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How to price a garage?

2 replies

79andnotout · 12/02/2024 18:13

There are a couple of dilapidated garages near us, and we live in a terraced house, so a garage would be really useful. They belong to people on our street, elderly couples who no longer use them. They are in complete disrepair and would fall down if touched. There are some other garages beside them that are in regular use so the right of way is maintained and well looked after. No asbestos in them as far as I know.

We'd like to approach the owners and see if they'd be interested in selling, and we would remove the existing garage and replace with a new one. However, we have no idea what price to propose. We are in the NW in a small village and no garages have exchanged hands without being part of a property that we know of, so there's not much precedence.

Has anyone bought a garage on its own? Did you offer to pay the vendors conveyance fees as well as your own? Is it a relatively simple thing to do or is it similar to buying a house? The people who own the garages are not short of cash so they wouldn't be gaining much from this I'd imagine. However, they'd be doing us a big favour, so I'd want to make the process easy for them. If it put them under stress I wouldn't do it as they are in their 80s and I'd feel bad. I want to get a feel for how this would work before even approaching them in case they felt pressured.

There's no chance of building anything liveable on these plots either as there's communal access and no power, water, etc, they're just garages for storage.

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Alphabet1spaghetti2 · 12/02/2024 18:19

Maybe approach an estate agent? I know garages do sell without attached property/land in London etc. (but obviously for far more).
I would guess at offering the value of the land plus all legal fees and clearing the land yourself would be a starting point. As land prices do vary enormously- I would refer to an estate agent who’s local for guidance.
everything has a price and can be negotiated.m
edit to add. Whilst the current owners may have money - the lack of a garage even not attached could seriously affect the sale of their own house - think care home fees/inheritance. So may have to factor that loss in too.

79andnotout · 12/02/2024 18:42

Hmm thanks, didn't think of asking an estate agent. Although if an agent is involved then I would presume it's already out of our price range.

Yes I'm sure not having a garage would affect the house prices but the houses aren't expensive (200k) and the garages are not even on the same road, and the houses have parking, so I doubt they add much value, but for sure it would have to be worth their while to sell to us. We are friendly with them and I know their kids etc too, so I would ensure everyone was happy about the arrangement.

I'll speak to an estate agent. Thanks!

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