$$$/ square foot...New Pole Barn?

[jaw22w]

I just finished a new pole barn on my farm. It is 30x40x12. I had an Amish crew erect the building. I then contracted for the 5" slab to be poured. My son and I finished the inside with 1.5" - 2" closed cell foam on the walls, R19 fiberglass and 1/2" OSB on the walls. Ceiling is white metal liner panels with R38 blown in fiberglass. All painted and trimmed inside. Floor is sealed. We did the wiring ourselves. 200 Amp main service and wired up nicely for welders, compressors, fans, LED lighting, recepts, etc., etc, Heat will be by woodstove. No AC (yet). We also added a 10x28 open sided lean-to on by ourselves. Makes a very nice shop. I will do a showoff thread later with pictures when we get ready to move in.
I only had right at a $60K total investment in the project because we did most of the work ourselves. Right at $50/ square ft.
I have no idea of what a contractor might have charged to build the complete project, but I now have to assign a value to it for insurance and depreciation purposes. I know that I couldn't have had someone build this for me at $50/ s.f. I am guessing $100/ s.f. Putting the value at $120K. Reasonable?
What do you guys say?
Thanks for any input!

 

[NUTTSGT]

My insurance company a "10% value of the home" on the garage and I added another $40K of value on it. So I have about $60K value plus contents on mine. They can write me a check and I'll rebuild it myself.

Quick question, is your insurance company okay with you having a wood burning stove in there ?

 

[jaw22w]

Quick question, is your insurance company okay with you having a wood burning stove in there ?

Funny you should ask. My current insurer is cancelling me on 7-29 if I don't remove the woodstove in the detached shop at home. I searched for quite a while before I found a company that would touch it. I have had a meeting with the agent and he is cool with it. Even a slightly better price. So American family is not cancelling me, I am cancelling them. I hate high handed demands. Especially when you don't have the high hand. Everything I own is paid for. No bank telling me I have to have insurance. I would have cancelled AF, cars, house and farm even if I couldn't find house and farm insurance. That's just the way I am. Farm Bureau to the rescue. Thank you AF for cancelling me!

 

[jaw22w]

My insurance company a "10% value of the home" on the garage and I added another $40K of value on it. So I have about $60K value plus contents on mine. They can write me a check and I'll rebuild it myself.

This barn sits in the middle of a field and isn't really associated with a house. Can't use that formula. I'd hate to take $60K for that new finished barn. At 73 that barn was my last big project. (I think)

 

[428PI]

Funny you should ask. My current insurer is cancelling me on 7-29 if I don't remove the woodstove in the detached shop at home.

Is the woodstove UL approved? 100 dollars a sq ft would put my brother in law's new shop at 770k YIKES! I'd hate to pay insurance on that.

 

[jaw22w]

Is the woodstove UL approved?

Nope. And they didn't ask. That is AF didn't ask before they sent me the cancel letter, and FB didn't ask before they will insure me.
I was a certified welder before retiring. I built it myself.

 

[AC-WC]

There's no way you could replace it at that cost. Just finished mom's barn just outside Ft Wayne last fall 30X40X10 so very similar to yours. She had a fire and we were able to rebuild on the perimeter foundation (no concrete floor, just gravel). No insulation, no ceiling, no interior paneling, limited 60 amp electric that I did with some help (circuit for lights and outlets so far). We were all in at $18,500 with the amish crew. When I added to her insurance their replacement value was $60k. You did a lot more than we did so it wouldn't surprise me if they put replacement at $100k or more. No less than $75k.

 

[jaw22w]

We were all in at $18,500 with the amish crew.

On a side note, those Amish barn builders are a joy to behold building a barn. You talk about a well-oiled machine. Very little talking and all asses and elbows. Four guys, with only ladders and nail guns, put that 30x40x12 up. Two guys carried the trusses up ladders. I watched the whole time. They were done in 2-1/2 days. In December. I have a lot of experience in structural steel erection. It was a joy to watch them in action.

 

[AC-WC]

Testify on that! They put the entire frame up in 4 hrs on a Saturday. The next Saturday they made scaffolding the length of the barn to help put the trusses up, I used mom's loader to lift the trusses up and were done in 2 1/2 hrs. They were going to lift them by hand. I like to help them if I can but I sure wasn't going to lift those trusses without a big tool

 

[dcg9381]

This barn sits in the middle of a field and isn't really associated with a house. Can't use that formula. I'd hate to take $60K for that new finished barn. At 73 that barn was my last big project. (I think)

I think this "formula" is up to the insurer. Our shop isn't connected to the house. How close does it have to be to be "associated". By <insurer> definition it's a non-residential accessory building and its' by default insured to 10% of the value of the home. I added insured value to ours also.

25% of the hard cost was in the foundation, I assume if the whole thing burns down we'll just weld it back up. But yea, I was at about $50/foot after installation and basic electrical. I had the basic erection (steel) done for me, which was 25% of the cost.

It's probably regional. Labor here is definitely cheaper than Indiana.

 

[cad70]

There's no way you could replace it at that cost. Just finished mom's barn just outside Ft Wayne last fall 30X40X10 so very similar to yours. She had a fire and we were able to rebuild on the perimeter foundation (no concrete floor, just gravel). No insulation, no ceiling, no interior paneling, limited 60 amp electric that I did with some help (circuit for lights and outlets so far). We were all in at $18,500 with the amish crew. When I added to her insurance their replacement value was $60k. You did a lot more than we did so it wouldn't surprise me if they put replacement at $100k or more. No less than $75k.

I agree. The concrete isnt going anywhere, no matter what. So, a good solid figure may be right in between.

 

[u2slow]

May be better to get an appraisal. My shop has appreciated in value since built due to market conditions and inflation, plus the extra finishing I've put into it.

A few years ago I felt I was past the 10% standard for outbuildings (home insurance), so I increased the coverage.

$/sqft isnt really relevant for a one-off shop. Thats more for comparables amongst new-construction residential homes.

 

[geneg]

Nope. And they didn't ask. That is AF didn't ask before they sent me the cancel letter, and FB didn't ask before they will insure me.
I was a certified welder before retiring. I built it myself.

Farm Bureau will put a rider on the policy for wood burning devices. You might as well tell them up front to avoid underwriting denying a possible claim. The add is nominal & worth the peace of mind. Their only requirement is that the install meets mfg specs & local codes. I've had FB insurance since I started driving at 16 & added house when we bought our first one. My only complaint recently is the lack of an agent relationship. If I wanted everything online, I'd go with that type of company.

 

[jaw22w]

Yeah, I was right up front with them. In fact, I told the agent the reason for me looking for insurance, and that we might as well not waste time if FB will not insure the shop with a wood stove. In fact 2 shops with wood stoves. He said yes as long as it not a structure attached to the house.

 

[cliffcharb]

In Florida I was being quoted around $100/sq ft back in 2022, but that was block or stick framed.
I also have Farm Bureau and added $100k rider specifically for the garage.
For rebuild I felt that was fair and the agent agreed.