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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:
cathyandclaire · 19/02/2015 08:52

I think I've found it on Right Move (empty, clearly recently converted with communal grounds and parking space) and it looks to be very well done IMO, however I am clueless about the housing market in Hampshire! I'd agree that renting some furniture may help people visualise living in it.

I used to live in a converted garage. It was a Georgian coach house...but that's just an old garage really! Yours is just a modern version of that.

Original poster
pigglewiggle · 19/02/2015 08:54

Wow wasn't expecting this response. I would appricate it if no one did post links to zoopla but speculating on the type of properties is fine.

Yes it is its own self contained freehold house, all been done properly and is insulated, it only looks like a converted garage from the outside. Was originally built to be a granny house, but sadly she passed away in the early stages of building it, so we continued as had taken alot to get started building. Unfortunately it ended up costing almost double what we had planned for, and I want to quit my job so we've decided to sell it.

OP posts:
Dropdeadfred2 · 19/02/2015 08:57

so it still looks like a garage? have others in the area that have been converted and sold still liked like a garage from the outside? is there anything you can do to make it look nicer???

VivaLeBeaver · 19/02/2015 09:00

How about renting rather than selling?

You get an income to replace your salary? You get control over your neighbours and can try selling in a few years?

CiderwithBuda · 19/02/2015 10:08

Properties with a self contained annexe/granny flat are quite slaughter after I think - would it be worth thinking about selling your house plus the conversion together and move yourselves? It might be easier to sell that way.

CiderwithBuda · 19/02/2015 10:08

Slaughter??? Sought after!

IssyStark · 19/02/2015 10:13

Without knowing where in Hampshire it is impossible to say much except that when a house doesn't sell it is usually because of the price. The feedback you have is basically the saying that for the price the space and bathroom is not what they would expect. I'm in Southampton and even in the most expensive areas of Highfield, Bassett, Chilworth, you'd be having a laugh at that price for what is essentially a one bedroom bungalow with little kerb appeal.

You are going to have to lower the price if you want it to sell.

But renting and then selling it with the house in the future may be a better bet.

Pipbin · 19/02/2015 10:43

Now that you say you started it as a granny annex it makes sense. Sorry that it didn't get used.

Without seeing it or knowing where it is it's hard to say. Could you put some furniture from your own house in there for the short term? Bed from a spare bedroom, arm chair you can cope without? Inconvenient, but only for a short while b

ihatethecold · 19/02/2015 10:54

I can't find it on zoopla.
Op, Are you sure it's reaching people on the internet?

InfinitySeven · 19/02/2015 11:10

I live not far away. I'm in my early 20's and looking to buy with my DP, and we both earn good wages.

I wouldn't pay that, though. If it's the one that I'm looking at, it looks too much like a garage from outside - it would feel very much like we were going home to a garage. It's much too close to your house. I mean, I might consider living in something similar if my parents or inlaws owned the house, but I'd expect it to be REALLY cheap. Sort of a saving-for-something-better type place, and at £175k, this isn't.

Is the garden private or shared with you? The colour scheme outside is strange, it doesn't match the rest of the environment. I'm presuming you've gone with it to make it look bigger? It's strange, though.

The kitchen is too small. DP would veto straight away on that point, we wouldn't both fit in there to be cooking or whatever. It looks dark, too.

Same for the dining area. That big window looks like you'd be living in a zoo. It looks cold. There's no room for that table, you can't move the chairs.

It does look like it'd be ideal as a granny annex, but not as a house for strangers.

(Presuming of course that is the flat that I'm looking at, but if it's not, then it's not coming up on searches and thats probably your problem - if we can't find it, nobody else can either.)

InfinitySeven · 19/02/2015 11:11

Cider I was thinking that.

Any chance of that, OP? You might be able to sell it to someone who has older children or wants their parents nearby.

EnriqueTheRingBearingLizard · 19/02/2015 11:26

I'm normally really good at finding things on the internet and I haven't found anything that I think is it.
Have looked on Rightmove, Prime Location, Nestoria, Zoopla and a couple of other less known sites.

