Barratts - Offering parking space for £15K

Rick62

If there are about 100 flats with no parking and only 10 spaces and otherwise it costs at least £1,000/year to rent then £15,000 could make sense - if you borrowed £15,000 on your mortgage at say 5% that would be only £750/year, less than renting.

Having said that as many have said the economy is not great, not many people currently have £15,000 to spare and I'm sure the salesman will tell you anything.

Do you have the original £8,000 in writing? Or can you remember who told you that? If you could get it for £8,000 that sounds about fair. You could try £5k, or less, so long as you are prepared to not get one.

paulnstar

Sales are now saying that they've sold 7 out of 10 car parking space and a further 18 people have made sealed bids? I doubt it!!

We'll make a sealed bid today, based on keeping the flat for 10-15 years and renting it out.

Any final suggestions???

silvercar

If you lose out on the bidding process, do you still get to keep the space you currently rent or do you risk losing it?

3 years rent is £3,000. That would be my max.

penniesgrowintopounds

I agree with silvercar ~ I'd go for £3,000. It is well worth having the space, as parking down your end of town is not great, is it? If I were looking to buy there, I'd definitely only buy one with at least one space included.

Good Luck x

Timmne

I'd go for anywhere between £8k & £10k. It will certainly add value to the flat and I don't mean financial as such, but it may mean the difference between being able to sell at any price, and not.

So payback's not really an issue unless cashflow is.

robin_banks

I assume this thread is a pizz take ?.

paulnstar

(Not a pizz take mate??)

Anyway...

We won't lose our current space that we rent as this is another block down the road (although we could lose it at anytime as it has no long term agreement and its not really ideal long term), its more as most of you say a nice to have plus will be more attractive if we come to sell.

We've been told that we can out the flat for £700 a month with parking or around £600-650 without (Southampton). We're currently on a tracker mortgage with C&G (down to 2.98%) so financially we can afford to take out a loan to cover the additonal costs although we have to budget for an increase in the future. At the moment if we were to rent out with parking at £700 pm we'd make around £350 pm which I think is a good return.

Will be putting in my selad bid on way home.

hethmar

So the parking space would add £2500 a year to the rental, let alone the convenience for you and the increase in value of the flat.

GDB2222

hethmar wrote: »

So the parking space would add £2500 a year to the rental, let alone the convenience for you and the increase in value of the flat.

Nope £50-100 per month extra = £600-£1200 a year

hethmar

Right, I was doing weeks not months Still a lot of money more. Id want to secure the parking place myself and I dont see £3k doing that personally.