Making An Offer On A Garage

pancreas

Hi,

Purchased a new build 2 yrs ago. It had no garage. A neighbour has 2 in a communal row of garages. I would like to make an offer for 1 of these garages!

He may need the £ he may not?

I would like a garage now. I have read that a garage could add 8% to the value of your home.

So I am thinking of offering 5%

Has anyone else bought or sold a garage? What solicitor fees were involved?

ciano125

Personally, I'd only offer a couple of grand or so, but it depends on where abouts in the country you are, and how in demand parking spaces are. I doubt I'd offer a percentage of my houses value though but as I say, there are more factors to consider that we don't have any info on at the moment.....

blue_haddock

Also if he uses both of the garages then it may take a seriously hefty sum for him to part with one.

PasturesNew

My rule of thumb for a garage is £10k, see how much random single garages are being advertised for in your area for comparison. Then for your ceiling price, add in what it's worth to you for convenience and for making your place more attractive to buyers at some future point.

Personally, if I had two garages I'd not sell one, I'd just rent one out if I didn't need it.

swiftnick

PasturesNew wrote: »

My rule of thumb for a garage is £10k, see how much random single garages are being advertised for in your area for comparison. Then for your ceiling price, add in what it's worth to you for convenience and for making your place more attractive to buyers at some future point.

Personally, if I had two garages I'd not sell one, I'd just rent one out if I didn't need it.

I'd tend to agree with this.

pancreas

ciano125 wrote: »

Personally, I'd only offer a couple of grand or so, but it depends on where abouts in the country you are, and how in demand parking spaces are. I doubt I'd offer a percentage of my houses value though but as I say, there are more factors to consider that we don't have any info on at the moment.....

I am in the midlands and nowhere near a city. They have 2 cars and do not use the garage. A lot of ppl use their garage for bin storage, therefore, they might want to release the value of the incorrectly used garage.

I suppose I'd have to put myself in their position. If I had a garage that someone wanted, it would have to be a decent offer to make me want to go thru the hassle of changing the deeds and paperwork.

I would not be interested in renting it.