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Prepare for Purchasing at Auction

By Brett Pilgrim

Auctions continue to be a popular way of selling property throughout South Australia. If you are interested in buying real estate in Adelaide up for auction it is crucial to come prepared.

Buying a property at auction can be both thrilling and profitable. Still, it can be daunting, especially for first timers.

Preparing for an auction includes finding the perfect property, investigating any issues with the property and arranging your finances.

When you find a property you like, you can register your interest with the Licensee Salesperson. This individual will keep you informed of any activity involving the property.

The next step is knowing the property. This may involve researching any compliance issues and/or understanding building matters.

Your local council can assist with any issues relating to compliance, this could include any development approvals. A builders report is also recommended to alert you to any structural problems the property may have.

Finally, it is necessary to ensure your finances are organised, as auction purchases are unconditional. Increased demand for the property on auction day may cause prices to rise, so it is crucial to know your limits.

There is no golden rule when it comes to bidding on auction day, but come prepared and you may walk away with the property of your dreams.

If you are looking for further advice on buying and selling at auction, contact a local property agent today.

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