Using an Auction to Save Money
Many people think of auctions as the perfect place to get carried away and spend too much money for an item they could have lived without in the first place. Auctions can be a dangerous place but they can also be the best place to get the things that you need at the price that you want to pay.
1. State auctions – when the local highway was expanding to four lanes there were a number of houses in the path of the new road. These houses were auctioned off in sealed bids. Anyone could put in a bid. We bought our house and moved it to its present location for just under $13,000.
2. Online auctions – the internet has made the world a much smaller place and now you can find just about anything that you might need, want or imagine for sale on the internet. The online auctions allow you to make a bid and then walk away without the adrenaline rush that often comes with a live auction.
3. Bankruptcy and foreclosure auctions – you can get homes, machinery and vehicles for pennies on the dollar at some of these sales. Be sure to research the laws that allow the original owners to get back ownership before you invest too much money.
4. Government auctions – all of the agencies in your local and state government hold regular items for surplus materials and other items that have been accumulated. The sheriff’s office and police departments auction off unclaimed items that have been confiscated from criminals.
5. Storage companies – people will often fill a storage room with stuff and then stop paying the bill for that storage. The companies hold auctions for the whole room and you can find a treasure trove of items in some of these bins.
No matter where the auction might be, it can be easy to get carried away. Remember to make a list of what you want to buy before you start looking through the auctions. Know what price you want to pay by doing research on the value of the items. Set a limit on your spending before you get to the auction or start the auction and be disciplined enough not to go over.
Auctions can be a great place to find all of your needs, wants and desires at prices that you only imagined possible.