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How to prepare for a home auction

By Andrew Bell

If you're looking to buy home in the near future, there are several reasons why attending an auction is a good idea. However, that kind of benefit also means you have extra work to do when it comes to ensuring the property is in great shape and that it will fit your needs, most of which has to be done before the scheduled day of the event.

First and foremost, you have to understand the real estate market where the auctioned property is located, according to Your Home & Garden. How much does the typical home there cost? What about the homes that are directly comparable to the one that is going to be auctioned off? How do the features of these properties meet your needs, and can you afford everything you want?

What about the property itself?

Of course, once you understand the market itself, it's time to consider the particulars of the property in question. Perhaps you can visit it in person before the auction, or look at the pictures on a real estate listing site and check out the neighbourhood with Google Street View. This will give you a much better idea of what you will be bidding on.

The more you do to understand the area and the property itself, the better off you will be when it comes to determining the right bidding amount (or at least the maximum you are comfortable bidding) for this particular home.

Other considerations

You would also be wise to make sure you have the financing to make the purchase (up to a specific amount) with full pre-approval, rather than just online or over-the-phone options, as explained. That way, you can bid with confidence, and go in with a game plan that allows you to bid strategically and, potentially, get the home at that just-right price.

When you are planning to buy at auction, it's also critical to have an experienced real estate agent by your side throughout the process. We at Ray White Surfers Paradise have guided our clients through countless auctions and helped maximise the value they when buying at auction — and we'd love to do the same for you. Get in touch with us today to learn more about how we can help you find all the success you're looking for at auction.

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