House garage sale (or potential)
Discussion
We currently live in a fairly large semi detached house. We have two entrances, one of which is to the rear of the property and is the only entrance for our neighbours. We have a garage we get to through that entrance, and also have a right of way to said garage, and there is a covenant in place which states no one can park in front of our garage for obvious reasons. The neighbour has a garage adjoining ours, and also a stone carpark adjoining it, so in essence its a triple garage (2 indoor cars and 1 outdoor).
We are shortly to undertake significant works to move the other entrance, which is to the front of our house to create quite a grand entrance, and a parking are for say 6 cars, so the garage at the rear at that point will never be used.
We've lived at the house around 3 1/2 years and once parked in front of the garage, to which the neighbours raised concern and advised us we had no right to do so, which is correct and we have avoided doing so again. The neighbours however probably block access to the garage 5 times a month consistently to a point where I emailed them (after speaking to them, but wanting to put it on record) asking them not to block said garage access, even though we don't use it for car parking, as they also have no right to block it regardless. This causes them a lot more issue than me its fair to say.
Shortly after I'd emailed them we were talking and I just said, look I'm not being an ar$e, but I fully appreciate the garage has a value, which I paid for when I bought the house, and I'm simply not going to allow them to use something they have no right to do, and as such maybe they should consider purchasing it from me, but I said I wasn't bothered either way as long as they stopped parking in front of it.
Some weeks/months have now passed and they have just mentioned they are looking to make an offer on the garage. I assume any offer will likely also include removing my right to use the back entrance, or massively restrict use of it. It makes massive sense to be fair for them to have complete use of the rear, moreso once I've completed our works to the front.
So, the question is whats it worth. There is obviously the physical value of the garage (which is around 6m x 4m), but also the value to them in not having someone having the right of way over their property, and the fact that once purchased the yard is completely theirs, which is likely worth considerably more than the garage itself.
My home is worth around 1.5m and per sqft of living space (excluding garage) is worth around £400/sqft.
The question therefore is what would you think to be an acceptable offer for the purchase of the garage and removal of rights to use the rear entrance fully ?
We are shortly to undertake significant works to move the other entrance, which is to the front of our house to create quite a grand entrance, and a parking are for say 6 cars, so the garage at the rear at that point will never be used.
We've lived at the house around 3 1/2 years and once parked in front of the garage, to which the neighbours raised concern and advised us we had no right to do so, which is correct and we have avoided doing so again. The neighbours however probably block access to the garage 5 times a month consistently to a point where I emailed them (after speaking to them, but wanting to put it on record) asking them not to block said garage access, even though we don't use it for car parking, as they also have no right to block it regardless. This causes them a lot more issue than me its fair to say.
Shortly after I'd emailed them we were talking and I just said, look I'm not being an ar$e, but I fully appreciate the garage has a value, which I paid for when I bought the house, and I'm simply not going to allow them to use something they have no right to do, and as such maybe they should consider purchasing it from me, but I said I wasn't bothered either way as long as they stopped parking in front of it.
Some weeks/months have now passed and they have just mentioned they are looking to make an offer on the garage. I assume any offer will likely also include removing my right to use the back entrance, or massively restrict use of it. It makes massive sense to be fair for them to have complete use of the rear, moreso once I've completed our works to the front.
So, the question is whats it worth. There is obviously the physical value of the garage (which is around 6m x 4m), but also the value to them in not having someone having the right of way over their property, and the fact that once purchased the yard is completely theirs, which is likely worth considerably more than the garage itself.
My home is worth around 1.5m and per sqft of living space (excluding garage) is worth around £400/sqft.
The question therefore is what would you think to be an acceptable offer for the purchase of the garage and removal of rights to use the rear entrance fully ?
Little Lofty said:
Probably not as much as you think, I d rent it to them for £50 per month, or rent it to joe blogs for £200 per month.
You see, I don't think that way at all.Who is buying a circa 1.5m house to which the only access is shared, and even then there are significant restrictions upon where you can park within the area you own due to convenants in place in related to that area.
