Viewings are always recommended when thinking of buying a property through auction and auctioneers generally hold what are called ‘viewing days.’ These will be set days to attend, accompanied by a representative who you can ask any questions regarding the property.
Welcome to Connect UK’s Auction Academy – Here to answer all your property auction questions.
So, what do we need to look out for when attending a viewing?
- Damp. Signs of damp could be the musty smell when you walk into a room, overly cold walls, floors or ceilings, lifting wallpaper or excessive condensation on windows.
- Dry rot. Smell is a key indicator, this wood rotting fungus has a distinctive damp, musty odour which gets stronger as the dry rot spreads. Another indicator is mycelium growth. This type of growth is a white/grey cotton wool like substance and is normally present on the timber.
- Subsidence. Obvious cracks may be an indicator of this and no we don’t mean little fresh plaster cracks were talking cracks thicker than a 10p piece!
- Japanese Knotweed. The growth of this plant can cause structural issues from its unmanaged and severely deep spreading roots. Note that sellers are legally obliged to declare any known knot weed but just in case… google the plant to know what it looks like as its destructive nature can cause a huge burden.
- The Roof. Replacement of roof is expensive so knowing that the lifespan of a newer roof is around 20 years this can help you access when it may need replacing. Flat roofs, newer roofs use a membrane rather than the old felt and gravel method which is prone to leaving seems and edges unsealed.
All of these will help you assess if a property is right for you. Remember all other necessary information can be found in the auction legal pack so be sure to ask for this. There is no cost to you.
Other important evaluations to be made include the lease length, if applicable, parking, access and boundaries, heating and insulation and the EPC and council tax band.
Now this may seem a lot of information to take in but as long as you do you due diligence, buying through auction can prove highly profitable.