Buying through an auction - anybody know about this?

ollyfarrow

The type of house that I want is in very short supply where I live. I want an older style property, 1930's or older and have seen this one with a guide price of 150k - 160k.

http://www.cliveemson.co.uk/listing_view.asp?Lot=44&Auc=134

In the same area, when these houses are in good condition, they are selling for k250k - 275k.

I know it's the impossible question, but I wonder how much it will go for and how much it would cost to modernise and get it up to spec? How much shall I go up to, keeping in mind my total budget is 250k????

I'm not looking to buy for future profit, just for a long term family home. I have an appointment to view next Monday.

Any input would be welcome.

matt_boro

why not take a builder with you on monday?

Matt

Caz3121

take someone with you that has experience of doing up a property so you can get a good estimate of the costs required to do up.
You also need to be in a good position at the auction - have a look at the buyers information guide on the site, need to have all finance in place (survey etc) before the day.
don't get carried away...what it sells for will depend on who else is after it and what they think it is worth.

toby3000

Part of your budgeting has to be what you're willing to live with. When we moved into our house when I was a kid my paretns stretched themselves to pay for it. Consequently we had no central heating for the first year, the main reception room was unusable for about 8 years, my bedroom window leaked for about 5 years and it would still have hideous carpets if the house hadn't flooded. So if you're prepared to live with ugly wallpaper and a basic kitchen for a couple of years then you can spend more on the house.

As to the cost of renovation, if Sarah Beeny has taught me anything it's that you'll always underestimate the cost!