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Our neighbours want to buy a couple of parking spaces from us. We've got plenty of parking, but they don't have any apart from the small area in front of their garage. There is nowhere else to park that doesn't belong to someone for about 200 metres - so parking is really at a premium.
I'm happy to sell, but without wanting to sound like a money grabbing git, would like the price to reflect the value it will add to their house. How would you go about valuing them?
My mate bought a parking size space from his neighbour, I think it was £2-300.
I can understand you wanting to make some money but I wouldn't take the piss, you do have to live next door to them!
Well, I let him park there already, but that sort of money wouldn't cover the legal fees. If his house is worth £350-400k with no parking, what would it be worth with? Would it be fair to expect half the difference?
I have a client who paid around £10k for a spot outside her flat and a friend who paid around £20k for a space outside their London flat.
As with any property, I guess it will depend on the location.
I remember reading about a chap in london who sold HALF his 2 car garage for £200k. Bonkers
It should be worth whatever it would increases the house value by. A lot will depend on the location but if parking is at a premium and its a nice area it'll easily be worth a few thousand, especially close to a city/town centre and could be much more.
If it were me, I'd sort out a renting deal. Suppose your neighbour sold on to a neighbour from hell?
It's a small semi-rural courtyard development on the edge of the city. Five houses, so although two or three of the others might be interested in some more parking, there's no real scope for us to sell it on to anyone further afield.
Rent it. They aren't making land anymore.
I'd go for the rental option myself
+500
Rent it out. Don't sell it unless you [i]really [/i]need the cash.
Rent it out then you can better control whats on the land, eg caravan, speed boat,or chav jet ski, and you can have an income along with the choice to increase costs as time goes on.
From experience parking causes a hell of a lot of problem in small limited space private car parks, because thats what youre creating.Also think about your other neighbours
Yeh, I am concerned about the other neighbours. As I have been letting all of them use the spaces in question whenever they want to, and work out usage between themselves, renting them out is probably going to go down worse than selling them. I've offered to sell one space to each of the houses without any instead of selling both to one of them. They didn't seem too bothered though.
The reason the guy wants to buy is that he is worried his house will be worth less without them. Long story, but they were misled by the agent about the amount of parking that came with their house when they bought it. Learned the lesson of looking closely at the deeds the hard way.
Also don't forget as well as adding value to their property, it may devalue your property.
Install a parking meter.
I'd only sell if would get enough to be able to do something useful with - so more than a few hundred quid. I suppose I'd say I'm not interested in selling but suggest they make an offer. If they think it'll make a big difference to their selling price then could get a good one; may nor devalue your property by much.
They didn't seem too bothered though.
Of course they don't; they're using them for free!
The reason the guy wants to buy is that he is worried his house will be worth less without them.
How much less does he think it's worth? There's your answer if you really want to sell.
Our neighbours want to buy a couple of parking spaces from us. We've got plenty of parking, but they don't have any apart from the small area in front of their garage. There is nowhere else to park that doesn't belong to someone for about 200 metres - so parking is really at a premium.
How come you ended up with more than your fair share? Not criticising; just taking notes for 'ron
How come you ended up with more than your fair share? Not criticising; just taking notes for 'ron
Dunno. It's just the way the developer did it 30 years ago. It isn't equitable, but each property has change hands more than once since. It would be good to redress the balance, especially if we can use any money we get to improve our place.
I'd suggest you discuss it with a local estate agents with Chartered Surveyor; they'll know local property values and the worth of parking spaces in the area.
It will increase the value of a purchaser's property and reduce the value of yours.
You may also want to take legal advice on restricting the use of the land after sale. As said above, maybe to restrict use to parking only a car; also to restrict any other type of future development of the land eg garage, workshop, pig sty, chicken coup, waste/scrap storage area, etc...