dreamingmuscle
Well-known member
Sold my stock in Home depot then got the shell built. I'm still working on the electrical and plumbing.
This may be a dumb question...
- Thread starter BrokeEF
- Start date
ZRX61
Well-known member
Got involved in some deal with a Nigerian Prince.
SALIV8
Well-known member
I paid cash for mine but it was not as bad as I thought it would be. Im not sure I would finance a build, but rates are super low now.
rburke65
Well-known member
I didn’t build mine till I was 64 yo. Wrote the heck. Should have built it 20 years sooner n e joyed it more
Gregua
Member
Thanks God I don't have any loan. But I wish you good luck!
ddurrett896
Well-known member
With loans it's easy to over build. Save up and pay cash to build the shell. The you can slowly do electrical, insulation, cabinets and other finishes as the money comes in.
Jon_E
Well-known member
I built mine by refinancing my house. No big deal to me. That got me the complete shell, including electrical service, and the past three years have been nickel-and-diming the things I haven't finished. I have about $50k or so into mine, I think, but I really never kept track. 24x36, 2 stories. I won't retire for another 15 years but it is a head-start on my retirement.
ericlar80
Well-known member
Financing it allows you to have it "now", but, due to the extra money for interest, you will pay for it longer than if you just saved that money. However, the cost of materials and construction can also go up while you are saving...
aventino68
Well-known member
I’ve been quoted around $55 per sq/ft depending on how much finishing I do myself. I suppose it depends where you are in life and what debt you’re happy taking on.
aventino68
Well-known member
Per sq/ft down south out of the snow belt must only be $20 or 30 per sq/ft? No deep footings, no snow loads for engineering and no insulation required.
MushCreek
Well-known member
We bought land, built a barn, and a house, all out-of-pocket. How?
1) Years and years of scrimping and saving.
2) DIY the entire project.
3) Did I mention years and years of scrimping and saving?
We spent many years of driving older cars, eating at home, modest vacations, limited 'toys', etc. The downside is that I didn't build this place until I was 60 years old. I wish I could have done it at 40.
To be honest, we did borrow some against our old house, but only to pay off the land. We had a lot of equity, so as soon as we sold the old house that was paid off. I used to be a fool with credit, and borrowed like crazy. Had I had better spending and borrowing habits, I might have been able to pull it off at 40. We were never 'rich'; I'm a retired tool and die maker, my wife a hospital lab tech. What I would call typical middle class income.
1) Years and years of scrimping and saving.
2) DIY the entire project.
3) Did I mention years and years of scrimping and saving?
We spent many years of driving older cars, eating at home, modest vacations, limited 'toys', etc. The downside is that I didn't build this place until I was 60 years old. I wish I could have done it at 40.
To be honest, we did borrow some against our old house, but only to pay off the land. We had a lot of equity, so as soon as we sold the old house that was paid off. I used to be a fool with credit, and borrowed like crazy. Had I had better spending and borrowing habits, I might have been able to pull it off at 40. We were never 'rich'; I'm a retired tool and die maker, my wife a hospital lab tech. What I would call typical middle class income.
zmotorsports
ALLIANCE MEMBER
HPRifleman
Member Emeritus
The old house was paid off so when we sold it we had cash that will be used for the new build.
As others have said, at some point you have to re-evaluate your wants and needs. Most garages have some compromises. Decide on yours. What can you live without? I've been looking at my plan and trying to simplify it to decide what kind of garage I will be satisfied with.
Initially, I heard of people building garages for $50/sq. ft. and my mind took off with possibilities. Talking to builders brought me back to reality and it's going to be double that cost. Just because you have the money doesn't mean you have to spend it.
As others have said, at some point you have to re-evaluate your wants and needs. Most garages have some compromises. Decide on yours. What can you live without? I've been looking at my plan and trying to simplify it to decide what kind of garage I will be satisfied with.
Initially, I heard of people building garages for $50/sq. ft. and my mind took off with possibilities. Talking to builders brought me back to reality and it's going to be double that cost. Just because you have the money doesn't mean you have to spend it.
buildingup
Well-known member
Saving and home equity line of credit for our building that is 50x80x16 with 16' wide overhang and 1,600sq ft second floor which is what the wife wanted for extra storage. Only reason we didn't hold out on waiting longer to build it is because wife wanted to have our wedding in our barn. Have about $113k into it.
