If you’re looking to make some extra money, selling your lockup garage can be a great way to do it. Not only will you get cash for your property, but you’ll also have the satisfaction of knowing that you’re helping someone else find a place to store their belongings.
However, Selling your lock up garage can be difficult. Very few people have the time or the will to sell a garage themselves. You’ll need to be organized and have a clear plan for how you want to sell your lock up garage. We’ve outlined below some of the considerations that you should make when selling your lock up garage:
What is a lock up garage? How does it differ from a garage?
We’re often asked what is the difference between a lockup garage and a garage? Lockup garages are usually individual garages that are separate from residential properties. They can be used for storing whatever fits inside the space. Often they are found in blocks on housing estates or came with the flats. Lockup garages often have separate entrances from the property. The name lock up comes from the fact that they usually have a lock to secure the garage door when closed. The lock was often a padlock but modern lock-up garages can have sophisticated security systems including CCTV, automatic locks and burglar alarms. A garage is often on the grounds of a residential property, for example a detached garage that is accessible from a drive way, or 10 foot.
Can I sell my lock up garage without selling the house?
This is important, as you should be aware that if your garage needs to be separated from the title of your property, it will add significant cost to the sale. However, K&G Lettings Limited can help you with this difficulty.
How much is my lock up garage worth?
You’ll need to determine how much storage space is available in similar sized garages nearby and factor that into your price. You’ll need to consider how well your garage is maintained, its general condition, and take into account repairs or replacements that may need to be made soon.
The price of your garage depends on what the buyer is prepared to pay for it, so how do you know how much they’re willing to pay? Location and security are important factors. Many buyers consider the risk of a break-in when deciding on the price, or even whether or not to purchase a garage. Location is also an important factor, and some buyers are willing to overlook this risk in order to purchase a garage in a high demand area.
Having a clear idea of previous sales can be challenging to find as garages are rarely sold on the open market, through estate agents. The information isn’t available through the usual property portals, which focus almost exclusively on traditional houses, bungalows, or flats and do not list information on the price of garages. It can be a friend or family member who has recently bought or sold a garage nearby or asking people in the local area. Otherwise, contacting a company such as K&G Lettings Limited we will provide you with a fair offer for the garage that reflects the current market conditions and the condition of the lock up garage. If the market for lock up garages is weak, your garage might not sell at all and you’ll end up losing out.
Does my lock up garage need to have a access?
When selling your lock up garage you need to put yourself in the shoes of a potential buyer. You need to make your lock up garage is attractive as possible to a buyer. Buyers want a lock up garage that is accessible. This means ideally having 24/7 access so that you can easily get your car inside. This could be done through an access lane, or by being part of the entrance to a block of garages. If you don’t have easy access to the property, access rights will need to be established during the sale. Doing so can add significant cost to legal fees, so make sure any agreement about access is understood and used in a way that works for both parties.
Selling your lock up garage yourself
If you decide to sell your lock up garage yourself you’ll also need to be able to promote your lock up garage effectively so potential buyers can find you. You’ll likely need to put together an advertisement and take it to local paper or use online portals. You’ll need to negotiate the sale of the lockup garage. This may be very challenging as people can be very difficult to negotiate with. Be prepared, do your homework and take your time to work through the process.
Using an estate agent to sell your lock up garage
If you’re thinking of selling your garage, be prepared for a long and tedious process. To make things more challenging, estate agents generally charge commission based on the sale price of the garage, which means you’ll have to subtract that fee from the final value. If your goal is to sell your garage as quickly as possible, this might not be the best way to go about it. It’s also important to ask individual estate agents about their past successes or failures with this type of sale- after all, some may be better suited than others at achieving those goals. Some estate agents have never sold a lock-up garage before, so seeing beyond an estate agents brochure and getting information of their experience of selling garages is really important.
What to do if you find someone interested in buying your lock up garage?
If you are lucky enough to agree a price, you will then need to deal with the complex legal steps needed to sell the property. These steps can be complex at the best of time, but if you have a mortgage on your property and the garage is included, it can take time to complete.
What other options do I have?
At K&G Lettings Limited we specialise in buying lock up Garages. We can take the stress and hassle out of selling a garage. We can deal with all of the details, deal with solicitors, and make any repairs – even if the garage has an asbestos roof. At K&G Lettings Limited, we specialise in buying garages quickly and without hassle. This removes the emotional and financial hassles that come with selling your lock up Garage.
Do you want to get your no obligation cash offer for your lock up Garage in Yorkshire or Lincolnshire? If YES, fill out the form below.
But what if I need to sell my lock up garage fast?
If you need to sell your lock up garage quickly to release some cash or equity, we can complete in as little as 7 days. This is with cash in your bank. Give us a CALL 01482 961961, or Text ‘SellMyGarage’ to 07984388819.
Even if you don’t decide to sell, we’d love to answer any questions you might have CALL 01482 961961, or Text ‘SellMyGarage’ to 07984388819.
The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.
