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Thursday, August 05, 2010

Find your next rental property through auctions

Building up a rental property portfolio is a time consuming and expensive endeavour, so it is worth exploring alternative avenues that could potentially save you money. After recent economic hardship the opportunity arises where landlords are able to take advantage of low house prices and find a new buy to let investment at a reduced cost. Auctions are the best way to reduce your initial investment costs, build your portfolio quickly and save thousands on a property’s market value.

There are a number of auction houses across the country, specialising in both residential and commercial properties, which hold regular auctions for thousands of properties each year, ranging from listed buildings to small urban apartments. Properties that go up for auction may be in need of renovation, or the vendor may require a quicker sale than can be offered through a regular estate agent; whatever the reason, there is always the opportunity to get a bargain investment when buying at auction. As the purchase process is shortened and you are not waiting for a chain to complete, it gives you the opportunity to turn around the property much quicker and start receiving a rental income sooner.

When attending a property auction you need to be prepared so that you can move quickly; making sure that you have your buy to let mortgage in place or ensuring that you have the cash funds available at the time of purchase is paramount to making your purchase at auction successful.
Many landlords are now turning to auctions as their next, or first, step in the world of rental property, tapping into a valuable resource that can save you both time and money. By participating in your local property auction you can watch your portfolio grow as your investment costs reduce.

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