For the sake of facts, the 'yard' to which I refer is 7m wide by around 14m in length, however due to access and the position of the garage, roughly 3m by 14m is unavailable for them to park on its either blocks my access to the garage, or is the area detailed on the deeds that neither party can physically park on, so its a considerable inconvenience to both them, and moreso to any future buyers.
As such, it would make sense to sort the matter out now really IMO whilst I am prepared to sell the garage. Once they have control of the full area, I suspect the next buyers would likely convert the garage/s to a home office building as they are proper stone garage with slate roofs, and double height due to having loft areas within them, so would/could be a fantastic home office or games room, etc, etc, and then they use the yard itself in its entirety for cars.
Little Lofty said:
Well you and your neighbour bought it with shared access and restriction, so why wouldn't someone else?
You do realise you get banned from PH for selling garages don t you
Surely not if I'm creating a new area circa 20m x 10m, so enough for considerably more cars You do realise you get banned from PH for selling garages don t you
In relation to the house, I bought it knowing at some point I wouldn't use it and was always likely to sell it to the neighbour, and in respect of the neighbour they have lived their 50 years, all their kids have left home and as such to some degree are not the likely intended market for the property now being 5/6 bedrooms, and moreso probably paid a few k for it back then as opposed to 1.5m value now (although theirs isn't worth quite that much as ours has been underpinned and so has a basement properly kitted out with kitchen and bathroom as well).
They have also likely taken advantage of the situation previously which I now shut down as fundamentally don't want them to 'create a right' they don't legally have.
How about getting a Estate Agent to value their existing property, what it would be worth with the considerably more attractive/valuable arrangement at the rear & the reduction in value of your property. Then you have a basis for discussion. All the gain is on their side so don't let it go cheap.
Hobo said:
My home is worth around 1.5m and per sqft of living space (excluding garage) is worth around £400/sqft.
The question therefore is what would you think to be an acceptable offer for the purchase of the garage and removal of rights to use the rear entrance fully ?
1: What decrease in value do you experience on your property by losing a garage and removing your access rights.The question therefore is what would you think to be an acceptable offer for the purchase of the garage and removal of rights to use the rear entrance fully ?
2: What increase in value do they achieve on their property by gaining a garage and removing your access rights.
The correct number for the transaction is somewhere above (1) but less than (2).
Mr Pointy said:
How about getting a Estate Agent to value their existing property, what it would be worth with the considerably more attractive/valuable arrangement at the rear & the reduction in value of your property. Then you have a basis for discussion. All the gain is on their side so don't let it go cheap.
I've emailed an agent I know to ask the very question, but he hasn't replied yet, so thought I'd ask on here to get peoples thoughts.You are probably not going to live there forever and you haven't mentioned building a garage on your changed frontage but imho a garage adds quite considerable value to a property and in a lot of cases will rule it in or out of a search and filter.
Just because you don't use don't discount its value to whomever lives in your house after you. I would either rent it out or use it, but either way exercise your right of access regularly.
Just because you don't use don't discount its value to whomever lives in your house after you. I would either rent it out or use it, but either way exercise your right of access regularly.
LooneyTunes said:
Hobo said:
My home is worth around 1.5m and per sqft of living space (excluding garage) is worth around £400/sqft.
The question therefore is what would you think to be an acceptable offer for the purchase of the garage and removal of rights to use the rear entrance fully ?
1: What decrease in value do you experience on your property by losing a garage and removing your access rights.The question therefore is what would you think to be an acceptable offer for the purchase of the garage and removal of rights to use the rear entrance fully ?
2: What increase in value do they achieve on their property by gaining a garage and removing your access rights.
The correct number for the transaction is somewhere above (1) but less than (2).
1. Very little if anything at all, as the new works starting shortly will create a fantastic proper entrance to the property with amply parking, and there are 1/2 acre of garden at the front so creating an area for a shed/workshop etc to store the mower, etc, really isn't an issue, and the entrance to the rear isn't that great anyway due to angle of it in relation to road it adjoins so it really wouldn't be used after the other works are done. There is also a small area of land I'd keep (albeit not for parking) which looks out of our kitchen, just to ensure no one could park there which would likely annoy me.
