Want to bag a bargain? Then auction properties could be for you. A word of warning, though – they’re not for the faint-hearted.
You don’t have the same legal protections as you do purchasing a home through the normal solicitor process.
Completion dates are tight, so there will be a lot of time pressure if you plan on buying with a mortgage. Many people who purchase auction properties are cash buyers.
Guide prices are just indicators and the nature of bidding is that auction properties can go for much more – or in some cases much less.
Make sure you’ve done your costings and decided what your ceiling price is. It’s important not to get carried away or swept up in the moment.
That said, there are bargains to be had. We take a look at five Tayside and Fife auction properties.
Perth
This seven bedroom flat in Perth sits on one side of Smeaton’s Bridge, opposite the city centre.
It enjoys fabulous views over the River Tay to the North Inch.
Inside, it’s nothing but a shell and needs full renovation. Subject to planning, there is potential to divide it into several luxury apartments and add plenty of value.
It’s been up for sale at auction several times so there may be scope to get it at a very attractive price. The level of work needing done means it’s not for the faint-hearted, though.
6D Bridgend has an opening bid price of £119,000.
Glenrothes
This two bedroom house on Alexander Road occupies a central location in Glenrothes.
Anyone who buys it will need to roll up their sleeves and do some cleaning. It has been left in quite a mess.
It’s worth repeating that it does need a little tidy. The previous owners appear not to have been good at picking up after themselves.
The garden could also benefit from a quick whizz round with a lawnmower and strimmer.
However, if you’re willing to knuckle down and do some work the house could be turned into a nice family home.
It’s on for an extremely attractive guide price of £39,999.
Montrose
This traditional semi-detached house lies close to the centre of Montrose.
Like many auction properties, it’s in need of a little TLC. Unlike our Glenrothes house, however, it isn’t a health hazard.
A bit of decorating and modernising of the tired interior seems to be all that’s required.
The house also enjoys a sizeable back garden.
The guide price for 7 Nursery Road, Montrose is £75,000.
Dysart
This two bedroom flat lies within a handsome stone tenement building on Dysart’s High Street.
In good internal condition it has two bedrooms, a lounge, dining kitchen and modern bathroom.
Shops and cafes are close by, as is the beach and the Fife Coastal Path.
11c High Street, Dysart is on sale with a guide price of £64,000.
Perth
This detached three-storey stone house offers extraordinary value for money. Originally a railway building, Belvidere House was built in 1848 but date stones from the 17th Century suggest parts of it are much older.
Having suffered water damage last year the house is a shell that is ready to be renovated into a family home.
With five bedrooms, off street parking and a large garden it offers a lot of space.
The River Tay and countryside walks are close by.
However, it is sandwiched between the railway line and the busy A9 so its location may not suit everyone.
With a guide price of just £128,000 it is a potential bargain.
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