What's the most common question for a house auctioneer?
- Credit: JON HARE
Exmouth auctionneer Scott Gray, who appears regularly on BBC's Homes Under the Hammer, writes for the Journal.
As a new lot goes live the initial flurry of interest comes in, multiple viewings in the diary, the phone ringing and emails coming through – various enquiries and questions to answer.
I frequently get asked – is this a good investment opportunity? Will this property achieve good returns for lettings or development? Is now a good time to buy?
As an auctioneer I am here to support all my clients, vendors and purchasers, but my advice can only include the facts of the property or land which is for sale.
The rest is up to the client to ensure they have a clear picture of what they are buying – so what can you do to ensure you are up to speed before you commit?
Lead with your head – not with your heart! Do you love the property as you can imagine yourself there, changing the décor to suit you, when in reality you are planning to develop for a tenant or a quick sale? If you are purchasing to live in – yes your heart comes into the decision but for investment properties an understanding of the property in terms of investment is key.
How much will it cost to renovate, are there any hidden costs and what rent or resale value could be achieved. Consult your builder for quotes.
Know the local area – be sure of the location you are purchasing in. Is it a popular letting spot – close to central facilities/schools or infrastructure.
Or is it up and coming, a good place to renovate and sell on?
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Read the paperwork and ensure your solicitor has checked the information provided – any red flags?
Make certain you have the funds in place or lending against the specific property via your lender before bidding. Ensure to understand the lot you are looking to purchase – once the hammer falls there is no going back!
Is now a good time to buy? Clients must base their decision on their plans for the property, are they expecting a quick turnaround or is this a long-term project. For all properties and land, research and fact finding must be key decision makers for you – but we are always here to help and support you on your property journey.