Sell the House or Build a Garage

WVJeep304 said:
I bought my house in 2011 because it was a smoking deal. 5 years ago, I built a 24x45 garage. I have just under 2 acres and may buy another 1.5 acres next to mine. However, I'm in a position similar to yours where I not only need more garage, I need more house. I also want 20+ acres.

My plan is to finish fixing up the house and, as much as I hate to, live with my current situation for the next 3-5yrs. At that time, I'll be able to sell (at a serious profit) and hopefully interest rates will be a little more normal and I can find the property I want.

Buying the land beside me will add to my resale value and make it stand out over area comps. Finishing my remodel will bring the house to a little more modern look and add convenience, while addressing some issues that existed when I bought it. Outside of that, I don't intend to sink any more money into this property because it still won't meet my needs and I won't see a return on the investment.

I say all of that to basically say: you need to evaluate your specific needs, wants, and future plans. Be 100% honest with yourself. Don't throw money at something that won't benefit you in the long run or just to "almost" fill a need/desire. In the end, you'll be down whatever money you threw at it and still not have exactly what you wanted.
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What is normal?

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WVJeep304 said:
I bought my house in 2011 because it was a smoking deal. 5 years ago, I built a 24x45 garage. I have just under 2 acres and may buy another 1.5 acres next to mine. However, I'm in a position similar to yours where I not only need more garage, I need more house. I also want 20+ acres.

My plan is to finish fixing up the house and, as much as I hate to, live with my current situation for the next 3-5yrs. At that time, I'll be able to sell (at a serious profit) and hopefully interest rates will be a little more normal and I can find the property I want.

Buying the land beside me will add to my resale value and make it stand out over area comps. Finishing my remodel will bring the house to a little more modern look and add convenience, while addressing some issues that existed when I bought it. Outside of that, I don't intend to sink any more money into this property because it still won't meet my needs and I won't see a return on the investment.

I say all of that to basically say: you need to evaluate your specific needs, wants, and future plans. Be 100% honest with yourself. Don't throw money at something that won't benefit you in the long run or just to "almost" fill a need/desire. In the end, you'll be down whatever money you threw at it and still not have exactly what you wanted.
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We both have said this place would be a convenient house to own if we can figure out how to have more time for traveling as it’s cheap and fairly easy to maintain. Realistically with a newborn on the way and some craziness going on I could see being here a good while even if it’s not exactly what we want.
 
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WVJeep304 said:
Buying the land beside me will add to my resale value and make it stand out over area comps.
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Just a tip for you and anyone in a similar situation, keep the land separate from the land with the house on it. It will have more value that way, and when it comes to comps, you want to be the average or just below it.
 
Shank said:
We both have said this place would be a convenient house to own if we can figure out how to have more time for traveling as it’s cheap and fairly easy to maintain. Realistically with a newborn on the way and some craziness going on I could see being here a good while even if it’s not exactly what we want.
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A baby on the way? You don't need to worry about traveling for a few years. ;)
 
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BlueC said:
A baby on the way? You don't need to worry about traveling for a few years. ;)
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All the more reason for needing a shop... ;)

Since last posted here I am roughly 1/3 of my way through my kitchen remodel (work and spending wise).

The steel building option really seems logical as it means I can disassemble and move it if I move and leave a nice concrete pad.
 
Shank said:
The steel building option really seems logical as it means I can disassemble and move it if I move and leave a nice concrete pad.
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That make sense to me, and most likely what I would do. I've seen them assembled or disassembled in a day, and you don't have to have a concrete pad, unless you want it. Be aware if you do install it onto a concrete pad it will likely be considered real estate via state law. This does not mean you can't move it, it just means that you more or less have to remove it before listing the house for sale should you decide to sale and want to take the building.
 
BlueC said:
That make sense to me, and most likely what I would do. I've seen them assembled or disassembled in a day, and you don't have to have a concrete pad, unless you want it. Be aware if you do install it onto a concrete pad it will likely be considered real estate via state law. This does not mean you can't move it, it just means that you more or less have to remove it before listing the house for sale should you decide to sale and want to take the building.
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That's a good point. Fortunately it'd almost be guaranteed it'd move before the house was listed.
 
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Shank said:
The steel building option really seems logical as it means I can disassemble and move it if I move and leave a nice concrete pad.
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That was actually kind of the situation I was in when I built my garage. The previous owner had a 24x45 stick built here, but tore it down and took it with him 😯🤔.

Luckily, he didn't take the concrete slab, so that saved me a ton of money. I was able to build my shop with 2x6 walls, paying a contractor buddy to get it under roof because he made me an offer I couldn't pass up, for $11k materials & labor. That includes the materials & work I did myself to insulate, run electrical, & finish the interior.

My next shop will not be as cheap, as I plan for it to be at the very least double the size of my current one.
 
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WVJeep304 said:
That was actually kind of the situation I was in when I built my garage. The previous owner had a 24x45 stick built here, but tore it down and took it with him 😯🤔.

Luckily, he didn't take the concrete slab, so that saved me a ton of money. I was able to build my shop with 2x6 walls, paying a contractor buddy to get it under roof because he made me an offer I couldn't pass up, for $11k materials & labor. That includes the materials & work I did myself to insulate, run electrical, & finish the interior.

My next shop will not be as cheap, as I plan for it to be at the very least double the size of my current one.
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Mannnn that would be nice haha
 
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