Very interesting thread. I’ll share my experience, I bought my first house at 22 in 2008. I shopped for months looking for something with a big garage or shop. I found one a decent way out in the country on 2.5 acres. It was a crappy old country home with an oddball layout. But the shop... 40x50 full insulated, radiant floor heat, 200A service, pad poured for a lift. I loved it. It had sat on the market for a year, and I got it for 25k under asking. Now this was 2008 and the housing market was trash. But I was a buyer in the right market. Fast forward to 2018. Married with a kid on the way. I knew this wasn’t our forever home, but I loved the shop and kind of planned to rent it out if we found a new house, and still use the shop. We found the house we wanted in a neighborhood about 15min away. Bought it and moved in. Owning 2 houses become such a burden, especially with a newborn. Started to remodel it and found a renter that would be ready in a few months. Well Im that time an old family friends youngest brother was looking for a place and it all worked out I sold it to him. Its a great starter house for him, and it reminds me a lot of myself. But I knew the market would be small for a house like that so when the offer came I had to take it.
I think location is key in the situation. I also agree the younger generation is less hands on but I also think that jobs/interest are cyclical. What did all of our (millennial) parents teach us. Go to college get a good job. White collar jobs pay better, blue collar isn’t good. As the student loan/debt “crisis” continues to get worse, the demand, and incidentally the pay, will cause more people will get blue collar jobs. We’ll teach our kids get get an affordable degree
Or ones the have good “ROI”.
My dad and I are currently building another shop closer to home. It’s on one acre that we convinced someone to sell to us off the back of their property. It won’t have any effect on our home value and we can also pick up and move with out worrying about it. At this point I’m looking at it as an “expense” not an asset. Hopefully I can do enough side work out of it to pay for it. And if we ever go to sell it, it’s only a shop. So only people that want a shop will be looking at it.