Selling my garage

lewismartin11

So im going to keep this as short as possible. Basically I have moved out of my parents house and got a joint mortgage with my brother about 18 months and we are just about paying the bills. One of our neigbours has offered to buy our garage off us as he needs the extra space and we don't really need it at all. The garage is not attached to our house and is part of a garage block around the back. I was just wondering how much I should be looking to get for it.

P.s im travelling to australia next may so I could do with the extra money

McKneff

Presumably you own the garage, outright.

If you have moved out, who is living in the house now.
Your post is unclear, yu moved out or you moved in with your brother.

Why not just rent the garage to him. ?

Yu will sell it in future a lot easier with a garage.

StuC75

if you have a mortgage then it would need lenders permission (so may affect what the house is then valued at etc etc)..

Im assuming the OP has 'moved out' of his parents and now lives with his brother having bought together?..

SailorSam

As for a price for it, it's going to vary exactly the same as houses do depending where you live.
Wasn't there a post on here a few weeks ago about a similar garage being sold in central London for something like £500k.

lewismartin11

Yeah i did see something about that garage which went for 500k, crazy! I live in a village so obviously mine is not worth anywhere near that. I guess renting would be my best option then.

dimbo61

You might be able to rent it to the neighbour for a while?

dimbo61

Your Brother might be able to rent out your room while you are away on your travels
Rent-a-room unto £4250 a year?

lewismartin11

Yeah im already working on getting someone in to rent my room when im away as my bro can't afford it on his own. But If my neigbour was to rent the garage how much could I charge? £80 month?

Prothet_of_Doom

Ah, the old price verses value question.

The actual Value of your garage to you is easy to work out. Get an estate agent around. Get him to value the house. Ring him up and tell him you forgot it has a garage.

Personally, I'd pay £10K to have an extra garage, but wouldn't part with the one I have for less than £30K. It would probably change the value of my house by £5K


Renting
How much do you think he's prepared to pay ?

I'd pay £10 a week to rent a garage in a block, That's £520 a year. I wouldn't save that in reduced insurance premiums.

freeisgood

It depend where you live, a quick google of "garage to rent in ....." would give you an idea of current rentals.

dimbo61

Could you speak to a local estate agents and ask them?
Check on rightmove if any garages are for rent in the local area
How close is the garage to the neighbour
What does he want to store there
Brand new Bentley or cannabis plants???
What condition is the garage in and what size is the garage/workshop?