Property auctions are widely regarded as one of the best ways to find a buy-to-let property for sale at a bargain price. On a good day, it’s possible to save as much as 15% off the market value, which can equate to thousands of pounds.
However, some people are deterred by the prospect of buying a house at auction, especially if they’ve never attended a sale before. If you’re not convinced whether house auctions are for you, here are a few reasons to persuade you to give them a go.
Why You Should Seek UK Property Investment at a House Auction
- It’s a less long-winded buying process. Purchasing buy-to-let property for sale through an estate agent can be a time-consuming, stressful process – especially if you get gazumped. Property auctions enable you to seal the deal on the day (as long as you’ve got 10% deposit and can pay the remainder within 28 days).
- You know who you’re up against. When buying a house traditionally, you have no idea what sort of offers other buyers have put in, which can be unsettling. At an auction house, you can hear what other people are bidding, which means you stay firmly in the picture throughout.
- You can get a good bargain. On the right day, you may end up spending less than you’d anticipated, which increases your ROI – always welcome news for a serious investor.
- You gain access to exclusive properties. Many of the properties at a house auction aren’t available through estate agents, and are priced competitively to sell. This provides you with a golden opportunity to invest in a ‘doer-upper’ – a property that requires work but offers great scope for making profit in capital growth.
- You can get a mortgage. Contrary to popular belief, you don’t need to be a cash buyer to purchase a house at a property auction. Many lenders offer buy-to-let mortgages – the only thing is to get it agreed in principle before the big day.
- There’s lots of choice. Attend a busy national auction, and you’ll notice there’s a wide range of properties on offer – which means, if your first choice turns out to be too expensive, your second choice may be just the right price.
Buying a house at auction is an exhilarating, fast-paced experience – but it’s not for everyone. If you’re put off by the prospect of bidding at a house auction, consider working with a property investment agent instead. They often have investment properties on their books that aren’t available to the general public, and which are priced competitively to sell.
The Buy2Let Shop Limited
The Buy2Let Shop are a team of property investment agents in London – and we specialise in helping UK property investors to build their portfolios and enjoy good ROI. In addition to our range of property investment opportunities, which aren’t available to the public and which are priced competitively to sell, we also offer assistance with buying a house at auction – and will work with you to ensure you find the right property at the right price.
To find out more about our services, simply visit The Buy2Let Shop website today.