What to be aware of at commercial property auctions in the UK

Commercial property auctions in the UK are the best place to get a bargain if you're company is looking to expand into new premises or if you're looking to spread your empire a little further on the map. But what should you look for when you go to the auction house?

Depressed housing market

In today's depressed market, if you've got money in your pocket you can get a bargain. That's true for residential properties and it's also true at most commercial property auctions in the UK. But you should do your homework first and make sure that you're not biting off more than you can chew.

Look before you buy

This should go without saying but it does need to be said because sadly so many auction buyers don't have a look at the property before they take ownership. Knowing the area, knowing the road or being from the town or city you're buying in doesn't guarantee that the property you're purchasing is fit for purpose.

Legal pack

No matter what you're buying at auction and no matter how much you're spending, read the legal pack. You'll be surprised at how many people don't do this simple thing and then find that the cheap property they're now responsible for isn't a "rental machine" but a money trap due to damp, mould or any other expensive problem. Although reading the long legal pack takes time, you'll be glad you did.

Change of use

Perhaps you're thinking of buying a commercial property at auction and getting change of use permission for it so you can convert it into a house. This is far easier than it used to be. Most councils look favourably on this as it's a way of creating more homes. Again, do your homework before you commit your money.

Final word

Buying at commercial property auctions in the UK should be fun and it should offer you a great bargain. You shouldn't be able to lose as long as you don't get involved in a bidding war with someone at the auction house and you've done your homework before you put your auction paddle in the air.

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