Tips in buying a house at auction
In today’s chaotic housing market, buyers need to find ways that give them an edge in purchasing a property they can afford. Auctions are an excellent way to grab a bargain, so here are five tips from Sydney conveyancers you can use to bid your way into your dream home without losing your shirt.
1. Get a pre-approved loan
Getting the winning bid means you bought it, even if you have managed to bid more than you can afford. A pre-approved loan lets you know your limits, so you can write your deposit check with confidence.
2. Get familiar with the Sydney property auction process
A good auctioneer will toy with the crowd’s emotions to get more value for the current owners. If you aren’t familiar with how intense that can get, you could let your emotions influence your bidding.
Learn all you can about the auction process and attend a few to get a feel for how they work. Watch the crowd and familiarise yourself with the strategies. Knowing what to expect will help you to use your head more than your heart, so you don’t pay too much.
3. Know a property’s value
Do diligent research on every property you intend to bid on. Remember, if you get the winning bid, you have bought the property. Pleading ignorance of any issues you discover after the fact will not save you from your legal obligations.
Research similar properties in the area and what they have sold for. If you are considering doing some work on the property, find out what owners of similar homes in the area have done to add value.
4. Inspect all reports before the auction
There will be reports covering the structural, building, engineering, and pest status of the property, as well as title information. Going over these will protect you from buying a house that could cost you even more in repairs or legal issues after you move in.
You also don’t want to pay full price for a fixer-upper. Your Sydney conveyancer can help you review these documents, so you know you won’t get caught out.
5. Be prepared with a good Sydney conveyancer
When you have put so much work into researching what could be your new home, you certainly don’t want to miss out by not being prepared on the legal front. And that’s why it’s important to have the sales contract reviewed by a good Sydney conveyancer before the auction
Need help with a residential conveyancer in Sydney or anywhere in NSW?
You can make the whole process go a lot smoother by working with an established residential Sydney conveyancer. Platinum Conveyancing Services will always put your interests first and won’t add any hidden surprises. We also offer FREE contract reviews in order to alert you of potential property issues before you commit. We welcome you to contact us today.