Many people think of auctions as a very formal gathering of high net worth people eyeing extremely pricey objects they’d desperately want to get their hands on—imagine rare vintage wine, painting, or in very rare cases a truly spectacular piece of jewelry as seen in movies.
Although you might think that the same thing happens during a property auction, the main difference is that you don’t need to have very deep pockets in order to bid successfully during property auctions. In fact, in the Zimbabwe, these events are often organized by banks, financial institutions, and real estate brokerage firms and the properties they offer are often priced below market value. Indeed, property auctions are a great way to discover good, value-for-money properties that homebuyers will not find elsewhere
However, not all properties sold at auctions can be bought at ridiculously low prices, and not all low-priced properties sold at auctions are great, but there are ways to make attending these events fruitful by snagging that piece of real estate you have been dreaming of. If you plan to buy a property soon but don’t want to overspend, property auctions might just be for you. You can follow these simple tips in order to successfully navigate the exciting world of property auctions.
1. Practice Due Diligence
Do your research by inspecting as many properties as you can. Nowadays properties offered for auction can also be found listed on online portals, so they can be visited and inspected by bidders before the auction date.
2. Have Your Finances Ready
Getting yourself pre-approved for a loan gives you a working budget and a good idea on how much you can afford. It also gives you bargaining power as you are already as good as a cash buyer.
3. Attend as Many Auctions as You Can
By attending as many auctions as you can, you will get a feel on how these events turn out. You can size up your competition, talk to real estate experts, and even get insight from your fellow buyers.
4. Have a Budget and Stick to It
There is nothing worse than arriving at an auction with a clear budget in mind, only to go beyond it. If the property you are eyeing is clearly beyond budget, then walk away. There is no sense getting something that is well beyond your means.
5. Arrive Early to Get to Know the Properties on Offer
Although the adage “the early bird catches the worm” does not necessarily hold true in property auctions, getting there early gives you advantage. It allows you to get to know the organizer, gain insights on the properties on offer, and even get some advice from the experts present.
6. Be Prepared to Miss Out
As with any auction, there is a good chance that you will miss out on the property you like. But this is not a reason to fret. Perhaps the property is not meant for you. Anyway you are not leaving the auction empty handed—chances are you have gained something useful during the auction, be it information, new knowledge, or even new friends.
About Jumia House Zimbabwe
Jumia House is the best online property marketplace that offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online. For feedback or more information visit house.jumia.co.zw or follow us on Facebook, Twitter: @JumiaHouseZW or email to service.house@jumia.co.zw or call 04 740940 or 08080181 (Econet Toll Free)
