Neighbours Garage.
Discussion
Space around where I live for cars is tight. I've often got to park on the pavement which I don't like doing.
I've noticed that a neighbour has a drive and next to it a garage which is never used, except to store things. from the rough dimensions I can see it's just big enough for a decent sized car. I do have the facilities to store my car stuff elsewhere, so that's not an issue, it's just somewhere to park my car overnight to stop any hassle/worry with the car.
Would it actually be worth while offering to buy their garage off of them, or would it make more sense to rent it off of them for an agreed price a month.
(1 thing I will add, is that it's not an area that space is of a massive premium and there is spaces to park cars, but when you have 2 in most houses, it does get awkward to park.)
& what would be the best way to introduce the idea?
Any suggestions welcomed.
I've noticed that a neighbour has a drive and next to it a garage which is never used, except to store things. from the rough dimensions I can see it's just big enough for a decent sized car. I do have the facilities to store my car stuff elsewhere, so that's not an issue, it's just somewhere to park my car overnight to stop any hassle/worry with the car.
Would it actually be worth while offering to buy their garage off of them, or would it make more sense to rent it off of them for an agreed price a month.
(1 thing I will add, is that it's not an area that space is of a massive premium and there is spaces to park cars, but when you have 2 in most houses, it does get awkward to park.)
& what would be the best way to introduce the idea?
Any suggestions welcomed.
Some obvious things to think about:
How much would you be prepared to pay? What is the going rate for a lock-up garage in your area?
Where will your neighbour store the stuff that he is currently keeping in his garage?
Would you be OK with security?
What are the implications for insurance?
How much would you be prepared to pay? What is the going rate for a lock-up garage in your area?
Where will your neighbour store the stuff that he is currently keeping in his garage?
Would you be OK with security?
What are the implications for insurance?
Our next door neighbor bought a garage off of me. I think he had had his eye on it for some time, and a week or so after we moved into the house he 'popped round' and asked whether we were going to be using it.
I looked at prices of single garages for sale (lock-up type things) as close to home as I could (barely any for sale within 50 miles!) and added a 50% premium as it was worth it for him to have one right next to his house rather than 10 miles down the road.
He also paid for the solicitor fees to have the deeds etc changed.
Your neighbor also may not be able to sell the garage if the mortgage company refuse, as it will reduce the value of his property.
I looked at prices of single garages for sale (lock-up type things) as close to home as I could (barely any for sale within 50 miles!) and added a 50% premium as it was worth it for him to have one right next to his house rather than 10 miles down the road.
He also paid for the solicitor fees to have the deeds etc changed.
Your neighbor also may not be able to sell the garage if the mortgage company refuse, as it will reduce the value of his property.
AudiWurst said:
Some obvious things to think about:
How much would you be prepared to pay? What is the going rate for a lock-up garage in your area?
Where will your neighbour store the stuff that he is currently keeping in his garage?
Would you be OK with security?
What are the implications for insurance?
My car insurance would drop by £100 (20, so pay a bit anyway) and I would expect to pay around 3-5k to buy it and if I were to rent it maybe a max of £200 a month?How much would you be prepared to pay? What is the going rate for a lock-up garage in your area?
Where will your neighbour store the stuff that he is currently keeping in his garage?
Would you be OK with security?
What are the implications for insurance?
A friend used to live there for a while and he did have a shed in it, I don't think it still stands but that's something that could get thrown into the equation. I'm not to sure of the going rate, as the only other garage used by someone else I know of is family so they don't charge.
boyse7en said:
Our next door neighbor bought a garage off of me. I think he had had his eye on it for some time, and a week or so after we moved into the house he 'popped round' and asked whether we were going to be using it.
I looked at prices of single garages for sale (lock-up type things) as close to home as I could (barely any for sale within 50 miles!) and added a 50% premium as it was worth it for him to have one right next to his house rather than 10 miles down the road.
He also paid for the solicitor fees to have the deeds etc changed.
Your neighbor also may not be able to sell the garage if the mortgage company refuse, as it will reduce the value of his property.
That's a good shout. I looked at prices of single garages for sale (lock-up type things) as close to home as I could (barely any for sale within 50 miles!) and added a 50% premium as it was worth it for him to have one right next to his house rather than 10 miles down the road.
He also paid for the solicitor fees to have the deeds etc changed.
Your neighbor also may not be able to sell the garage if the mortgage company refuse, as it will reduce the value of his property.
I would have no problem at all paying the relevant fees.
I think, realistically the garage would probably be worth 3-4k?
Mr SFJ said:
That's a good shout.
I would have no problem at all paying the relevant fees.
I think, realistically the garage would probably be worth 3-4k?
depends where you are:I would have no problem at all paying the relevant fees.
I think, realistically the garage would probably be worth 3-4k?
http://www.rightmove.co.uk/property-for-sale/prope...
http://www.foxtons.co.uk/search?location_ids=290&a...
Bristol.
http://www.zoopla.co.uk/for-sale/details/32973955 is a little more like it. I was thinking around 5k, because as I used to work in estate agency, I know that they'll put about £1500 in commission and fees on it, and as it's not in near proximity to any shops or town centres, it should be a little more reasonably priced.
http://www.zoopla.co.uk/for-sale/details/32973955 is a little more like it. I was thinking around 5k, because as I used to work in estate agency, I know that they'll put about £1500 in commission and fees on it, and as it's not in near proximity to any shops or town centres, it should be a little more reasonably priced.
Mr SFJ said:
I would expect to pay around 3-5k to buy it and if I were to rent it maybe a max of £200 a month?
You can't often buy property for one and a half years of rental value. If you can then well done. Does it really cost £200 a month to rent a garage in your area? You can ponder all day but just go and have a chat; I think either you'll agree to a value without too much difficulty or he just won't sell/want £100,000. Good luck.A garage attached to a property must surely be worth much more than one in a block. Does your land adjoin the garage directly or would there be a bit of land inbetween to transfer too? Would it leave them with an L-shaped plot or do you need land behind too? I would think that regardless of location £10k is probably the minimum somebody would want to lose an off-road parking space, if parking is known to be a little tight.
I think renting is the way to go. Selling would make it somewhat awkward for your neighbour if he ever wanted to move. If I were looking to buy a house and found out that the garage was owned by the guy next door, along with right of access via the driveway leading to it, I wouldn't be too thrilled.
Highlighted in black is where my property ends (live with parent, thus his car goes in garage) and the red oval is where I park the car.
Blue, is the garage in question and where they park their car.
I think the renting thing might be good, and at about say £150-200 would be reasonable?
That photo puts a completely different perspective on things - I was imagining the garage being on a private driveway. Looks like it would be entirely feasible to buy his garage. Alternately, how much more would you be prepared to pay to rent it than it'd cost him to put his stuff into storage?
MitchT said:
That photo puts a completely different perspective on things - I was imagining the garage being on a private driveway. Looks like it would be entirely feasible to buy his garage. Alternately, how much more would you be prepared to pay to rent it than it'd cost him to put his stuff into storage?
I was thinking if I was to rent, around £180-220 a month. whereas to buy, I would offer maybe £5, with me paying relevant fees.Gassing Station | General Gassing | Top of Page | What's New | My Stuff