Home Under the Hammer presenter did not follow own house-buying advice

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One of the presenters of the BBC’s Homes Under the Hammer, Lucy Alexander, admitted that she did not follow her own guidelines when buying her own house.

Homes Under the Hammer is a popular daytime BBC television program in which experts reveal the tricks of the property auction trade. Lucy Alexandra stresses that you should never buy a house without first seeing it, but when it came to buying her own house, she only peered through the letterbox.

Alexander knew that the house needed renovations but did not get an estimate for the costs before buying. She made a bid of £1.1 million without having sold her existing home or arranging a loan to buy it.

Fortunately the investment worked out. After extensive renovations their houses is now worth £3 million.

There are several things that you need to do if buying at auction. First, inspect the property with an expert surveyor or builder who can spot any work that needs doing.

Carefully calculate your finances. You will need a 10 per cent deposit on the auction day and then have 28 days to complete the sale. A bridging loan can be used until you have arranged a mortgage. It is advisable to organize mortgage protection in case you become unable to work through sickness or accident.

Buying a house at auction is a good way to buy property but be sure to follow Lucy’s Homes Under the Hammer guidelines.

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