Buying a rundown home on auction and renovating it...
Hi everyone,
My dad is looking at buying a 3-bedroom rundown house at an upcoming auction in Birmingham. We have no prior experience with property auctions or major renovations, so I want to make sure we don't get in over our heads.
Property details:
Location: Birmingham
Type: 3-bedroom house
Guide Price: £40,000
Link: https://www.zoopla.co.uk/for-sale/details/74403764
A few questions for experienced buyers and renovators:
What are the final Price Expectations: Knowing how low guide prices are usually set, what do 3-bed houses listed at auction end up selling for in Birmingham?
Renovation Costs: what is a realistic ballpark figure for renovating a house like this in today’s market?
Hidden Red Flags: What specific things should we check in the legal pack or during a viewing before considering a bid?
Any advice or warnings would be greatly appreciated