2. Honestly, a stab in the dark, but I'd genuinely say over 100k. How much over I'm not sure, but people just aren't buying a 1.5m house with restrictions in place and rights of way over IMO. It would also make it massively more saleable. The other option available to them would be to do similar to what we are doing, although as their garden is not as wide as ours it would swallow quite a chunk of their lawn whereas we are creating more by converting the existing driveway back to lawn. To do that work like ours would also be north of 100k for them as well, and at that point they would still have someone with a right of way over the back which still isn't good as its right in front of their large kitchen/diner.
LooneyTunes said:
Hobo said:
My home is worth around 1.5m and per sqft of living space (excluding garage) is worth around £400/sqft.
The question therefore is what would you think to be an acceptable offer for the purchase of the garage and removal of rights to use the rear entrance fully ?
1: What decrease in value do you experience on your property by losing a garage and removing your access rights.The question therefore is what would you think to be an acceptable offer for the purchase of the garage and removal of rights to use the rear entrance fully ?
2: What increase in value do they achieve on their property by gaining a garage and removing your access rights.
The correct number for the transaction is somewhere above (1) but less than (2).
JQ said:
You also need to consider the negative impact on the value of your house. I wouldn't dream of buying a house without a garage. No good selling it for £50,000 if the value of your house drops £100,000.
No negative impact.As said, we are creating a much larger area to the front specifically for parking multiple vehicles, so options for garage/car port are there if decided worth it, and there is also significant land to add more if necessary.
The works will add value, albeit probably not quite as much as the cost of the works, but will make the house very very saleable when the time comes, and fundamentally do for the property what it always should have had.
Based on where you are, I think my step dad grew up next door, as I recognised the house on the gravel drive thread. If the garage backs onto your parking area, would it be possible to change the garage access so that you retain the garage for future value and sell the neighbours the right of access. I personally wouldn't buy a property without a garage (need to escape somewhere and have loads of tools), so that might be an option and potentially cost neutral. Just a thought...let me know if I should grab me coat!
McGee_22 said:
You are probably not going to live there forever and you haven't mentioned building a garage on your changed frontage but imho a garage adds quite considerable value to a property and in a lot of cases will rule it in or out of a search and filter.
Just because you don't use don't discount its value to whomever lives in your house after you. I would either rent it out or use it, but either way exercise your right of access regularly.
The last thing I want is someone else using it, and potential to create further issues for me, or further annoyance for the neighbours. I also suspect the convenant in place is only for the owner of my house, so not sure it could actually be rented to a third party even if that were a consideration (which it really isn't).Just because you don't use don't discount its value to whomever lives in your house after you. I would either rent it out or use it, but either way exercise your right of access regularly.
I will either keep it or sell it to the neighbours, and common sense says it should form part of their home, for them or future owners to do whatever they want with.
They are great homes, and I genuinely would like them to be what they really should have always been. Originally the garages were stables which originally built, so cars came along some time after and somewhat caused the current issue/situation.
AndyTR said:
Based on where you are, I think my step dad grew up next door, as I recognised the house on the gravel drive thread. If the garage backs onto your parking area, would it be possible to change the garage access so that you retain the garage for future value and sell the neighbours the right of access. I personally wouldn't buy a property without a garage (need to escape somewhere and have loads of tools), so that might be an option and potentially cost neutral. Just a thought...let me know if I should grab me coat!
The new parking area is the other side of the house, so its not possible.
Hobo said:
JQ said:
You also need to consider the negative impact on the value of your house. I wouldn't dream of buying a house without a garage. No good selling it for £50,000 if the value of your house drops £100,000.
No negative impact.As said, we are creating a much larger area to the front specifically for parking multiple vehicles, so options for garage/car port are there if decided worth it, and there is also significant land to add more if necessary.
The works will add value, albeit probably not quite as much as the cost of the works, but will make the house very very saleable when the time comes, and fundamentally do for the property what it always should have had.
Mr Pointy said:
The works you are doing have little to do with the value of the garage: currently you don't use it but a future purchaser might do, even if only for storage. Building a replacement will cost tens of thousands of pounds.
Appreciated, hence asking for people opinions, as its ultimately more a case of what its worth to them to remove the whole parking/right of way issue, rather than the value of the garage itself.Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff