Someone wants to buy a small chunk of my garden

Pretani

telsokari wrote: »

This is the garden's shape


He said he needs it to have a good sized room in his extension. No access will be needed from my property.

I spoke to an estate agent, the one i bought the flat from, he told me his gut feeling would be to ask for about £5000-£6000 for it.

I personally think the land is not of much worth to me but at the same time i don;t want to be taken for a mug. I was thinking of letting him make an offer and then say i will check an estate agent to see if the price is fair.

I do like the idea of him laying the foundations for my shed as that would make my life alot easier with respect that.

Thanks alot for all your suggestions. i will def keep you posted about with that happens

Thanks

T

Forget about the estate agents evaluation (those people are like lawyers), he's only looking his cut out of it. Sort it out without money and the legal pricks, and keep good friends with you neighbour.

Idiophreak

telsokari wrote: »

I spoke to an estate agent, the one i bought the flat from, he told me his gut feeling would be to ask for about £5000-£6000 for it.

Be interested to see how £5k would go down with the buyer.

I'm with everyone else - make him offer first. If he offers £20 or £2k it will give you an idea of what to ask for...and it sounds like you need the money more than the land, anyway...

Pretani

Idiophreak wrote: »

Be interested to see how £5k would go down with the buyer.

I'm with everyone else - make him offer first. If he offers £20 or £2k it will give you an idea of what to ask for...and it sounds like you need the money more than the land, anyway...

What's wrong with people. Why does money matter so much. Its only 6 foot square.

JimmyTheWig

I think you need to establish exactly what he wants the land for.

Then how's this for a calculation...
(1) Find out what your house is worth.
(2) Find out what an equivalent house in the cheapest area of the country you can find is worth.
(3) Assuming that the land is as good as free in the cheapest area of the country you can find, subtracting the figure (2) from the figure (1) will give you the value of all your land.
(4) Calculate the area of your land in square feet.
(5) Dividing the figure (3) by the figure (4) will give you the value per square foot of your land.
(6) Multiply the figure (5) by six to get the value of 6 square feet. (I suggest you check that it is 6 square feet rather than 6 feet square!)

If your concern is to not be ripped off, then I'd say don't go below this figure after all costs have been paid.

Idiophreak

Pretani wrote: »

What's wrong with people. Why does money matter so much. Its only 6 foot square.

It's "only 6 foot" to the seller, it's "a decent extension" to the buyer.

Charity begins at home and it would be stupid to sell something below it's value "just to be nice" if you needed the money.

sablade

Land value for a plot is roughly as follows if the finished house sells for £100,000 the rough split is 1/3 for the land 1/3 for building cost and 1/3 for the developer(his business expenses loans etc) so if you house is on a plot 60 x 20 feet = 1200 sq ft and your home is worth say £120,000 then the land value is approx £33 per sq foot BUT anything is only worth what someone will pay for it. I think he will def pay over £100 for it and defineately pay less than £10,000, I presume. I would ask him to make his best offer then think on it, maybe add 20% and go back to him. Let us know how you get on

tomstickland

Can the OP please clear up the confusion.
Is it
1) A bit of extra space to help construction
or
2)Space needed for the extension.
?

Either way, if it was me then I'd be up for selling it, as long as the price makes it worthwhile.

Plasticman

I guess it depends on how much your neighbour wants the land. If it's a 'nice to have' then he won't want to offer much - if it's the key to his whole building development then he will probably be willing to pay more.

Personally, I wouldn't be expecting more than a few hundred pounds.

Idiophreak

Also worth remembering that the amount paid has to make it worthwhile for the OP to bother..Personally, if they offered £100 I'd probably think it wasn't worth the hassle of having to do the paperwork, be chased about it etc etc...

thehairybuilder

From seeing the pictures I`d guess this is worth £100`s rather than £1000`s so I don`t think OP needs to be getting too excited
BUT
As others have stated what I or anyone on here thinks is totally irrelevant . You need to get him to make you an offer before you start to consider whether or not you want to sell

I`d not expect an offer much more than £500 though