How much should we offer for a garage and parking space?

[ohdearwhatamess]

A chance has arisen for us to buy a garage and parking space next to our house (adjacent to our existing single garage). Apart from being useful for us to have extra parking space we could, in theory, turn our garage into a room and build an extra bedroom or two over the top of both garages.

The chap who owns it wants us to make an offer, but isn't prepared to even give a hint of the kind of figure he'd be looking for (he's an awkward so and so).

Can anyone suggest even a rough idea of the going rate for garages? It is in Herts.

I would speak to a local estate agent to get an idea.

What would be a really low offer, do you think? I can't even begin to guess.

He is well aware that this could be useful to us in terms of converting and extending. he used to own our house and applied for planning permission to do just that, and mentioned it again today.

It has some value to him. In theory it belongs to another house that he owns (but rents out), although this rented house isn't adjacent to the garage (its the semi on the other side of us). He is currently trying to rent the house with a £75/month difference in rent according to whether or not the garage is included.

If it helps, the market value of the other house to which the garage belongs (based on similar houses in the area) would be about £185,000 (although houses at that price aren't selling), and of ours would be about £350,000 (it is a very lop-sided semi arrangement - ours is more than twice the size of next door).

Would £50,000 sound right?

How much would his house be worth with and without the garage - offer the difference?

£50,000 for a garage when house is worth less than £185,000 seems way over top. I would offer £12,000 and be prepared to go up to £20,000 (I take it you will also get the bit of garden behind it making your own wider. If not, there will be huge planning implications involving overlooking and placement of windows.)

Good point Mutt

Also, are there likely to be any other interested parties, or just you?

We already own the land behind the garage - it overlooks our garden (it is an odd set up as it stands).

Like the sound of £20,000 (told you I was clueless as to amounts ).

The only other people who might be interested are our neighbours on the other side, whose garage is adjacent to this one (but don't overlook our garden). But I think they would struggle to raise the money, and it would be less useful to them (couldn't build over it, for example).

So even if this guy is being awkward, as (probably) the only interested buyers you are in a good position to negotiate.

Does he need to sell it?

I think he has cashflow problems. He fancies himself as a bit of a property developer and currently has 4 houses on the market that he can't sell (have been on the market for months/years).

In that case I'd offer low and give yourself a bit of a negotiation margin

Thank you all for the great advice.