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Possible purchase of garage should I add to deeds

SunshineRainbow00
SunshineRainbow00 Posts: 6
Name Dropper First Post
Forumite
in House buying, renting & selling

In looking at buying a garage very close, within view of my property. I was trying to work out how much it will be including any insurance etc. My insurer has started it could be included in my home insurance if I added it to my deeds.

My home is mortgaged (15 years remaining) and I'm looking at possibly buying the garage outright.

Would it be advisable to add to the deeds, or would it be a good idea to keep it seperate?

Comments

  • eddddy
    eddddy Posts: 18,777
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    edited 20 April at 12:24AM

    Just to get a balanced view, maybe find out how much a separate "lock up garage" insurance policy would cost.

    I guess the obvious benefit of keeping them separate is you can sell the garage separately, if you want.

    And the other key questions would be…

    • What is your house worth without a garage
    • What is your house worth with a garage
    • What is the garage worth as a standalone lock up garage

    i.e. Would you be gaining value or losing value by combining the house and garage?

    Maybe you can ask some friendly local estate agents for their opinions.

  • lfc321
    lfc321 Posts: 750
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Forumite
    edited 20 April at 7:32AM

    …also cost of legal work to add to the deeds.

  • silvercar
    silvercar Posts: 51,437
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Ambassador

    Jjust because the garage would be on a separate deed, it doesn’t automatically mean it would have to be insured on a separate policy.

    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
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