- Project plans
- Project activities
- Legislation and standards
- Industry context
Last edited 01 Feb 2017
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.
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.
 Related articles on Designing Buildings Wiki
Featured articles and news
Everything you need to know about acoustics in under 800 words.
Check out our list of the 90 most unusual buildings of all time.
The government is to set a personal consumption target to reduce water use.
BSRIA calls for more education to promote fuels that are fit to burn.
Michael Gove admits air pollution is making people ill and shortening lives.
BRE call for a clearer, focused drive for the delivery of sustainable, quality developments.
Proposals for a 140m high observation wheel next to the Tyne.
Consistently one of our most popular articles - so just how much do you know about BoQ's?
Significant updates encourage whole building life cycle assessment and recognise products with Environmental Product Declarations.
Gustavo Giovannoni’s role in integrating modern planning requirements into historic town centres.