Auction sales are becoming increasingly popular, attracting investment properties and investors looking for higher yields on their investments, but what are the benefits of buying property at auction?
- Choice: A wide range of properties are sold at auction, including those in need of renovation or change of use (subject to planning). This can give the opportunity for either higher re-sale profits or a higher valuation at the point of remortgage, enabling you to withdraw most or all your initial investment.
- Investment Opportunity: A large volume of property can be found at auction, which can suit property investors looking to grow their portfolios. Often vendors are motivated to sell and therefore pricing can be competitive. Some auction houses sell tenanted stock which means you will start to receive income from the day of legal completion.
- Fair Chance: All bidding is conducted on the same day in the auction house or online and you can who is bidding and how much.
- Success: Once the gavel falls, the property is yours and there is no risk of the deal falling through or chains collapsing. The property will belong to you, typically within 20 working days.
- Speed: With a fixed timescale there is no quicker way to buy a house and the professionals aim to provide all relevant documentation prior to the auction (often referred to as a legal pack).
The Team at Aspire Property Finance have over 15 years of experience in specialist Auction Finance, please get in touch to see how we can work with you to support your auction property purchases:
01225 800849