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

[pigglewiggle]

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?

When viewers say it was smaller than they expected, they mean they expected more for their money. Same with lack of storage and bath. They mean for this price, I expected storage and a bath.

What did the EA recommend as an asking price?

Does a small 1 bed flat fit with the local area? It strikes me that a road where houses have detached garages, suitable for conversion to "flats" might not be the right location for a tiny one bed dwelling IYSWIM and that would affect the price too. Great place for a family home isn't the same as great place for a first flat.

I just had a quick look on rightmove as well and there are pages and pages of really decent looking 1, 2 and 3 bed flats and houses at that price. I think it's too expensive for something which sounds very quirky, and small.

Can't see any likely suspects on Zoopla either - where are you advertising?

Could that be a problem?

Where in Hampshire?

It's huge and the differences in areas are significant.

Is everyone referring to it as the garage?

Is it online? If not why not?

Don't spend more on it btw.

We've just sold our house, it was on the market less than 4 days and sold for 6k over the asking price.

How many valuations did you receive? What tactic does your estate agent employ? Do they have clients currently searching for one bed properties on their books?

We had 4 valuations. Each agent explained how they proposed to market the property. We chose the agent who advertised it at the most realistic price, and called clients they knew were looking for a property like ours. Other agents aimed to market it high, but had a reputation for lowering the price after several months to recapture interest.

I'd reassess your agent first. Maybe get a few more valuations. Ours varied by 55k. At this stage you may be able to break your contract and get another agent in? We had a 12 week exclusivity period.

Does it still look like a converted garage? that'd put off a huge amount of potential purchasers and the other thing that springs to mind is the insulation?

I think anything else you spend will be good money after bad especially if you're thinking about beds and other furniture? You say 'furnishings' but it's not really clear.

In a word you know when the ponzi is at the point of crashing when a fucking garage is 170k . My day's the sheer fucking insanity of this lets all get in trough country. We are all fucking doomedc

Cough , right Ron?

Me too re the joke. Seriously, you converted a garage and want 175k for it? Most people in their 20s haven't a hope of borrowing 175k. They'd need at least 25k cash (or more) for deposit, fees and stamp duty, or more likely even more; and an income of around 42k+ a year for a single person and between 50 and 60k for a couple. If they had that kind of household income why would a converted garage be what they were after?

It's this kind of madness that the housing market had turned into. God what hope is there for our economy if people think this is reasonable

Here comes the joy we know as roneik

Cough and fucking cough , I have heard it all now . What a fucked up country this is.
Shit what about the pigs when the trough is empty
.

OP, it's hard to advise without seeing it.

I was going to say definitely don't throw more money at it, but is it hard for people to imagine where they would put essential things such as a dining table for example. Maybe people can't just envisage themselves surrounded by their furniture as you would be able to in a conventional property.

I think I may have found it - is it listed as a bungalow? With a low wall outside and a shed in the garden?

That was several words roneik, although tend to agree with the sentiment.

It does sound like you've been a bit greedy Op. That's a massive mark-up you're expecting, unless the tiny plot your garage stands on is really worth c. £100k

The op doesn't want people to find it calilark she wants anonymity.

Is roneik the Scottish one from Dad's Army??

Lucky.

Fucking joy, you will see joy when this shit setup goes down . You wont have to wait long. You people have disconnected from reality. There will be the mother of crashes this year and all you dreamers will be awakened

No I understand she doesn't want to post a link. But if this property does happen to be the one, I think there would be a fair amount of useful feedback to help out, so a yay or nay would suffice

Rather frighteningly there are a couple of "dwellings" that look like converted garages on the market in Hampshire for around £180K. So I guess if you are living in an expensive area of Hampshire (Winchester, Romsey, Southampton) then that is not unreasonable.

So the next thing is - how are you going to make it into a "desirable" home, rather than just an OK one?

What the actual fuck are you on about? Relevant to the op at all? Or are you just derailing for your own agenda?

Cough , pass the fucking zubes mum

My life long goal has been to live in a garage , not any old garage , one with twigs and even a window . O h and a fucking door I can crawl or walk out of to pay massive chunks of money for. I want to smell oily rags as |I slave to pay for this desirable hell hole. Will the neighbors shun me as I rev up the settee ? Will I need petrol or a fucking brain transplant?

Roneik, ridiculous as the converted garage is, you need to have some water and a lie down. Then maybe work on getting some hobbies.