So im looking into the process of building a garage. I have been thinking about it since joined the forum and now im looking to see input on how people got there finances for it and some opinions/guidance.Ive done alot of searching on the forum as well as asking people i know. Heres my story.
Im 25, 3 years ago i bought my first house, 750sqft w/ unfinished basement, and a attached 650sqft garage. Got a killer deal on the house but it needed a lot of upgrades and its small. At the time i was making half as much as i do now so it was all that i could afford. Since then i have done tons of upgrades to the house and refinanced it, cut my loan down from 30year to 15year and the house appraised for 50k more than i paid for it.
I like the location of the house, the size doesn't bother me too much but i would like to get some extra space and of course i need a bigger garage and a lift
. So i was thinking of getting 2 things done at once. Half of my land was pretty much very brushy woods and neighbors have been dumping there leaves and stuff on it for who knows how long. I went up not to long ago to cut most of the brush and small trees and am looking to use this for a garage. I want to turn my current 650sqft garage into more living space for my house and then build a garage to exactly how i want.
Ive thought about moving but of course its a pain in the ***, not guaranteed to get a garage exactly how i want and i like the location of my house and i do like my house i have, as well as all the work Ive done to it.
Ive thought about putting a addition on the house and garage to raise the garage ceiling height as well as put more living space on the house but im worried about the house being strong enough to code to put a addition (house built in 1935) and i like the idea of separating my garage stuff from the house. I feel like the house will look better without projects in the driveway in front of the garage and so on, and i feel like my girlfriend as well as neighbors would like that too. A attached garage is very convenient though. The price of going up would be a lot more than the garage as well i feel. Id need to upgrade my septic as well as my electrical service to.
So im looking at different options for getting the money to build the garage, i only owe on my house, make double the money i made when i bought the house and i have earned a good amount of equity in the house. Im looking at building a garage 30x30 with 1 large door and either just a normal entry door or 1 large door, 1 reg door and a entry door. I can do alot of work myself to save on money. Id like to have someone come do the site work and concrete and possibly the shell. I have licensed electrician friends and i dont mind doing insulation, drywall and everything else. After talking to people and doing a bit of research ive come to think my best options are
Save and do it cash. Either piece by piece or in whole.
Home Equity
2nd Mortgage
Refinance and take money out on the house
Construction Loan
All of them have pros and cons. What do other people recommend based on my situation i described?
Im 25, 3 years ago i bought my first house, 750sqft w/ unfinished basement, and a attached 650sqft garage. Got a killer deal on the house but it needed a lot of upgrades and its small. At the time i was making half as much as i do now so it was all that i could afford. Since then i have done tons of upgrades to the house and refinanced it, cut my loan down from 30year to 15year and the house appraised for 50k more than i paid for it.
I like the location of the house, the size doesn't bother me too much but i would like to get some extra space and of course i need a bigger garage and a lift
. So i was thinking of getting 2 things done at once. Half of my land was pretty much very brushy woods and neighbors have been dumping there leaves and stuff on it for who knows how long. I went up not to long ago to cut most of the brush and small trees and am looking to use this for a garage. I want to turn my current 650sqft garage into more living space for my house and then build a garage to exactly how i want.Ive thought about moving but of course its a pain in the ***, not guaranteed to get a garage exactly how i want and i like the location of my house and i do like my house i have, as well as all the work Ive done to it.
Ive thought about putting a addition on the house and garage to raise the garage ceiling height as well as put more living space on the house but im worried about the house being strong enough to code to put a addition (house built in 1935) and i like the idea of separating my garage stuff from the house. I feel like the house will look better without projects in the driveway in front of the garage and so on, and i feel like my girlfriend as well as neighbors would like that too. A attached garage is very convenient though. The price of going up would be a lot more than the garage as well i feel. Id need to upgrade my septic as well as my electrical service to.
So im looking at different options for getting the money to build the garage, i only owe on my house, make double the money i made when i bought the house and i have earned a good amount of equity in the house. Im looking at building a garage 30x30 with 1 large door and either just a normal entry door or 1 large door, 1 reg door and a entry door. I can do alot of work myself to save on money. Id like to have someone come do the site work and concrete and possibly the shell. I have licensed electrician friends and i dont mind doing insulation, drywall and everything else. After talking to people and doing a bit of research ive come to think my best options are
Save and do it cash. Either piece by piece or in whole.
Home Equity
2nd Mortgage
Refinance and take money out on the house
Construction Loan
All of them have pros and cons. What do other people recommend based on my situation i described?