Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

See all MNHQ comments on this thread

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:
PetulaGordino · 18/02/2015 23:33

Blimey this thread got a bit bonkers (with a nasty bit of misogyny thrown in for good measure Hmm)

I have no idea of Hampshire prices but I live outside London and it wouldn't be considered a ridiculous price for the area (which in itself is quite daft but that is another thread). However if a place isn't selling as quickly as you want then by definition it is priced too high as it's only worth what someone is prepared to pay. Hard to say though without more specific info

roneik · 18/02/2015 23:39

Wow is what the neighbors all say as I drive the mini out of the living room.
The cat jumps onto to the ramps as I do my usual 0 to 60 neck jerk away starts. If you had a garage and a s mini you would understand. Since I took on the mortgage *I have Become quite reclusive , only speaking to callers and visitors through the gaps in the corrugated sheeting roof panels. I have been hospitalized twice for forgetting to brake a s approaching the up and over doors. Being of strong stuff I see it as an adventure and I think soon everyone will want to live in a garage once word gets out about the advantages

roneik · 19/02/2015 00:09

Sod it the car alarm just woke up all the neighbors. Just as I was giving the old wind up radio another few turns the thing decided to go off. I am having a go at putting in a me zine tomorrow, I will rent out the top floor to maximize my investment . I mean if you want to fully utilize the space and again maximize my investment then I think it's a smart move, I am wearing a bin liner as pajamas as money is tight when you live in a garage. I am hoping the neighbors wont object in the morning when |I get the milk in.

CheeseBadger · 19/02/2015 04:26

megalomania
?m??(?)l?(?)?me?n??/
noun:
obsession with the exercise of power.
synonyms: delusions of grandeur, obsessionalism, grandiosity, grandioseness; More self-importance, egotism, conceit, conceitedness;
antonyms: modesty, humility
delusion about one's own power or importance (typically as a symptom of manic or paranoid disorder).

CheeseBadger · 19/02/2015 04:29

Bugger it. Dictionary pastes never work. I'm in foreign, and it's nice to see Ronnie the Rant's best work at a sensible time of day before it gets nixed by MNHQ. However:

Megalomania is a psychopathological condition characterized by delusional fantasies of power, relevance, omnipotence, and by inflated self-esteem.

Right. Someone pass the engine oil lithium. Think I'm having a turn too...

sebsmummy1 · 19/02/2015 05:26

Ron I've reported you as I'm so sick of you spamming all the housing threads and basically making them unreadable.

UnexpectedItemInShaggingArea · 19/02/2015 06:27

I think I've found it on Rightmove. I can't comment on the price because I don't know the market but the listing is doing you no favours. There's no photo of the lounge for a start.

Also the kitchen looks dreadful, you shouldn't have put units down both sides in such a tiny space, it looks really claustrophobic. A more modern layout would have been a combined kitchen/dining/social space.

The garden is bigger than I expected but do young professionals really want the hassle of a big garden? Maybe that's why flats are more appealing.

The outside front looks really blank and open, can you put up gates or a fence to separate it from the road?

EhricLovesTheBhrothers · 19/02/2015 06:53

Roneik you made your point quite humorously the first and second time. Every time since then is just tedious.

Op what did you convert the garage for? Was it just to make a profit? If so, accept that it wasn't the cash cow you expected and drop the price. I think this was ill advised but you will probably still end up with money in the bank.

SoupDragon · 19/02/2015 06:57

How is a garage converted into a one bedroom detached dwelling any different to, say, barn converted onto a one bedrooms detached dwelling?

Bowlersarm · 19/02/2015 07:11

Barns tend to be pretty, with attractive surroundings amongst other pretty converted farm buildings.

A garage is a garage nestling between a row of houses you might aspire to living in. You wouldn't drive past garages and think "oh I'd love to live there"

You can happily consider living in a converted garage if it compares favourably price wise with the flats and houses it's competing with. But not if it's basically just somones garage in a road where there are loads of proper garages used as garages, and expensive.

Mouthfulofquiz · 19/02/2015 07:17

I'd love to see a link!
Does it perhaps feel a bit like the property is 'on your land'?

OnIlkleyMoorBahTwat · 19/02/2015 07:27

Is it a legally separate property with the land registry, council tax, post office, wherever it matters etc (eg 11A Acacia Avenue)?

