Yahoo Finance 10 bargain properties to bag at auction
Buying a home at auction removes uncertainty as once the hammer falls – or you’re the highest bidder in an online-only auction – you’ve entered into a legally binding contract to buy it. So preparation is essential.
"Gather as much information as possible. Speak to the auctioneer, scope out rents and property prices in the local area, go to viewings, undertake research online and, most importantly, seek legal advice," explains Richard Adamson, managing partner and residential auctioneer at Allsop.
"Although the latter may cost you financially with no guarantee of buying the lot, it may save you a great deal of money and heartache later if issues arise with it once bought."
This assortment of auction properties should pique your interest.
1. Paisley, Renfrewshire, guide price £25,000
Convenient for Glasgow Airport and the M8 motorway network, this ground-floor flat comprises one double bedroom, a living room, a modern galley kitchen, a shower room and a shared garden. It’s occupied by a tenant who pays a monthly rent of £475 – that’s a 22.8% yield if it goes for the guide price at auction on June 27. Find out more from Auction House Scotland.
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2. Houghton le Spring, Tyne and Wear, starting bid £75,000
This recently replastered and redecorated three-bedroom end-of-terrace house is in a well-served town about seven miles from Durham. It includes two reception rooms, integrated kitchen appliances, a refurbished bathroom, new flooring, a large garden and off-street parking. Bidding ends on June 15. Through iamsold.
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3. Aldershot, Hampshire, guide price £80,000
Only cash buyers are able to bid for this ground-floor maisonette, which has 60 years left on the lease and requires refurbishment. A short walk from the town centre and station, it has a bay-windowed living room, a double bedroom, a kitchen, a bathroom, a separate WC and a courtyard garden and will be sold by online auction on June 28. For more information contact First for Auctions.
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4. Counden, Coventry, guide price £80-£100,000
Investors hunting for a value-adding project should look at this three-storey mid-terrace house, close to the city centre. It needs clearing before modernisation work can begin, but is full of potential, featuring two bedrooms, two reception rooms, a store room, garden and garage. The auction takes place on 11 July. Available from Loveitts.
5. Watton, Thetford, Norfolk, guide price £100,000
Once structural work and refurbishment have been done, this semi-detached cottage is set to become a comfortable and spacious family home. It features a ground-floor lounge, dining room, additional reception room, kitchen, utility and bathroom.
There are three double bedrooms, a box room and a bathroom on the first floor, plus two more bedrooms on the second. The layout could be rejigged to make it more suitable for contemporary living. The auction date is June 25. Via William H Brown.
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6. Ancoats, Manchester, guide price £120,000
If you’re after a low-maintenance investment, this fourth-floor purpose-built flat may be of interest. Five minutes walk from The Northern Quarter, it has two bedrooms, an open-plan kitchen/living room and a tenant in situ until September. Rent is £1,150 per month – a yield of 11.5% based on the guide price. Find out about the auction process from Thornley Groves.
7. Nottingham, offers over £150,000
This dated three-bedroom semi-detached house sits on a large corner plot with off-road parking and a detached garage. It's ready to be smartened up or reconfigured. There is also the potential to extend, subject to obtaining the necessary planning permission. More auction details are available from Yopa.
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8. Newton Ferrers, Plymouth, Devon, guide price £395,000
This is an unmodernised three-bedroom, two-bathroom cottage in a desirable and expensive South Hams village on the Yealm Estuary. Despite needing some love, it has lots to offer: nearly 1,400 square feet of living space, exposed stonework, an open fireplace in the second-floor sitting/dining room and views over the water from the south-west facing garden. It’s being auctioned on June 20, through Marchand Petit.
9. Bromley, London, guide price £450,000+
Do the sums and you could be quids in by buying and doing up this three-bedroom detached house as, according to Rightmove, the average property on the same street sells for £970,000. The town centre is a five-minute walk and three train stations are within half a mile. You can bid for it on 19 June, through Allsop.
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10. No Man’s Fort, Solent, off the Isle of Wight, guide price £1m
Originally on the market for £4.25m, this historic sea fort is located between the Isle of Wight and Portsmouth. Over the past 12 years, it’s been meticulously restored and was run as a hotel, incorporating 23 ensuite bedrooms, crew quarters, bars and restaurants, a pub, nightclub and rooftop terrace.
Spitbank Fort, a similar structure in the mouth of Portsmouth Harbour that was transformed into a nine-bedroom luxury retreat, is also offered with a £1m guide price. Both are being auctioned on 18 June and have planning permission to be converted for residential use, via Savills.
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