Can’t decide whether to buy a house on auction or build your own? Here is some information you may find helpful.
There are some factors that you need to consider when making the decision:
1. Affordability – keep in mind that building costs have risen significantly in the past year. Most established areas also have very few vacant stands available and getting building plans approved can be tedious.
2. Property price reductions – existing homes are almost 30% cheaper than building new homes currently. What’s more, properties going on auction are even more affordable since these properties are sold for well-below market value.
3. Availability – there are many repossessed properties on auction available at MyRoof, and there is bound to be one that will suit your requirements.When building your own house, you need to be patient with the building process, while when you buy a repossessed property on auction, the bank wants to sell it as soon as possible to recover their losses.
4. Needs – decide whether your needs are so specific that you would rather build than buy.
In a nutshell, you will have to make the decision. Would you rather build and wait for ages while struggling with contractors or just buy a repossessed property on auction and start enjoying it almost immediately?