20190629_072252 by Julian Lopacki, on Flickr
20190629_072252 by Julian Lopacki, on FlickrA lot of people don't understand this. It sounds good to save up and pay in cash, but fiscally it can make lot of sense to borrow $ at low rates (as long as you are doing it responsibly) these days.
Also, short answer for OP: DIY
SweetD
Well-known member
I wonder if the OP ever pulled the trigger?
iSpark
Well-known member
We will be getting a home equity line and paying it off over the next 4 years, depending on "fancy" we get with garage/workshop.
I'm 54, so it's do something now before I wear out.
I'm 54, so it's do something now before I wear out.
rusty1
Well-known member
Built my 24 by 30 3 years ago, subbed out the concrete slab and foundation. Framed, roofed, sided, installed garage doors/man doors, sheet rocked with 5/8 sheet rock, insulated, installed wiring and added a mini split. Did have my buddy help with setting the rafters as they were 18 foot long (12/12 pitch) I was 63, he was 64.
The better half says we have about 30,000 into it, she is an accountant so I defer to her
on these things.
The better half says we have about 30,000 into it, she is an accountant so I defer to her
on these things.
nzjkb5
Well-known member
Saving and home equity line of credit for our building that is 50x80x16 with 16' wide overhang and 1,600sq ft second floor which is what the wife wanted for extra storage. Only reason we didn't hold out on waiting longer to build it is because wife wanted to have our wedding in our barn. Have about $113k into it.
HOW in the heck did you do that for less than $29 per square foot (just the footprint, not even including the second floor!)?
buildingup
Well-known member
HOW in the heck did you do that for less than $29 per square foot (just the footprint, not even including the second floor!)?
Its not all done yet. Still need insulation and finishing of the second floor and deck. Probably another 30k and should be set. A lot of the work I have done myself with help of family and friends. That's the biggest savings, just takes time.
JohnM45
Well-known member
Some great looking places and great advice by many people on here. I'm also amazed at how many people built their own with the help of "friends and family." I must not have good friends or enough people in my family!!! But, seriously - that is very cool. I'm in my early/mid 40's and most of my friends are in the same general age...everyone has kids and their own issues...no one ever has time for anyone else...sad. Anyway...
Just wanted to chime in with several others - I ended up doing various parts of the preparation myself and paying the help of a friend with an excavator. Then, had a pole barn built and did the finish work myself...electrical, some landscaping outside, etc. So, point being, a combination of things. Fortunately, saved up enough money over the years to pay cash.
The OP mentioned other home projects - depending on what you have going on, would it make sense to build a shell as a place to stage/work on other various home projects? Maybe something to consider...
Build it as big as you can afford, then go a little bigger, just enough to make it hurt the wallet a little more. In the long run, you'll be happy. Nothing worse that wishing you went bigger. But DON'T steal from your 401k or retirement to get it done! You sound smart enough to know that already, though.
Regarding all the other **** our lives are inundated with (cell phones, cable, netflix, new cars, shiny objects, etc.) ... just remember: Less is MORE! Put your money, time and efforts into things that truly matter....like homes and garages where you spend time with the things that really matter: the aforementioned "friends and family".
Just wanted to chime in with several others - I ended up doing various parts of the preparation myself and paying the help of a friend with an excavator. Then, had a pole barn built and did the finish work myself...electrical, some landscaping outside, etc. So, point being, a combination of things. Fortunately, saved up enough money over the years to pay cash.
The OP mentioned other home projects - depending on what you have going on, would it make sense to build a shell as a place to stage/work on other various home projects? Maybe something to consider...
Build it as big as you can afford, then go a little bigger, just enough to make it hurt the wallet a little more. In the long run, you'll be happy. Nothing worse that wishing you went bigger. But DON'T steal from your 401k or retirement to get it done! You sound smart enough to know that already, though.
