Barratts - Offering parking space for £15K

paulnstar

Sorry for the delay (My compnay's xmas party yesterday)

We offered £10,111,11p as after a lot of thought we decided that the space would add value long term however the bid was NOT high enough!!

I called Barratts yesterday and was told that they'd sold 7 out of 10 at £15k and that the remaining 3 places were going to sealed bids.

I was told that we were 6th in line (needed to be in top 3) however they were still accepting bids and I could increase my offer. I asked how much and I was told to add another £1200 which would be £11,300

I rejected the chance to increase my offer.

There is a large private car park at the end of the road around 300 yards away so we can always use it despite it not being secure. a 12 month permit would cost £1800 and if we were to sell I'd add it so the flat came with 1 years parking.

Still a bit gutted but maybe its a blessing as we'd have had to take out a £10k loan, what with getting marrried on the 4th July next year and going to the Maldives we could have got a bit stressed.

This is our first purchase off plan and we've learnt a lot from it!!

silvercar

We offered £10,111,11p as after a lot of thought we decided that the space would add value long term however the bid was NOT high enough!!

I called Barratts yesterday and was told that they'd sold 7 out of 10 at £15k and that the remaining 3 places were going to sealed bids.

I was told that we were 6th in line (needed to be in top 3) however they were still accepting bids and I could increase my offer. I asked how much and I was told to add another £1200 which would be £11,300

Wait for your phonecall. Not everyone who offered £15k or who beat your bid will be able to raise the money.

lonestar1

Always assuming there REALLY are 5 bidders ahead of you of course ;->

GDB2222

paulnstar wrote: »

This is our first purchase off plan and we've learnt a lot from it!!

My strong feeling is that parking of some sort is almost an essential. Around expensive parts of London, a garage costs upwards of £50k, if you can get one. If you can park on the road, that's fine and there's no need to have a purchased space.

I agree with Silver, by the way, there may be people who have bid whose mouth is bigger than their wallet.

hethmar

Have to say son was over the moon when he found his repo flat included a private parking space in London which apparently costs £17k. It does make a lot of difference not to have to fight for a place in the limited parking spaces.

silvercar

hethmar wrote: »

Have to say son was over the moon when he found his repo flat included a private parking space in London which apparently costs £17k. It does make a lot of difference not to have to fight for a place in the limited parking spaces.

Agreed, but would he have paid £17k for it?

hethmar

He wouldnt have silver - but as its buckshee, he is well pleased. The agents didnt know about it either, so it wasnt priced in.

lethal0r

I bet you there are 6 bidders left - all 6th in line!

What a crazy world...£15k for an 8ft by 5ft piece of tarmac.

Can you get mortgages for parking spaces yet?

TighterThanTwoCoatsOfPain

well i'm confused... never had experiance of it before, but surely when you submit a sealed bid is that you DONT get a chance to up your offer?

You're being spun a line imo.

gfplux

Hello Paulnstar.
Just joined this thread so was unable to comment before your bid. Just looking at the numbers. You rent a space for £1000 per year. Therefore we might assume that is today's market price for a space. Private parking costs £1800 so that tends to confirm this. Parking space costs £15000. rent it out for £1000, equals annual return over 6%. No maintenance or overheads. Today that sounds an OK deal. You say that you may get one for £11300. Wow the return is nearly 9%. Imagine you had bought one for £8000 when you bought your flat the return is over 12%.
I have commented before that in City centres parking spaces are or maybe a better investment than a flat.
By the way I have assumed adding a parking space does not increase your maintenance but I think I may be wrong about that.
If you can afford it buy two at £11300.