Bidding for renovation properties at auction
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 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 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.
[edit] Find out more
[edit] Related articles on Designing Buildings Wiki
Featured articles and news
A case study and a warning to would-be developers
Creating four dwellings for people to come home to... after half a century of doing this job, why, oh why, is it so difficult?
Reform of the fire engineering profession
Fire Engineers Advisory Panel: Authoritative Statement, reactions and next steps.
Restoration and renewal of the Palace of Westminster
A complex project of cultural significance from full decant to EMI, opportunities and a potential a way forward.
Apprenticeships and the responsibility we share
Perspectives from the CIOB President as National Apprentice Week comes to a close.
The first line of defence against rain, wind and snow.
Building Safety recap January, 2026
What we missed at the end of last year, and at the start of this...
National Apprenticeship Week 2026, 9-15 Feb
Shining a light on the positive impacts for businesses, their apprentices and the wider economy alike.
Applications and benefits of acoustic flooring
From commercial to retail.
From solid to sprung and ribbed to raised.
Strengthening industry collaboration in Hong Kong
Hong Kong Institute of Construction and The Chartered Institute of Building sign Memorandum of Understanding.
A detailed description from the experts at Cornish Lime.
IHBC planning for growth with corporate plan development
Grow with the Institute by volunteering and CP25 consultation.
Connecting ambition and action for designers and specifiers.
Electrical skills gap deepens as apprenticeship starts fall despite surging demand says ECA.
Built environment bodies deepen joint action on EDI
B.E.Inclusive initiative agree next phase of joint equity, diversity and inclusion (EDI) action plan.
Recognising culture as key to sustainable economic growth
Creative UK Provocation paper: Culture as Growth Infrastructure.
Futurebuild and UK Construction Week London Unite
Creating the UK’s Built Environment Super Event and over 25 other key partnerships.
Welsh and Scottish 2026 elections
Manifestos for the built environment for upcoming same May day elections.
Advancing BIM education with a competency framework
“We don’t need people who can just draw in 3D. We need people who can think in data.”