Cheap houses at property auctions

Many property investors, property developers or speculators are often looking for cheap or bargain properties most professional developers usually purchase off market. This is usually through property traders or from property auctions. Property auctions have changed dramatically in the last fifteen years with people from all over the country and world having access to online property auction listings. Many novice property developers and investors believe that it is simply a matter of chancing your arm at the auction buying a cheap property and then finding a good builder to get it back up to standard. However it is better to get your builder involved before you buy, they can often spot problems that you may miss and could potentially save you thousands of pounds. One thing to consider is that if you had a property with a serious structural or other defect and you wanted to mask the issue you would probably look to off loading a problem property through the property auctions. So be aware that less honest vendors may pass their problem properties onto you. So before you buy set a realistic budget for all the various trades and work that may be required to your auction property. A quick look at the type and age of the consumer unit (fuse box) can give you an indication of if the property may require a re-wire. There are some items that may seem a luxury but dependant on the area can be a good investment. Things like reinstating original period features or altering load bearing walls to open up smaller reception rooms to suit more modern family living styles. It is also important that you do not miss out items like outside space as this could put off drive by viewers and will affect the look of online details. You will find that many builders have worked on auction properties before and will be able to advise on what has worked well for other property speculators and developers.