Property refurbishment

Did you know that every year thousands of UK properties are sold at significantly below market value? The majority of these properties are released through property auctions where regular savings of between 10% to 40% are available to market value. Even so, property auctions continue to be used only by the elite and for the astute buyer/investor this generates a fantastic opportunity to secure a dream home/good investment at bargain basement prices.

For example, at a recent auction a studio flat was sold in London for a mere £9,000. In another, a 2 bed flat right on the south coast with a market value of upto £100,000 sold for just £14,000 at auction. And those are just a couple of examples of the bargains that people do find at property auctions. However it's also important to know the potential issues and problems when dealing with auctions and to understand exactly where the best deals are available. If you're interested in getting into the world of property auctions the below tips & tricks of the trade should be very helpful.

The following is a guide to help anyone unlock the value available through UK Property Auctions. Thousands of homes are available at any given time with property auctions, most of which are sold at prices far below market value. However it's important to know the potential issues and problems when dealing with auctions and to understand where the biggest bargains are available. Details of thousands of cheap, repossessed & auction properties are also available at Property Auction Bargains.

Its perfectly reasonable to expect to pay between 15% to 40% less for a property at auction than you would for the same property through an estate agent. For example, at a recent auction a studio flat was sold in London for a mere £9,000. In another, a 2 bed flat right on the south coast with a market value of upto £100,000 sold for just £14,000 at auction. And those are just a couple of examples of the many bargains that people find at property auctions each and every week.

Repossessions – Sadly for the previous owners, repossessions can often be picked up at bargain prices through auctions.

Investment properties – Properties, which are valued due to the return on investment that they provide. Includes everything from individual office/shop investments to blocks of flats.

Rundown properties – Auctions are great places to pickup properties that are unsaleable in their current state. The attraction here is if you can get such a property in a good location at a cheap price it’s perfectly possible to refurbish and resell on at handsome profits. Indeed there are individuals and organisations that make their living doing this. Unsaleable properties come under the following categories:

Exceptional properties – Include ones that have historical meaning and plots which ‘get in the way’ of major development projects.

Large composite – Tend to have over 100 lots. Expect well over 300 people to attend and the venue to be held in a large hotel or conference centre. Large composite auctions are likely to be run by a single auction house. The type of property may be restricted to just one (e.g. vacant possession houses, factories, warehouses etc) or may be a mixture of different types.

Medium composite – Have between 5 to 100 lots and will typically attract between 200 to 500 people, most likely in a hotel or conference centre. It’s similar to a large composite, only on a smaller scale.

Small composite – Offer between 2 to 5 lots and will attract upto 5 bidders. The likely venue is likely to be somewhere like a pub, restaurant, church or small hotel. Small auctions will generally follow a theme – for example the properties involved may have been part of a bigger group (such as a portfolio of properties owned by one company) who believe the best returns will be obtained by offering the properties for sale individually.

Auctions aren’t as easy to find as you might expect. Traditionally auctioneers get more than enough interest from in-the-know regulars so they don’t need to spend much money on costly advertising to the public. Here’s where the list of auction houses that comes with this guide becomes invaluable. There are details on each auction house including which area the auction house covers. Go through the list and identify ones, which cover the areas you are interested in. Then:

Phone the auction house and ask them when their next auction is likely to be held. Ask them to put you on a mailing list, which details forthcoming auctions. Some may charge a small fee for this, others offer the service for free.

Prepare a list of questions for each auction house you contact. These should include:

How long do you keep people on your mailing lists and can you let me know if I am about to be removed?

It may also be worth subscribing to certain pedigree property magazines. These include Property Auction News, Under The Hammer and Property Week. Local newsagents usually carry these.

Obviously they will provide the details of the properties going under the hammer at their auctions. These tend to be more detailed than the snippets given by estate agents (there are laws such as the Property Misdescriptions Act 1991 which make it illegal for auctioneers to give false information about a property). On the whole, for any given lot they will provide:

Auctioneers usually publish a catalogue with the lot details – this is a book detailing the various properties available at auction. These will usually be available a month or less prior to the auction date.

Some banks/building societies can be sheepish about revealing that they are selling repossessed properties so you need to be alert in the auction for clues. Auction adverts may reveal that a bank may be the seller of a number of properties, or the auction catalogue may state a phrase such as ‘on instruction of a liquidator’ or something similar – this should tell you that the property being sold is a repossession. If you are unsure, ask the auctioneer directly if the lot being offered is a repossession.

There are several thousands of properties available for auction at any given time all over the UK. It's important to understand how auctions work before purchasing a property from one. To find out where you can get hold of a list of UK property auction venues and websites of auction properties for sale take a look at my resource box below. I wish you every success in finding your dream bargain home at auction

Subscribe to the Online Powerpack newsletter & discover the biggest discounts available anywhere for just about everything! Send an email to tukshad@global-ebooks.com

When searching for property refurbishment information there are some useful keyword phrases that should help in your research....

... either project manager or designer to find out how the work is progressing. Basic Property Refurbishment Property Cost £GBP (min) Cost £GBP (max) Timescale (average) ...

... and Self Build Mortgages Click to View Latest Property Finance Mortgage Rates Property Finance or Refurbishment Facility - how does it differ from a normal mortgage and why would you want one? A ...

London property refurbishment, London property acquisition and investment, property sales, lettings and property management in berkeley square, Mayfair, sloane square, eaton square, kings road, earls ...

... Ltd, North East, employs a skilled work force to meet the requirements of each property refurbishment. Subject to financial circumstances, TPM Ltd’s Contracts Manager will produce a specific ...

... in property, house insurance, one stop shop for property refurbishment advice, Locating property refurbishment information on the web Topical Content Articles - property refurbishment Return to ...

... stop shop for home furnishing advice, Locating home furnishings, home improvement with property refurbishment information on the web Topical Content Articles - furnishings Return to Main ...

... of your home from home. BMS manages all aspects of a property refurbishment, from organising for contractors to carry out the work, to ensuring ...

... your project, whether it be for a set of quality hand-made curtains or for the refurbishment of an entire property. Interior Concept, UK Telephone: 0208 367 0093 - 01263 576467; E-mail: sales@interior ...

... best suits their needs, from outright licence purchase to long term monthly payments. Property Refurbishment applications are often used by a relatively limited user base (in larger organisations this ...

... kitchens. Other work undertaken is wall and floor tiling, painting and decorating and property refurbishment. Home Contact Us Main Site Kitchen supply and fitted ~ bathrooms supplied and fitted ~ wall ...

DISCLAIMER - Please note that all articles on this web site does not constitute professional advice. All articles are intended to provide a general view of many topical subjects from a variety of sources. We are not responsible for the content or any sponsored links that you may choose to visit from this web site. We suggest you to consult a solicitor and your doctor for advice relevant to you own situation before making any important decisions. The author is not an expert in any given field. By printing, downloading, or using you agree to our full terms. Below is a summary of some of the terms. If you do not agree to the full terms, do not use the information. We are only publishers of this material, not authors. Information may have errors or be outdated. Some information is from historical sources or represents opinions of the author. It is for research purposes only. The information is "AS IS", "WITH ALL FAULTS". User assumes all risk of use, damage, or injury. You agree that we have no liability for any damages. We are not liable for any consequential, incidental, indirect, or special damages. You indemnify us for claims caused by you.

Grab Your Dream UK Home On The Cheap - Property Auctions

When searching for property refurbishment information there are some useful keyword phrases that should help in your research....