Property or most popularly known as 'Foreclosures' in America is perhaps the easiest methods to buy property for cheap and refurbish it and sell for a tidy profit. Although it has its owner benefits, one can neglect the potential pitfalls, as well and it has to be taken into consideration while purchasing an auction property. In this article,we present some of the helpful tips and strategies that make your purchasing experience more pleasant and profitable. The most important aspect to be considered while purchasing an auction property is not to fall for the deal instantly without viewing at first. Neglecting this aspect may result in throwing your hard earned money down the drain and completely forget about the profit.

Visit the property

A torch is always feasible as most of the auctionable property do not have lightings. You need a digital camera or camcorder because once you are back home, you may notice a certain feature or fault in the property, but unable remember how serious the flaw is. Carrying a digital camera or video recorder helps you to capture or record every feature of the property thereby scanning every possible corner, inside and out. Recording your viewpoint at leisure may help you noting down both good points and bad points, which is crucial to make a right decision.

Check the interiors: When you come across any auction property for sale, it is crucial to weigh the options, before you consider purchasing it.Consider taking expert guidance who knows what to look for. It is not recommended to consider silly things such as bad bathrooms, missing kitchen cabinets, doors or broken plaster on walls and ceilings as these minor defects can be rectified easily with a minimal cost. Conversely, it is a matter of worry if you notice vertical cracks on exteriors of the building, as this can be a sign ofcollapsing! If you notice these types of flaws, get an expert advice and then weigh your options. If you receive green signal, you can move on otherwise, consider dropping the opportunity.

Besides, while checking out the properly consider looking how many bedrooms are built, its dimensions, and they state of the windows, stairs, floorboards, damp, ceilings and walls. Look in the attic and double check you don’t see daylight passing through, checkbeams, signs of weakening under-felt, ceilingspars.

Check the exteriors: The most significant part of exterior is roof. Check whether it is sagging in the middle? If yes, it may be due to weak rafters, which issubjected to the heavy load of clay tiles. The next significant part is roof tiles. You need to look if any ridge tiles are missing or mortar missing from joints. Also, do check for lead flashings to knowwhether it is in a reasonable state ornot? Finding out these discrepancies help you to note whether the problem can be rectified or maybe just 'bodged-up' for a quick sale.

If the property is integrated with rainwater system, check it thoroughly, as well. Is it integrated with the original cast-iron type or UPVC? Is it overflowing with moss?Is the water penetrating through the crack of brickwork? A discoloured brick is a witness of faulty system, which needs an immediate attention.

About the Author:

The writer is an expert in the field of Online Property Auctions with focus on Property Investment In South Africa