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Original poster

our converted garage isn't selling, market seems to have not picked up in jan

269 replies

pigglewiggle · 18/02/2015 20:15

We've converted our garage into a home. Its freehold and I'll admit its a bit on the small side but if I was in my 20s or looking for an investment I think it would be fab. Its similar in size to one bed flats however has the advantage of no shared walls.

We took out a quite large loan to pay for this (40k) and currently have it on at 175 so were hoping to make a decent profit but its been on for 3 months now with only 4 viewings and no offers. Its getting to the stage where the interest is making a real dent in our finances and eating into the profit. Its all done up to a good spec and is clear and neutral so I don't think that's the problem.

I was to spend some money to put some funishings in and keep the price while partner is wanting to lower the price 10k. Any advice?

OP posts:
Boofy27 · 18/02/2015 20:18

You have a link?

RubyDuchess2014 · 18/02/2015 20:19

What has been the feedback from the 4 viewings you have had? Has your agent mentioned a price reduction to you?

CaptainCunt · 18/02/2015 20:27

Whereabouts are you?

calilark · 18/02/2015 20:32

can you post a link for us to see and give you feedback? And yes, what feedback have you had from the viewings?

Bowlersarm · 18/02/2015 20:34

Is it in London?

Original poster
pigglewiggle · 18/02/2015 20:34

I'd rather not post the link, as it is our garage so would practically give my address away! Its in Hampshire

OP posts:
DancingDinosaur · 18/02/2015 20:35

Op is it in London? Sounds intriguing.

DancingDinosaur · 18/02/2015 20:36

X post

PiratePanda · 18/02/2015 20:37

If it hasn't had many viewings or any offers in that amount of time, it's overpriced I'm afraid. We've just accepted an offer 10% over the asking price on our very small house after being on the market 9 days; received 6 offers. Had our offer accepted after outbidding several others on a house on the market two weeks. Market is moving, but not if you're overpriced.

PiratePanda · 18/02/2015 20:38

PS - we're not in London

Mixtape · 18/02/2015 20:41

I live in Hampshire so I know it is expensive but £175k for a one bed sized property seems a lot! Obviously it depends where in Hampshire you are - there are 3/4 beds in some areas, in others that money might get you a 2 bed flat - but I think if I had that budget i wouldn't go for a small converted garage property, even given the shared walls - it doesn't seem like it would be as much of an investment as a house or flat? It is hard to say without seeing it.

Bowlersarm · 18/02/2015 20:41

Could you consider renting it?

bigkidsdidit · 18/02/2015 20:42

175k for a small converted garage in Hampshire? Really?

RaphaellaTheSpanishWaterDog · 18/02/2015 20:58

What feedback have you had from the viewings OP?

It does seem quite expensive for a converted garage - we're from Hampshire originally so know some areas are not cheap, but no offers in that time indicates that it's overpriced IMHO.

Did you get many EA valuations suggesting you market at that figure?

We sold our house in Wiltshire last year and initially had a handful of viewings but no offers. We wanted to sell quickly in order to not miss out on our onward purchase so we dropped the price a little and had a flurry of viewings and three offers - one at AP which we accepted - within a couple of days.

Price is usually the issue, but maybe the type of property and the idea of living in a former garage is putting prospective purchasers off......everything sells at the right price though.

Is it situated well away from your own house?

AllYourBase · 18/02/2015 20:58

Unless it's in Winchester, it sounds overpriced. Does it have any land/garden? Could well be something to do with it. Didn't the viewers give any feedback to the agents?

SolomanDaisy · 18/02/2015 21:03

I was sure this was going to be a joke post from one of those House Price Crash people. I can't imagine converted garages are in great demand anywhere except zone 1.

Eltonjohnsflorist · 18/02/2015 21:06

Is it not very hard to get a mortgage for those sorts of properties? Maybe that's putting people off (although £175k does sound pricey)

Quitelikely · 18/02/2015 21:09

Is it for sale as a 'converted garage' or is it classed as something else in the advertising? The converted garage part would put me off immediately so get that taken from ads if that's the case.

Also I'm assuming you cannot buy anything else in your area for £175k

I would reduce the price.

SantasLittleMonkeyButler · 18/02/2015 21:11

£175k for a garage with a bed in?

Just how expensive is Hampshire Confused.

sosix · 18/02/2015 21:12

I think its hard to say without a link. Also, you refer to it as your garage in RL?Shock

Original poster
pigglewiggle · 18/02/2015 21:12

It is in an expensive area, but around the same price as a similar sized flat and it does have a courtyard area. Feedback from the ea has been mainly people thinking it was smaller than it looked and the lack of storage and bath. It is separate from the house, its own access.

OP posts:
Original poster
pigglewiggle · 18/02/2015 21:13

Sorry no its not called a garage, that's just the name that's stuck. Its effectively a freehold detached house.

OP posts:
titchy · 18/02/2015 21:14

I hope your EA isn't describing it as a converted garage! I assume it is actually a proper house, freehold in its own separately registered plot?

Poofus · 18/02/2015 21:15

Crikey, I thought this must be a joke too. I would not like to live in someone's garage, no matter how nicely painted.

BauerTime · 18/02/2015 21:18

Well I just looked on rightmove and there are no 1bed detached houses for £175k in Hampshire. Maybe that's your problem? Get it on rightmove!

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