If not selling, price is too high, or people are worried about mortgagability etc.

Do 'young professionals' look to live in your area or is it more families/retired people? City centre flats are popular with young people, due to cost, but also due to proximitiy to work, nightlife etc. Also the garden issue is a good point - some see lack of a garden which needs maintenance as an advantage not a disadvantage.

Could you rent it out? Would it work as a 'granny flat' ie separate but close accomodation for an older relative or even a grown up child. Someone near me is in the process of building a bungalow in their garden, I don't know their plans, but I suspect it is going to be for a relative that needs care but with some independance. Or perhaps they are also looking at developing a property empire, although I doubt that, as where I am £175k would buy a pair of 2 bed semis not a garage conversion.

MooMaid · 19/02/2015 07:35

I also think renting might be an option depending on the area you're in

Pipbin · 19/02/2015 07:36

Unexpected. Can you take screen shots of the picture on rightmove? That way we can see it without giving away op's location.

Pipbin · 19/02/2015 07:41

Ron, when you refer to 'you lot' what do you mean? Who are 'you lot'?

For what it's worth you have a good point. If the op had converted the garage to be a granny annex that would be one thing but simply to pretend it's a house and make a profit is taking the piss.

OP, if it's not selling then it's too expensive. Things, any things, are only worth what people are prepared to pay.

TheUnwillingNarcheska · 19/02/2015 07:42

Pipbin OP couldn't do that as you can drop any photo or image into google image search and it finds it on the internet for you. Meaning it would link to the rightmove page.

Having seen the prices of London flats, a converted garage at £175k doesn't surprise me.

Fadingmemory · 19/02/2015 07:50

Are any areas dark? If so, improve the lighting. Are the furnishings appropriate? Does it look like a home or an almost empty dwelling with no homely touches? What type of heating is there? Electric heating is unpopular - expensive and inflexible. Did you have valuations from several agents and are you taking note of what they said?

Is the place on a modern development or a long-established area of houses? What is the competition?

Trufflethewuffle · 19/02/2015 08:03

Without seeing pictures it is hard to know but you might be better off to sell the whole lot - your house plus annex/dependant relative accommodation - and then buy something else.

It sounds as if the converted garage has limited appeal at that price and without being part of a bigger bundle.

VivaLeBeaver · 19/02/2015 08:12

Is it constructed to the same standards as a house?

My parents converted the garage to a dining room and it was always a lot colder and smelt damp at times.

I'd be concerned about stuff like cavity walls and damp proof course.

Standard advice is if you're not getting viewings it's too expensive. I don't think furnishings would help.

Mixtape · 19/02/2015 08:19

I can't find the property on right move despite in depth searching but I can see that you can get a city centre 1 bed flat in Winchester for that price, which as a comparison probably does mean yours is overpriced. But it could be very different to how I am imagining when you say "garage"!

Onecurrantbun · 19/02/2015 08:20

If it is the one I found on Rightmove then the "converted garage" has its own garage and a courtyard outside. It looks like a nice little place (and actually not all that little, conpared to one bed flats etc)

BUT it would certainly feel "quirky" I expect, so may not fetch the same as flats. It could also be too suburban for many single people looking to buy who'd rather be nearer town? Anything will sell at the right price and even if you sell for £100k there's still £55k profit after solictors fees. Yes you may lose a little value from your current home but it is certainly a novel way to free up capital.

It is crazy that EAs would market a 1 bed place at £175k (our 4 bed was only £190k and is in catchment of 2 good primaries and an outstanding secondary with 85% pass rates) but that is the world we live in and hardly the OPs fault!

wobblebobblehat · 19/02/2015 08:22

How much do you think first time buyers in their mid 20s can afford?

With a £15k deposit they'd need to be earning around £40k... Hmm

EhricLovesTheBhrothers · 19/02/2015 08:33

One currant I don't think its that one, it looks too big and house like, plus op says its on at £175k not £180. If it had its own garage she would have said.

Chertsey · 19/02/2015 08:36

That's why flats do sell for £175k wobblebobble, to professional couples.

Not sure they want to live in a tiny house in suburban street full of big houses though.

Damnautocorrect · 19/02/2015 08:51

I'd have loved it as a single 20 something.
I would rent it for a while as well, being close to my landlord would put me off. But round here you'd get £800ish a month for it

Swipe left for the next trending thread