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The Benefits of Buying a House by Auction

The Benefits of Buying a House by Auction

The Benefits of Buying a House by AuctionDeciding whether or not to go through with?buying a house?is one of the most stressful things you can do. Not to mention the stressful nature of actually finding and buying a house. But thanks to the Internet, this is becoming easier.

Not only are buyers provided with unique, tailored online solutions where they can search for their dream property, but they?re also benefiting from the exclusivity of buying online by auction.

Here are just some of the benefits of buying a house at an online auction.

A Faster Process

When a property auction is held (by companies like Allsop, for example) there are set timescales that are put in place. These help to make sure the process of buying a property is much, much quicker as there are only 28 days until the completion takes place. With these set deadlines in place, you could be getting the keys to your new property in just four weeks! This is quite a bit faster than it might take to find a house and complete the purchase offline.

Greater Scope

A lot of properties that are sold by auction have great scope for improvement, which means a greater return on investment. Property shows like Homes Under the Hammer demonstrate just how viable buying at auction can be, as many properties come with added planning permission, change of use or conversion opportunities.

Equally, many of the properties placed in an auction are cheaper than standard high-street properties, giving you more chance of bagging a bargain. This is often due to the seller wanting to get rid of the property quickly, or due to the amount of work that?s required to get the property in tip-top condition again.

Added Security

There?s nothing worse than placing an offer on a house only to have it rejected because someone has gazumped you at the last minute. But thankfully, this cannot be done when you buy a property at auction. As soon as the hammer goes down, the property is yours, and no one can try to outbid you. This gives you the added security and confidence that your property deal is going to succeed, and that the vendor won?t back out. That can’t be said for other types of home purchases. I’ve heard nightmares from friends and family about being out bid for their dream home at the last minute in an effort to scoop it away from them.

No Hidden Surprises

Before the auction, the sellers will work with the auction house and solicitors to put together all of the information required before the auction date. This includes leases for tenanted property, title deeds, searches, planning permission and so on, which gives you access to valuable information before you buy the property. These are often available for you to download so you can make sure you?re 100% happy with the property before you place a bid on it.


Would you ever consider buying a house via an online auction? Why or why not?


Photo courtesy of: paulbr75

4 Steps To Getting On the Property Ladder For First-time Buyers


The following post is for our British readers…

According to a report published at the end of 2015, the London property market is the most over-valued in the world, with house prices having increased by 40% across just two years. It?s no wonder that most first-time buyers entering the London market are dubious about doing so, hastily looking if there is an alternative outside of the cramped capital.

If you?re one of these worried individuals keen for advice on how to get onto this seemingly impossible property ladder, you?ve come to the right place. Follow these initial four steps and there will be no need to panic.

  1. Get Your Priorities Straight

Before you start worrying about mortgage referencing and deposits, you?ll need to figure out exactly what you need from your future home. What are you key priorities? Is it proximity to the workplace, or to the local bars and restaurants? Do you need access to great transport links, or is space more important to you? You need to figure out where you want to be so that you can research the location for a realistic budget.

  1. Research Locations?

There are still many areas of London that have not yet been caught up in the house-price explosion. If commuting is a key consideration, places such as Hounslow and Greenwich have fantastic transport links. If your priority is a home where you can start a family, why not try areas slightly outside of the center such as Sheen, which is close to Richmond Park with good local schools. Featherstone Leigh estate agents have great expertise in this area, with a large portfolio of Sheen properties.

  1. Don?t Be Scared of a Project

In order to get more for your money, consider taking on a property that needs some renovation work. Buying a house or apartment that is ready to move into is certainly convenient, but it makes good sense from an investment point of view to plan for the future when you move on. It?s unlikely that this will be your permanent home, so don?t be scared to add your own value to a property.

  1. Don?t Go It Alone If You Can Help It

Whether it?s renting or buying, sharing property costs and responsibilities is often a good way of getting into the London market and into a better home. It might be a family member looking to invest in a property, or a friend also looking to move to the big city. Either way, explore this as your final option before going out there and viewing properties.

Owning property for the first time doesn’t have to be scary. All you need to do is set your priorities, research your location, don’t be afraid of a fixer-upper, and take someone with you to get their opinion on your potential properties. These tips will help you avoid lots of the mistakes that first-time buyers often make on HGTV.


If you are a property owner, what tips do you have for first-time buyers??What is one thing you wish you would?ve known when buying your first house?


Photo courtesy of: Andre Robillard