Regarding all the other **** our lives are inundated with (cell phones, cable, netflix, new cars, shiny objects, etc.) ... just remember: Less is MORE! Put your money, time and efforts into things that truly matter....like homes and garages where you spend time with the things that really matter: the aforementioned "friends and family".
Flatland Dave
Well-known member
Save up for it, and a line of credit from the bank. I did the vast majority for the dirt work and interior.
Live below your means,don't buy the latest and greatest f*cking iphone,don't go out to eat everynight,don't buy a new car every three years....the list could go on and on....
I built my 660 square foot garage in '07 and paid for it.
I built my 660 square foot garage in '07 and paid for it.
zmotorsports
ALLIANCE MEMBER
This should be day to day living, not just saving for a garage.
We were able to build our first shop, pay our first home off in less than 15 years, buy RV's, have no auto loans, upgrade homes and build a much nicer second shop by living that way. Peace of mind knowing you don't live paycheck to paycheck alone is worth it.
JohnM45
Well-known member
zmotorsports
ALLIANCE MEMBER
Goes without saying...at least for people with common sense.
Agreed. However, I don't know if you've noticed this lately or not, but common sense isn't that common any more.
Especially in this disposable society and one of instant gratification that we now live in where everyone has to have everything right now rather than work and save for it.New phone comes out and instantly people have to have it even though there's nothing wrong with their old one. Same with TV's, cars, etc. I see peers at work buying stuff every day like this and then a week later complaining that they're broke.
I simply don't understand it, and these are supposed to be smart people. At least that's what they're telling everyone.
One never knows how life will work out, my friend had a slab poured in 1982 and built a 3 car carriage barn on his mothers property only putting 2 barn style doors to get his projects in and out. After he married wife #1 and they moved to a condo and on weekends he went the 20 miles to his mothers so he could do his side jobs. Wife #1 left in 1995 and he got the condo, life was still good. He married wife #2 who also lived in the same condo complex, they sold both condos and purchased a beautiful colonial home on 2 acres. #2 didn't like him doing side jobs at his shop and convinced him to build a 4 car garage with an extra bay on each end w/o doors for his wood working tools. along with a 2nd story where he could keep all his hot rod paraphanalia. When he had the garage closed and powered and ready to move his stuff into, she wanted the kitchen remodeled first. A contractor gave him quote for $80K to do what she wanted done, he did it himself to her plans and when it was done she served him papers and got the house.
He moved back to his elderly mothers house to help her and have a apartment upstairs. She passed away and he is still in his original shop, but converted the old barn that was once a ceramic shop that his mother ran, into a large storage building and opened up one wall with a garage door to have a place for his cars. He now has a two functional shop buildings and a house that raised 10 children to live in by himself.
Moral of the story is you never know what life will bring, keep your expectations reasonable... good luck.
He moved back to his elderly mothers house to help her and have a apartment upstairs. She passed away and he is still in his original shop, but converted the old barn that was once a ceramic shop that his mother ran, into a large storage building and opened up one wall with a garage door to have a place for his cars. He now has a two functional shop buildings and a house that raised 10 children to live in by himself.
Moral of the story is you never know what life will bring, keep your expectations reasonable... good luck.
jives
Well-known member
Built the house first. 10 years later started on the garage, when the youngest two of 6 kids started high school and others reasonably independent. My wife went back to work to pay for the garage, 32 x 42 x 14 sidewalls. Second mortgage on house for $50K, had the local Amish build it, but left with need for electricity, insulation and finished interior. I taught myself wiring and wired, got a great deal on insulation and insulated the lower 8 feet (above that is unfinished). Found great deal on old sliding doors and sided interior with them (to 8'). Cabinets, etc., found at auctions and garage sales.
Still need to finish interior and ceiling. Only have temporary overhead lights. That is the next big expense.
Eventually refinanced the house and rolled the garage mortgage into it.
Still need to finish interior and ceiling. Only have temporary overhead lights. That is the next big expense.
Eventually refinanced the house and rolled the garage mortgage into it.
Most of this will still stay true but this thread was brought back from a 2 year death by a now banned spammer.
racecougar
Well-known member
Not sure, he hasn't been around since February of '21.