Bidding for renovation properties at auction - Revision history

Designing Buildings at 07:25, 28 December 2020

2020-12-28T07:25:47Z

← Older revision		Revision as of 07:25, 28 December 2020
Line 30:		Line 30:
	* Self-build home: project plan.		* Self-build home: project plan.

−	[[Category:Cost_/_business_planning]] [[Category:Property_development]] [[Category:Public_procedures]]	+	[[Category:DCN_Commentary]] [[Category:DCN_Guidance]] [[Category:Cost_/_business_planning]] [[Category:Property_development]] [[Category:Public_procedures]]

Editor at 17:06, 22 April 2020

2020-04-22T17:06:55Z

← Older revision		Revision as of 17:06, 22 April 2020
Line 24:		Line 24:
	* Building an extension.		* Building an extension.
	* Conservation of the historic environment.		* Conservation of the historic environment.
		+	* Dutch auction.
	* E-tendering.		* E-tendering.
	* Planning permission.		* Planning permission.

Designing Buildings: moved Bidding for renovation works to Bidding for renovation properties at auction

2017-02-01T14:02:40Z

moved Bidding for renovation works to Bidding for renovation properties at auction

← Older revision

Revision as of 14:02, 1 February 2017

86.185.174.238 at 14:02, 1 February 2017

2017-02-01T14:02:01Z

← Older revision		Revision as of 14:02, 1 February 2017
Line 1:		Line 1:
	For more information, see the main article about Renovation.		For more information, see the main article about Renovation.

−	The term ‘renovation’ refers to the process of returning something to a good state of repair. In the construction industry, renovation refers to the process of improving or modernising an old, damaged or defective building. It is common that buildings requiring renovation work are sold at auction.	+	The term ‘renovation’ refers to the process of returning something to a good state of repair. In the construction industry, renovation refers to the process of improving or modernising an old, damaged or defective building.
		+
		+	It is common that buildings requiring renovation work are sold at auction.

	Bidding for renovation works can be daunting, and careful preparation should be undertaken to be sure that the project has a chance of being both feasible and profitable should the bid be successful.		Bidding for renovation works can be daunting, and careful preparation should be undertaken to be sure that the project has a chance of being both feasible and profitable should the bid be successful.
Line 7:		Line 9:
	It is sensible to sit in on a different auction before attending the auction for the property of interest. This is useful in order to get an understanding for how the process works. The property itself should be thoroughly researched before the auction, to avoid the chances of being surprised by potentially costly issues post-purchase.		It is sensible to sit in on a different auction before attending the auction for the property of interest. This is useful in order to get an understanding for how the process works. The property itself should be thoroughly researched before the auction, to avoid the chances of being surprised by potentially costly issues post-purchase.

−	The regular conveyancing work should be commissioned in order to check the site boundaries, titles and raise any questions with the vendor’s solicitor. It might be deemed worthwhile ~~or necessary~~ to commission a survey. ~~This~~ will all involve a financial investment prior to the auction, so the process should not be undertaken lightly.	+	The regular conveyancing work should be commissioned in order to check the site boundaries, titles and raise any questions with the vendor’s solicitor. It might be deemed worthwhile to commission a full survey. However, this will all involve a financial investment prior to the auction, which may not result in a purchase, so the process should not be undertaken lightly.

−	Financial ~~arrangement~~ will need to be in place before the auction, to ensure ~~that~~ the required 10% deposit is available on the day of the auction when, if successful, contracts will be signed. The remaining 90% is usually required within 28 days. It will be necessary to check the required payment methods of the auctioneers to ensure compliance.	+	Financial arrangements will need to be in place before the auction, to ensure the required 10% deposit is available on the day of the auction when, if successful, contracts will be signed. The remaining 90% is usually required within 28 days. It will be necessary to check the required payment methods of the auctioneers to ensure compliance.

	It is also worth having a ‘ceiling’ amount that represents the maximum figure that will be bid on the property, to avoid getting carried away on the day and committing to a higher amount.		It is also worth having a ‘ceiling’ amount that represents the maximum figure that will be bid on the property, to avoid getting carried away on the day and committing to a higher amount.

Editor: Created page with "For more information, see the main article about Renovation. The term ‘renovation’ refers to the process of returning something to a good state of repair. In the constructio..."

2017-01-02T11:22:08Z

Created page with "For more information, see the main article about Renovation. The term ‘renovation’ refers to the process of returning something to a good state of repair. In the constructio..."

New page

For more information, see the main article about Renovation.

The term ‘renovation’ refers to the process of returning something to a good state of repair. In the construction industry, renovation refers to the process of improving or modernising an old, damaged or defective building. It is common that buildings requiring renovation work are sold at auction.

Bidding for renovation works can be daunting, and careful preparation should be undertaken to be sure that the project has a chance of being both feasible and profitable should the bid be successful.

It is sensible to sit in on a different auction before attending the auction for the property of interest. This is useful in order to get an understanding for how the process works. The property itself should be thoroughly researched before the auction, to avoid the chances of being surprised by potentially costly issues post-purchase.

The regular conveyancing work should be commissioned in order to check the site boundaries, titles and raise any questions with the vendor’s solicitor. It might be deemed worthwhile or necessary to commission a survey. This will all involve a financial investment prior to the auction, so the process should not be undertaken lightly.

Financial arrangement will need to be in place before the auction, to ensure that the required 10% deposit is available on the day of the auction when, if successful, contracts will be signed. The remaining 90% is usually required within 28 days. It will be necessary to check the required payment methods of the auctioneers to ensure compliance.

It is also worth having a ‘ceiling’ amount that represents the maximum figure that will be bid on the property, to avoid getting carried away on the day and committing to a higher amount.

= Find out more =

=== Related articles on Designing Buildings Wiki ===

* Auction theory.
* Avoiding planning permission pitfalls.
* Bid strategies.
* Building an extension.
* Conservation of the historic environment.
* E-tendering.
* Planning permission.
* Renovation.
* Self-build home: project plan.

[[Category:Cost_/_business_planning]] [[Category:Property_development]] [[Category:Public_procedures]]