First Time Buyers often do not consider alternative ways of buying properties. One such option is the property auction. Although they can seen quite daunting, they can provide a way of getting a decent property quickly, and at a good price too.
Of course, attending property auctions requires lots of planning and research - looking around potential properties, getting a survey done, and more besides. Therefore it is important to get a feel for what a property auction involves - what it is and what it isn't, and also find out about the pros and cons so you can go into the process with your eyes wide open.
For instance, you don't want to be the person who buys at auction and only then realises they need to pay a 10% deposit there and then! Or the person who doesn't even look at a property before buying it and opens the door to see a ramshackled mess. Or be the person who buys the property without reading the legal pack and seeing hidden fees that they are legally obliged to pay but didn't know about or budget for.
The above said, with research and planning, property auctions can be a viable way for first time buyers to get a good property at an attractive price. Articles in this section aim to give an overview of the auction process, pros and cons, what to expect at an auction, and how it is important to plan and stick to your budget and not get into a dreaded bidding war.