16 Jan

Surveys recommended for property auction investors

Surveys recommended for property auction investors

Close to three quarters of homebuyers who purchase properties at auction fail to get a valuation carried out prior to bidding, a study conducted by Auction Finance Limited has found.

According to Irene Thomas, operations manager at the firm, developers with years of experience in the market do not bother to get a survey carried out on their prospective purchases.

Instead, they choose to rely on their instincts and pre-existing knowledge of property to inform their valuation.

Yet, while this policy is appropriate for those familiar with the market it is not recommended for novice investors, who should make sure they get the property surveyed first, Ms Thomas said.

She explained: "It may cost more but the amount of money, time and hassle it could save in the future by highlighting any major flaws is worth the added expense. Buyers must be aware if they make a successful bid they are committed to going ahead with the sale.

"Buying a property is usually the biggest purchase we make in our lives so it is well worth spending that bit extra for peace of mind. Cutting corners in the property game is generally a false economy."

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