FTB Negotiations

Sergio1982

Hi

First time poster on this board.

My wife and I are currently looking to buy our first property; seen about 10-12 and decided to put an offer on one we liked. However three offers later and at the top of our budget we were rejected. None of them close to the asking price (quite inflated in my opinion).

Our final offer was rejected on Monday as the vendor had someone having a second viewing and were hopeful something would come from it. This afternoon my wife received a voicemail from the EA saying that the vendor would like to negotiate with us and suggested not including the garage (the property has been redeveloped into three cottages each with a garage and two parking spaces).

Now my question is how much value does a garage add to a house these days? The garden is too small for a shed so we would need somewhere to store bikes etc. There is space in the bin area for one of those garden storage bunkers which is an alternative but not sure how secure they are?

Any thoughts would be appreciated.

Thanks

sonastin

You could tell them that you were really after a place with a garage and leave it at that. If they are coming back to negotiate, your offer can't be that far below what they want/need for the place. The amount they would get for the garage separately (or tagged onto one of the other properties) won't be a lot.

If they don't come back to you again, you can always go back to them saying you've decided you don't need the garage and re-commence negotiations if you really want the place

IveSeenTheLight

Sergio1982 wrote: »

Now my question is how much value does a garage add to a house these days?

It might depend on area, but I looked recently at selling a garage I own in Aberdeen and it was £10,000

G_M

They are obviously having trouble selling so your position just got stronger. repeat your last offer and tell them they have a week to consider it. Either they'll find another buyer offering more (which you can't match and don't think its worth) or they'll accept.

terrierlady

as a developer we do market research each month and add on for a single garage £10k

Batchy

10k bit vague, if you have space you could get a steel garage for far less... what area would that be?

lee636

Put another way if you dont have the garage who does? Do you really want someone else parking in it? What if you buy a second car?

A garage is selling currently where im looking and its on at £20,000. The price of a garage varies according to location and availability of parking in the surrounding roads etc.

Depends what the place is worth to you, stick to what you can afford and let them sweat, not you. Remember though that in the future selling with that garage may mean a nice little extra chunk of change for you and you may not have the potential to buy it back if you dont take it now.

jockosjungle

Unless you must have this house, I'd say that there is nothing much more to negotiate on. You've made your best and final offer, maybe tell the Estate Agent that, and that included the garage. Alternatively wait six months for them to drop the house to a reasonable price and get it for less than your offer now.

You sound like you need a garage to be honest, there seems little scope for building one and later on when you come to sell it might put someone else off

R

Sergio1982

Thanks for all of your replies.

I've been to see the EA today for the full details of this proposal and they want to sell us the house (minus the garage) at the price of our final offer. We could then rent the garage for £50pm and buy it at a later date. We're viewing another cheaper property which needs some cosmetic work tomorrow a second time followed by the first one to give ourselves a chance to compare the two together.

I think we'll just give the EA our original offer on Monday once more to include everything and see where it goes. The boards have been taken down and I think they're going to rent it out if we don't go with their deal so don't hold out much hope. Although I'll be interested in how much they hope to get per month in rent and how quickly they get tenants.

nollag2006

Sounds to me like they have tenants already, and would rather go with them. Hard to blame them in a rising market.