What I Should Know Before Buying things at an Auction

What can you find in an auction? A lot! Items in many auctions range from clothes, shoes, household appliances, vehicles, paintings, prized one-of-a-kind jewelry, to even houses! 

Whether you are a fan of buying things at an auction and unboxing your online auction haul for all your social media followers to see or not, there is no denying that online auctions are slowly increasing in popularity. 

And rightly so too, as it’s continuing to prove to be a good solution for asset disposal and a great way to declutter as well. In some cases, you even help a good cause if you participate in charity auctions where the proceeds go directly to a chosen charity. Depending on your needs, you may go to different auction sites, but before you go off buying anything, take a look at the things below that you should know before buying things at an auction:

Quality and Credibility

Is the auction site credible? Do you have years of experience hosting auctions? Are they legally allowed to host an auction? Do they have the necessary government permits to start and maintain their auction operations?

At the end of the day, you go back to the very basic question of whether or not they know what they’re doing and if they have the credibility to back it up. You don’t want to set your hopes up in finding the next best thing at an auction only to be disappointed towards the end, do you? 

But how would you know if they are as good as advertised and can walk the talk? With the never-ending resources available online, this is easy. One single search at Google and you will find yourself looking at an immense repository of information related to the auction you’re eyeing – yes, even the things they don’t want you knowing. So before you go ahead and register, make sure you do your research. 

Viewing Schedule

Some auction sites allot viewing dates for potential clients to check out the items they want to bid for. 

This is especially needed if you are planning to bid for the bigger and pricier items like vehicles, appliances and obviously, houses. Make sure to take note of these viewing dates, put them on your calendar so you do not forget and come on time! 

Check out the items for yourself and calculate how much they are worth in your mind. It’s usually specified if an item being auctioned is brand new or pre-loved, so you can compare the prices of the items being auctioned to those in the stores. Don’t just make a mental note of damages, defects and other reasons and concerns that might affect the value of the item, take note of them so you don’t forget them come auction time.

If possible, bring an expert friend who can help you assess the worth and value of the items you want to bid for. A mechanic can help you determine whether a vehicle being auctioned is worth it. He can also check the specifications and other important aspects of the vehicle, and his inputs will definitely help you in making your final decision. 

Set a Budget and Stick to It

It is one of the seven deadly sins, and even if you’re not a Catholic and you don’t believe in those, you will agree that some human beings are guilty of pride. 

Obviously, going to and participating in an auction requires money (sometimes a whole lot of it too) and we know that money and pride do not mix well. If you find yourself bidding neck and neck against someone who clearly does NOT want to let it go, ask yourself these 2 very important questions that may just help you hold your horses and make up your mind: “is it REALLY worth it?” and “Can I still afford it”? 

Don’t ever let pride get in the way, don’t be that guy who regrets the decision and wishes he could take it back because if you do win the bid, you can’t give it back anymore. Be the guy who sets a budget and sticks to it, however hard it is to do so. Your bank account will thank you for it at the end of the day.

Key Takeaway

Auctions are becoming the next “in” thing, and rightly so as not only is it a good way to dispose of surplus assets for people who have them, it is also a good way of making these assets available to those people who need them without breaking the bank. 

In both aspects, it is a win-win situation. As with all transactions that we enter, research will go a long way before we spend our hard-earned money on items being auctioned. It always helps to know things rather than making a spur of the moment decision based on a whim. 

The next time you participate in an auction, make sure you do the above so you can be satisfied with your next online auction haul.