What's a garage in a block worth?

alan_d

I currently rent a garage in a block from someone. The arrangement is a block of 12 garages, each owned by a house without a driveway, but there is sufficient parking in the area.
Usual thing that no-one puts their cars in the block garages overnight, and I agreed to rent the garage as it was empty.
If viable, i'd like to approach the owner about buying the garage from them. If they are willing to sell it, I assume that once a price is agreed it would be a paperwork exercise with a solicitor (at my expense) to sort out the legalities.
However - what is a garage worth? Seems hard to put a value on them! This in the middle of a residential estate in Bedfordshire, and not in an area useful for station parking etc.
Any suggestions or guidance?

AdrianC

Simple answer: It's worth what a buyer's willing to pay - so long as the vendor's willing to accept that amount...

Sounds trite, I know, but unless there's comparables that you can use, that really is the answer. What price would make you walk away?

cattie

In my area, a greater London suburb, a garage could set you back somewhere between £20k-£25k. In most new developments they are asking around the same price for a parking space. 

Owain_Moneysaver

It might need planning permission to split the garage from the house (which might not be given as it would reduce parking for the house), and the garage (as non-domestic premises) might then become liable for non-domestic rates. Also it might complicate maintenance if the block as a whole has a communal maintenance liability shared amongst the householders, but you aren't a householder. 

markin

Expect the price to start at least 15K, look on rightmove for local prices.

alan_d

Owain_Moneysaver said:

It might need planning permission to split the garage from the house (which might not be given as it would reduce parking for the house), and the garage (as non-domestic premises) might then become liable for non-domestic rates. Also it might complicate maintenance if the block as a whole has a communal maintenance liability shared amongst the householders, but you aren't a householder. 

Good points!

markin said:

Expect the price to start at least 15K, look on rightmove for local prices.

So far i've only found 'normal' property like houses & flats, but i'll keep searching.

markin

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^61286&maxPrice=50000&radius=20.0&propertyTypes=other&includeSSTC=true&mustHave=&dontShow=&furnishTypes=&keywords=

Filter 'other' include SSTC and under 50K max