The answer is – it depends entirely on your expectations and the point of entry.
In Singapore, some bidders can save up to 5% – 7% of the valuation price.
Compared to the auctions in other countries, 5% – 7% might not seem a lot.
However, if you place such discounts in the perspective of more significant numbers like $1 Million, a discount of 5% – 7% still results in substantial cost savings of $50k – $70k.
So, if these numbers don’t appeal to you, you should stick with the conventional property purchasing method.
The point of entry is one of the essential factors in determining whether you’re going to make a profit or loss in the property market generally.
There’s potential in making some decent gains in the property auction market.
But, you need to be very discerning when it comes to choosing the right property and make sure to work out your economics before proceeding with such purchases.
Still unsure about how you can buy or sell your property through property auctions?
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