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Auction Properties in Cornwall
Why Buy Auction Properties in Cornwall?
Many buyers of auction property in Cornwall are drawn to the area because they wish to relocate away from the hustle and bustle of big cities. Changes in working practices and improved rail and road networks mean that it is now possible to live there but work elsewhere. Factors such as the expansion of the University of Exeter and the growing digital media hub based in Falmouth have opened up new job opportunities in the area outside the traditional tourism sector.
Retirees are also attracted to buying property at auction in Cornwall because it offers them a more relaxed lifestyle, a better climate and lower crime rate than the rest of the UK. Of course, this has it’s upsides and downsides. While they may bring money into the area and help populate houses which may otherwise lie empty, retired couples often have no children and this can have a detrimental effect on local schools. If you do successfully buy a property in Cornwall, remember to use the local facilities and try to become a part of the local community.
Another factor in Cornwall’s growing popularity is people’s decision to buy a second home there. This property would be a solid investment and could be used as both a holiday home and/or a short-term rental for tourists. With an estimated 24 million tourists visiting the Duchy every year, it is quite possible to generate rental income all the year round. This would be sufficient to pay for the maintenance of the property as well as make a profit.
Types of Auction Property in Cornwall
Although films and TV programmes have given people a view of auction properties in Cornwall as being either seaside residences or rural retreats, there is a greater variety on offer than you might expect. From Georgian townhouses in Penzance to new-builds in rapidly growing towns like Hayle, there are many types of houses sold at auction.
Auction property in Cornwall is also ideal for you if you are interested in buying a home of non-standard construction (such as slate) or unusual conversion. Farmhouses, mills, chapels and barns are just some of the many quirky buildings that are put up for auction.
If you are keen on a less traditional building, you should exercise all due diligence before biding for such properties. It is crucial that you have a thorough building survey done as this can highlight any serious structural problems which could turn your dream home into a money pit.
If the auction property you are interested in has been poorly maintained, then you should take this into account when drawing up a budget and arranging your finances. Mortgage providers are also very reluctant to award loans for less conventional properties. If you are relying on a mortgage to finance your auction property purchase, you should bear this in mind to avoid disappointment.
Auction Properties in Cornwall FAQ
How Can I Find Auction Properties in Cornwall?
Finding the most suitable auction property in Cornwall requires both research and preparation. Contacting local auctioneers and visiting auction house websites are both good ways to begin your search. You could also contact local banks in Cornwall to find out about properties being auctioned by the bank.
How Much Are Auction Properties in Cornwall?
Although auction properties in Cornwall used to be much cheaper, the area is becoming more and more popular. Certain factors, such as the location (for example, with a sea view) or the interest of other bidders, can drive up the original guide price set by the auction house.
Where Is the Best Place to Look for Auction Property in Cornwall?
The websites of property auction houses are the best way to start looking for property in Cornwall. After gaining an overview of the property market in the Duchy, you can then refine your search by concentrating on the location, price range and/or type of property you are interested in.
Where to Buy Auction Properties in Cornwall
Where to buy auction properties in Cornwall depends chiefly on your reason for buying.
If you want a home for yourself and/or family, you should make a list of property ‘must haves’ and ‘could haves’ in order to narrow down your search. For example, if you need to commute, the Cornish Rame Peninsula is only a short ferry ride from Central Plymouth railway station, where high-speed rail links can take you to most UK cities within a few hours. The more flexible you are about the ‘could haves’ on your list, the easier it will be to find your ideal auction property.
On the other hand, if you are interested in letting the auction property, you should consider who your ideal tenants would be. Falmouth is relatively close to the Penryn campus of the University of Exeter and therefore would be an ideal for renting to students. The advantage is that such tenants would guarantee you a regular income for at least 9 months of the year.
In certain Corning towns there is also a good selection of apartments and flats which can be rented out on long or short term leases. These flats often generate high interest at local property auctions.
Holidaymakers have different needs to students and are primarily interested in being located a short walk to the beach, having all the home comforts and preferably a sea view. Having said that, the geography of Cornwall means that no place is further than 20 miles from the sea. This makes it an ideal area for property hunters, hence the huge rise in interest in auction properties in Cornwall.
You should also take into account that not everyone that visits Cornwall on holiday is interested in the sea. Its picturesque villages, miles of cycle trails and extensive woodlands all draw many visitors. Therefore, you might be able to find property at auction at a bargain price just because it is located further inland.
Property prices vary dramatically around Cornwall
In terms of property prices, places like St Ives and Bude tend to demand the highest prices at auction. However, you should balance this against the potential returns on your investments. These popular tourist destinations would also allow you to charge more for short-term lets.
The key to successfully buying auction property depends on how much time you are prepared to invest in research beforehand. You might not necessarily find your ideal home from visiting your first property auction, but the process requires patience and persistence. You may have to spend some considerable time hunting for the right kind of house or flat, even if this means attending multiple auction sales. Bearing in mind there are many hundreds of bidders at these sales, it becomes easy to understand why auction properties in Cornwall are so popular.
Property resources in Cornwall: