Auctioning your way onto the property ladder

29-Jul-2005

House auctions are remaining popular, with sellers keen to engender interest in their property, and aspiring homeowners could find themselves grabbing a bargain - provided they are properly prepared.

It is important for aspiring first time buyers to have made all the same checks on a property that they would if they were about to purchase the house through the normal channels.

Click here for our first time buyers guide to buying a property

One aspect that is easy for eager aspiring homeowners to overlook is the fact that arriving at auction should be treated in exactly the same way as arriving to sign the final deal on a property - so all information about the flat should have been gleaned long before auction day.

Then there is the price - it can be very easy for a novice to get carried away in the excitement and buzz of the auction environment and spend far more than their original budget.

Click here to ask about the legal costs of house-buying or to ask a legal question specific to your own situation

As such, aspiring first time buyers should go along to some auctions where they do not intend to buy, or even bid, so that they can get used to the atmosphere and environment, so when a house that they are interested in goes up for auction, they will feel like old hands in the business with the confidence and experience to bag themselves a bargain.

To find out about creative mortgages designed specifically for first time buyers click here

Click here to see what properties are on the market in your area - whether you buy alone or with others

If you want to post your comments on today's news in the FirstRung Forum click here

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