- Project plans
- Project activities
- Legislation and standards
- Industry context
- Specialist wikis
Last edited 28 Dec 2020
Bidding for renovation properties 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 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.
 Find out more
 Related articles on Designing Buildings Wiki
Featured articles and news
A commentary from the insurance perspective.
In brief with further links.
A definitive book on a pioneer of green architecture.
Using heritage as a catalyst for reviving historic centres.
Declaration prioritising sustainable urbanisation adopted.
Some brief words about the actuator.
After 34 years at the Institute.
To support the next generation of engineers.
CIAT reporting from the Competition and Markets Authority.
Making sustainable construction number one priority.
Interview with ECA CEO.
Many provisions came into force on June 28, 2022.
With room to expand.
Refurbishment, Energy Efficiency, Indoor air and process.
Why building acoustic considerations must be non-negotiable.
Aluminium Composite Panels (ACP) is one example.
Inventors and innovators at ICE.
Life, death and art at the Stuart court. Book review.
Real estate, place adaptation and innovation.
Review and comment on the revised draft before July 11.
Write about something you know, help us build and grow !
A blended event and triumphant return.
Mark Reynolds succeeds Andy Mitchell as Co-Chair of CLC
Designing Buildings is 10 years old.
From alteration to deconstruction on DB.