I've tried all kinds of combinations of search terms too.

UnexpectedItemInShaggingArea · 19/02/2015 12:24

I now don't think the one I was looking at is yours OP - it has a bigger garden then a courtyard.

Can someone PM me a link if they have found it?

That could be your problem OP, if it's not showing up on Zoopla searches.

BumWad · 19/02/2015 12:31

Bloody hell bet Ron jizzed his pants reading this thread

UnexpectedItemInShaggingArea · 19/02/2015 13:55

Piggle is it the one on a road named after something to do with the seaside, and on with an agent named after something like a river?

Belindabelle · 19/02/2015 15:43

Piggle I understand you want privacy but if none of us can find it online, believe me I have tried hard, then presumably potential buyers aren't finding it on their searches either.

OnIlkleyMoorBahTwat · 19/02/2015 15:57

Yes, what does your EA tell you about rightmove stats etc (they should be able to tell you how many page views they've had etc).

Presumably you're out of contract with your chosen EA so it might be worth going back to them and 2 or 3 others and asking for honest opinions about pricing and how to get the property sold, or whether they think it's best to try and rent it out.

Or what they think demand is for the house+annex granny flat option? What do you think about moving and do you think you could make the numbers work in your favour?

NimpyWWindowmash · 19/02/2015 15:58

Is it in a street of "proper houses"?

Might feel a bit odd to be in your 20s and live in a mini house surrounded by people in their 30s/40s with big houses.

Is it in a city? I live in Hants and could imagine something like this in Winchester, though not maybe Eastleigh. Southampton in certain areas.

Is there public transport? Presumably no parking space?

Would you have happily bought it yourself when you were younger?

cestlavielife · 19/02/2015 16:57

saw this and thought of you op
now-here-this.timeout.com/2015/02/19/buy-londons-swankiest-shed-sorry-house-for-280000/

RaphaellaTheSpanishWaterDog · 19/02/2015 17:24

Now that you've said it was originally intended as a granny annex I sympathise Piggle and I'm sorry it didn't get to be used for that purpose. We were going to do something similar at our last house for my parents, but they became too ill and my dad passed away before we'd begun.

If we had done this though, I don't think I'd be looking to sell it separately from the main house, but would - as others have suggested - look to sell both properties as one, as I'm sure there are many buyers these days looking for annex facilities alongside the main family home. Alternatively rent it out - although if it's anything like the house opposite our new house, when they got PP to build/convert to a granny annex there was a condition that it could only be used by a family member, not rented out.....

I've also searched extensively for it on all the property portals to no avail, so agree that maybe it's not being marketed actively enough.

From everything that has been said though, I still maintain it's overpriced - DS and his GF bought their first flat fairly recently (they are young professionals, early 20s) and I can't imagine they'd have wanted to live in a converted garage surrounded by larger family homes. Think maybe an older, retired or widowed person maybe more your market, perhaps.....

wowfudge · 19/02/2015 18:09

I am intrigued as I just cannot find this house online! Have you changed a detail so we can't locate it and pile in with advice and opinions? Wink Have you given us the correct price even?

Is it on one or two floors? Few viewings and no offers reallt indicates it's overpriced. Actually I would think it would appeal more to an older person. FTB often want a spare bedroom for guests, a study, additional storage space ime.

PersilOrAriel · 19/02/2015 19:03

I'm confused. You say it's making a real dent in your finances, but that it was originally going to be used as a granny annexe. Surely that would have still made a dent in your finances? Or was Granny planning on paying you rent to live there?

PiratePanda · 19/02/2015 19:25

Rent it out. You'll make your loan repayments and then some. It may take a while to pay off, but it sounds like the kind of property that would make a great asset to your whole property if you ever sell it but is not worth that much as a stand alone property.

DancingDinosaur · 19/02/2015 19:27

Renting out sound like a great idea.

VivaLeBeaver · 19/02/2015 19:27

I can't find it anywhere either. Have searched zoopla and right move for properties between 170 - 180k. Can't see a likely suspect at all.

Is it not coming up in searches because if not that might be the problem.