On Property Wars, bidders are able to see only the outside of a house before they bid. This is one of the many risks that come with purchasing an auction property. However, there are ways that you can reduce the potential for disaster. Here, Property Wars buyer Doug Hopkins offers five tips for making sure you don't sink a fortune into a house of horrors:
1. How Does the Exterior Landscape Look? In my experience, the way the landscape looks will mirror the condition of the interior. If the landscape is nice, the inside is usually nice. If it's ugly and beat up....
2. Check the Roof A new roof can cost thousands of dollars to replace. Make sure you take that into consideration when coming up with your maximum bid.
3. Know Your Neighborhood Become an expert in the area where you want to buy houses. Knowledge is power! Make sure you know how much the property will sell for on the market. If you don't do your homework, you'll end up losing before you even start.
4. Have a Good and Trusted Contractor Readily Available Time is money and a bad contractor can cost you thousands on your bottom line.
5. Have a Great Realtor! Realtors are not all the same. Find one that is an expert in the area, can get houses sold fast, and will take the time to help you evaluate the home. A good realtor can help you make thousands on your bottom line.