Property Auctions are as popular as ever and at Property Investor’s April show we ‘ll have a number of experts both speaking and exhibiting, designed to help you make the most of this luctative investment opportunity. With that in mind we’ve put together some top tips to get you started…

  1. Do your research: Before attending a property auction, thoroughly research the properties available and create a shortlist of the ones that align with your needs and budget. This will help you focus your efforts and increase your chances of getting a good deal.

  2. Set a budget: Determine your budget in advance and stick to it during the auction. It’s easy to get carried away during the bidding process, so having a set limit will help you avoid overspending.

  3. Attend a practice auction: If you’re new to property auctions, consider attending a practice auction before the actual event. This will give you an idea of how the process works and help you feel more confident on the day.

  4. Survey the property: Before the auction, if possible, visit the property and conduct a thorough inspection. Engage a professional surveyor to identify any potential issues or expenses that could affect the overall value of the property.

  5. Get legal advice: Have a solicitor or conveyancer review the legal pack of the property you’re interested in before the auction. They can highlight any potential legal complexities or obligations that might arise post-purchase.

  6. Arrive early: Aim to arrive early on auction day to familiarize yourself with the auction location and get a good seat. This will enable you to have a clear view of the auctioneer and other bidders, ensuring you don’t miss any important details during the bidding process.

  7. Don’t get caught up in the competition: It’s easy to become competitive during an auction, especially when others are bidding against you. However, it’s important to keep your emotions in check and remain calm and composed. Stick to your budget and only bid if the price is within your limits.

  8. Consider properties with less competition: Look for properties that may have less competition because of certain factors such as location, condition, or unique features. These properties are more likely to have fewer bidders and potentially offer better deals.

  9. Be aware of additional costs: Remember to factor in additional costs such as auction fees, buyer’s premium, stamp duty, and potential renovation expenses when determining your budget for a property auction. This will help you make more accurate calculations and avoid any financial surprises.

  10. Be prepared to walk away: If the bidding surpasses your budget or the property doesn’t meet your expectations during the auction, be prepared to walk away. It’s better to miss out on a deal than to make a hasty decision and regret it later. There will always be future opportunities.