Today is Auction Day.
We have found an apartment in Sydney. It is going to be sold by auction. DRM and I have never been to an auction, let alone purchased a house at one! Or for that matter never have I purchased a house!
I'm very nervous because I do like this one - yes it needs the Virgin Renovators touch, ok completely re-done to my, I mean DRM's and my tastes but I just cannot wait to get my hands dirty and put my tool belt on! I have all these ideas and visions as to what I will do and where I will start and what it will become after renovations - exciting!
Though deep down, I'm freaking out! The thought of not getting it and starting the whole process of house hunting again just makes me cringe. Sydney real estate is tough. The prices are so high for the little space that you get and spending every weekend at over-priced open houses starts to test our patience. So this may not be my dream house, I would like it to become my dream apartment though (fingers crossed).
We've been doing a lot of research into buying this house at the auction. It is not easy. I know it will be even harder for me to stick the limit we set for ourselves, aka, what the bank set for us.
Everyone will tell you a different strategy, go in hard and bid fast, others say hold back and wait until the end to place your bid - which is better or right or wrong? Do you stick to your set limit or can you go over if you really want it? And what is the right price to pay? What is it really worth and who decides; the market, the seller or the buyer? Have you ever bought at auction? Any tips?
I am hoping for a rainy day to keep the people away and hopefully get it for a bargain price! Can I not dream just a little?
Wish us luck - I really want to create my dream house and if the price is too high it really will be on a not so dreamy budget.