16
Jan
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."
