Buying advice: garage not adding value?

nestumkiller

Hi,

I'm a first time buyer and I'm currently considering putting down an offer for a 2 bed flat. There is off-street parking and the flat doesn't come with a garage. My issue is, most flats around include a (single) garage and I have all the information about how much they sold for (more below). The seller, though, has been told by an agent that the flat price should be pretty much the same with/without garage. I disagree with that since the flat doesn't have much storage space and the space would be very useful.
The seller is also playing the card that the flat has an extended (134 years) leasehold, while some around don't have such a long one. The last flat in the same street being sold (quite cul-de-sac), sold (in December) for £235k, it has the same leasehold, same configuration and better condition overall. Furthermore, in September another one (in great conditions but with 80 years left in the lease) sold for £230k.
I've put an offer for £218k given the condition of the flat (kitchen and bathroom need modernisation) and the fact it doesn't have a garage. The seller is saying he'll accept (only?) £235k.
So, my question is, would we be doing a bad deal if we'd offer £230k/£231k? If, in 5/6 years time we decide to sell it, would the lack of garage perhaps be an issue?

(sorry for the long post)

marliepanda

Hard to say on the given information really! Something is only worth what someone is willing to pay.

Modernisation rarely comes into it. If it has a functioning kitchen and bathroom you won't likely get money off as its not to your taste or not modern enough for you.

It may be an issue when you come to sell, as you yourself are having 'doubts' due to the lack of garage so other people will to. However there will also be people for who this is not an issue.

nestumkiller

marliepanda wrote: »

It may be an issue when you come to sell, as you yourself are having 'doubts' due to the lack of garage so other people will to. However there will also be people for who this is not an issue.

Yes, that's my biggest worry. I'm not searching for a bargain, just a "fair" deal...
If anyone else has more interesting opinions about this I'd really appreciate them. I can provide more information about the flat if it helps.

SG27

If two identical flats were for sale one with garage and one without which one would you buy. How much extra would you pay for the flat with a garage?

For me a garage would be a massive plus. Especially in a flat with little storage.

Mrs_Soup

If the garage is in a separate block as was the case a few decades ago they can actually be seen as a liability rather than an asset as they get burgled easily etc.

nestumkiller

SG27 wrote: »

If two identical flats were for sale one with garage and one without which one would you buy. How much extra would you pay for the flat with a garage?

For me a garage would be a massive plus. Especially in a flat with little storage.

True, I totally agree. My question is more why shouldn't the value drop as a consequence of not having a garage? With single garages in the area selling for (from my internet research) £12-£18k - asking price -, I'd expect the value of the flat to be coming down a bit more than what the seller and agent are stating ...
So, I'm trying to see if I'm missing anything obvious here, or he's just bluffing ...

nestumkiller

Mrs_Soup wrote: »

If the garage is in a separate block as was the case a few decades ago they can actually be seen as a liability rather than an asset as they get burgled easily etc.

Yup, that's the case - they lie around 30/40m away from the houses. Good to know that.

SG27

nestumkiller wrote: »

True, I totally agree. My question is more why shouldn't the value drop as a consequence of not having a garage? With single garages in the area selling for (from my internet research) £12-£18k - asking price -, I'd expect the value of the flat to be coming down a bit more than what the seller and agent are stating ...
So, I'm trying to see if I'm missing anything obvious here, or he's just bluffing ...

The flat without garage will have a lower value than one with it. If it's a high crime area then the garage could have less of a value but I wouldn't say it would be a liability. If the block is likely to be broken into don't store your stuff there.

nestumkiller

Ok, thanks for all the replies. They've been extremely helpful

TBagpuss

you mentioned that the flat has off-street parking. Do the ones with garages have off-street parking as well? I would expect the value of a flat with garage AND off-street parking to be higher than one with a garage but no separate parking, and for that to be a bit more than one with off-street parking but no garage.

nestumkiller

TBagpuss wrote: »

you mentioned that the flat has off-street parking. Do the ones with garages have off-street parking as well? I would expect the value of a flat with garage AND off-street parking to be higher than one with a garage but no separate parking, and for that to be a bit more than one with off-street parking but no garage.

Yes, I think they all do - it's a smallish cul-de-sac. All the ads I've seen of flats in this area they all mention that.
To be honest, I'm almost sure there's no allocated parking, so I'm not entirely sure what they mean with off-street parking.