Purchasing a home at auction can be scary, especially if you’re a first home buyer or first time purchasing at an auction. The experience can be great and has the potential for you to yield wonderful results as you can a get a purchase of great value. Here are three tips to make your auction experience pleasurable and successful:
1. Familiarise Yourself with the Process
This will allow you to have a better understanding of the market and allow you to maximize your ability to learn the auction process. Actively listen and watch the process and become acquainted with how it works.
2. Understand Your Spending Limits
Having your budget ready which will include any prequalification from financial institutions is critical to the process. Also consider having a small contingency set aside in case the difference between winning your dream home and not getting it is small. Going a little over budget may be worth it if you truly feel the property is worth purchasing.
3. Do your Research
Typically, the properties that will be auctioned are advertised. Do a drive by and speak to people within the area to get as much information as you possibly can. This will help you make an informed decision on the property you plan to bid on as some auctions may request a deposit to be paid on the day.
Article Written By: Seraphia Spence