Whats a single garage worth
Discussion
OK I think I have done this one before but I cant find the thread
Here is my place
The dark blue garage is mine the light blue garage is owned by an old chap who has given up driving, as he didn’t believe he was safe to drive. I have owned my property for 10 years and the garage has never been opened to my knowledge.
I have a small mortgage so adding a few grand or more wouldn’t be a problem. My question is if I offered to buy it what kind on money should I offer. I don’t want to rip the guy off just offer him a fair price. I assume I would need a solicitor to draw up the change of ownership details.
The garage in on an estate in Orpington Kent surrounded by three story town houses, other places like mine and 2 bed terrace houses with garages on block.
If anyone want to contact me direct I can be contacted through my profile
Here is my place
The dark blue garage is mine the light blue garage is owned by an old chap who has given up driving, as he didn’t believe he was safe to drive. I have owned my property for 10 years and the garage has never been opened to my knowledge.
I have a small mortgage so adding a few grand or more wouldn’t be a problem. My question is if I offered to buy it what kind on money should I offer. I don’t want to rip the guy off just offer him a fair price. I assume I would need a solicitor to draw up the change of ownership details.
The garage in on an estate in Orpington Kent surrounded by three story town houses, other places like mine and 2 bed terrace houses with garages on block.
If anyone want to contact me direct I can be contacted through my profile
To get a rough idea ....
1. ask an estate agent.
and/or
2. see what lock-ups sell for or rent for in your area ..... assuming a rental yield of 6% (approx. could be more or less) - you would multiply the annual rent by 17 to get the value - assuming its freehold . this could give you a "ballpark" valuation.
1. ask an estate agent.
and/or
2. see what lock-ups sell for or rent for in your area ..... assuming a rental yield of 6% (approx. could be more or less) - you would multiply the annual rent by 17 to get the value - assuming its freehold . this could give you a "ballpark" valuation.
los angeles said:
How're ya doin', Cotty!
Not bad thanks new jobs working out well but no more posting during the day as I have to work
and you los angeles said:
You have to buy it! If you can get it, it will add greatly to the value of your house.
Not really an issue as ill live here until I cant get up the stairs at whch point if its worth more ill have a more attractive nurse wiping my bum when I cant do it
los angeles said:
Ask him what he is looking for and up it by five thousand, assuming his request is a fair one. .
I was thinking 5k-10k but thought a PH might be able to give me some guidance
los angeles said:
As for its market value - call in an expert to value it now.
thats what I need
alfaman said:
To get a rough idea ....
1. ask an estate agent.
and/or
2. see what lock-ups sell for or rent for in your area ..... assuming a rental yield of 6% (approx. could be more or less) - you would multiply the annual rent by 17 to get the value - assuming its freehold . this could give you a "ballpark" valuation.
There are a few estate agents on PH'd that might be able to help, but its not that straight forward as garages dont usually come up on their own
>> Edited by cotty on Tuesday 31st January 23:40
wedg1e said:
Well you'd be looking at five grand to build one from scratch, so why not try him at that for starters? Or were you thinking cheap, like?
five grand is in the ball park. Im hoping that the starting price but could rise from that
sparkythecat said:
It's probably worth quite a bit more than it was the first time you posted this!
What's kept you?
Hurry up and get it bought before the old man carks it and his beneficiaries try and fleece you for it.
Yes yes I know, small things get done on impulse large things or large amount of cash takes longer to react on
alfaman said:
To get a rough idea ....
1. ask an estate agent.
Book Saturday morning for a walk up the local High Street. Just ask each estate agent if they've got any, and how much they go for. Prices are very much dependent on location & demand - near me in Greater London they are £20k, and a few years ago one in Fulham sold for £90k (which the agent reckoned added twice that on the house value). But you might find it's closer to £5k near you.
To agree an equitable price, you could tell the owner you believe it's worth £x, but if he wants an independent assessment, the two of you should choose one estate agent and agree to accept their valuation. It's almost certainly going to be worth it just in terms of added value to the property (if you can stretch to it), and the added space & lack of noise is a bonus.
The problem I would have thought would be that his property without a garage (I assume he doesn't have another one) would drop in price and probably a good deal, it is really this value that is of importance (to him at least) and not neccesarily what another garage in the area may be worth.
If the parking space in front of the garage is also to be included and it is important (i.e other parking options are limited) then the value increases even more and his property without any parking could easily become very hard to sell on at all. Of course he may plan to live out his days there and the property value may mean nothing to him, but is he then going to be passing it on to children etc, if it were me, I would want to assess the situation fully and make sure I was being properly remunerated with a premium probably being built-in to the price reflect the risk.
If the parking space in front of the garage is also to be included and it is important (i.e other parking options are limited) then the value increases even more and his property without any parking could easily become very hard to sell on at all. Of course he may plan to live out his days there and the property value may mean nothing to him, but is he then going to be passing it on to children etc, if it were me, I would want to assess the situation fully and make sure I was being properly remunerated with a premium probably being built-in to the price reflect the risk.
I rented a garage not far away in petts wood a couple of years ago when i needed space..going rate was around 50 quid a month. I would expect you would have to pay somewhere between 15-25k for that garage with drive, it would enhance your propertystraight away.
Wide spread, but <15k cheap...>25k would be expensive.
Wide spread, but <15k cheap...>25k would be expensive.
I spoke to an estate agent the other day and he recons its worth about £5,000 to £7,000 but there may be a clause in the deeds to say they the garage and house cant be sold seperately. As I live on the same estate im going to check my deeds to see it this clause is on there.
Looking good so far
Looking good so far
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