How have you paid for your shop?

[mongocanfly]

2-4ft????....more like 20-40ft...I built mine 35x50...really wish I had gone 40x60...unreal what the difference looks like inside..

[61_FL_Apache]

In 2003 I had a 30x30 wood frame shop build for around $25k. That was for the shell including electric, I did the rest.

[67ChevyRedneck]

I would love to make my entire backyard one big shop, but I think what I'm going for will work. I'll always want more. 5 cars is my limit, it's enough just to keep 4 of them going (one is a project car in pieces.)

Without getting too personal, we have no car payments and are in "year 20" on our 30 year mortgage after 8.5 years. I have been extremely frugal and diligent with our finances over the past 10 years. Again, without getting too deep, we have enough in just savings to pay for the entire shop, but it took us a long time to get to that safety net and I'm not going to pull from it to build something that I want, not need. I have a 2015 Z71 Silverado I bought brand new and paid off after 18 months, a 65 Mustang that's worth 15-17K, but don't want to sell - wife loves that car, so again, I appreciate the concern, but I'm really just looking for the best loan options at this time

That said, everyone has given some great options, and I love all the shop pics! I wish my land was more spread out, but it is what it is. It's amazing I have an acre "in town" and NOT in an HOA When I get some people in, I'll see if we can squeeze that 28' to 30', but it's gonna be tight. I think we only have a 5' side yard requirement in greenville county, so I can get pretty close to my neighbor, but I also don't want to be an ass, they've been great neighbors. Again, this is more about the time than the money, I've pushed this off for at least 6 years, flat out sick of waiting. I want to build my firebird.

[abig84]

Originally Posted by GOPAPA

...always add at least 2 to 4 ft in all directions to your final shop size decision.....lol. You will never regret it!!
Cement and foundations are cheap...so are knee walls or pilings if you have a sloped wall...but by all means, enlarge that shop!!...lol.
All good
Coley

My sentiments exactly[/QUOTE]

yea i agree. when i bought my house i was tapped out, had to save for a few months just to get enough to buy a standard 22x24 garage. even with that i wish i would have went with a 24x24.

where im at now i cant go any bigger even if i wanted too, restrictions on how many square feet of outside buildings you can have. eventually ill move to a small house with a giant garage

[Andy4639]

Jesse I would start building it and pay as you get funds. Get the roof over them and build for the future.
Just a thought.

[Palf70Step]

I did mine with a home equity also Jesse. We allocated 15K for everything. (2004/2005 Time frame). I cleared all the land, had the red dirt hauled in and with a friend's help did the wiring (well he did it mostly, I was the manual labor/fetcher), as well as coordinating getting the spray in insulation.. BTW, for me that included extending my asphalt drive from the house to the shop. It's metal building, so no it doesn't match house, but I wanted something I could start working in right away and I did not want it right next to my house or the neighbors because of noise/dirt being made at the shop. I could have done it cheaper on my own and as I got cash, but my work schedule seldom left me with time for another project so I could work on the truck project.

I wanted to overhang on the front so I could do some of the dirtier sanding and all outside, but still out of the sun and weather.

[davischevy]

Originally Posted by 67ChevyRedneck

I would love to make my entire backyard one big shop, but I think what I'm going for will work. I'll always want more. 5 cars is my limit, it's enough just to keep 4 of them going (one is a project car in pieces.)

Without getting too personal, we have no car payments and are in "year 20" on our 30 year mortgage after 8.5 years. I have been extremely frugal and diligent with our finances over the past 10 years. Again, without getting too deep, we have enough in just savings to pay for the entire shop, but it took us a long time to get to that safety net and I'm not going to pull from it to build something that I want, not need. I have a 2015 Z71 Silverado I bought brand new and paid off after 18 months, a 65 Mustang that's worth 15-17K, but don't want to sell - wife loves that car, so again, I appreciate the concern, but I'm really just looking for the best loan options at this time

That said, everyone has given some great options, and I love all the shop pics! I wish my land was more spread out, but it is what it is. It's amazing I have an acre "in town" and NOT in an HOA When I get some people in, I'll see if we can squeeze that 28' to 30', but it's gonna be tight. I think we only have a 5' side yard requirement in greenville county, so I can get pretty close to my neighbor, but I also don't want to be an ass, they've been great neighbors. Again, this is more about the time than the money, I've pushed this off for at least 6 years, flat out sick of waiting. I want to build my firebird.

It looks like you already know how to pay for it. I'm sure you know, but make sure when you are making those extra payments on the house that money is going to principle.

A line of credit renews annually. In a situation like this I always get a line of credit for the full amount of the property, and then just borrow what I need. This allows me to get more (the shop) if I need it. Remember, if you do it this way, get the LOC for all the property is worth. That will let you place some of your nest egg toward principle, but it's available if you need it.

the LOC has to be renewed every year, but somehow that puts pressure on me to pay it off. The interest rate is likely to change year to year, but you are on track to pay it off in 10 years anyway. If you pay that $150,000 off in 10 years you will save enough interest to pay for the shop.

I grew up in the homebuilding business. My wife and I built, sold, built, sold and had our house paid for when I was 28 years old. I have had a line of credit on my houses ever since. Seldom do I owe anything, at least for very long, but I have the money available if I need it fast.

I don't owe anybody anything, but I have a line of credit on everything I own.

[Low Elco]

Am literally starting my 26x28 pole barn next week. (I hope.) We borrowed 25k from the wife's 401k @ 2%. She's a longtime gov't employee and it's the second time we've done this. I wanna meet the guy that's producing 16%, he's hired! I've waited 12 years and have had several false starts. Went with this guy because it'll be permitted as a garage and all the concrete work and drives will be done. Momma says she doesn't want me doing it. I can, but I'm 46 and have a full-time gig and am pretty busy elsewhere, it'd take forever. it'll be a pole barn, but with wainscoting and overhangs and all the trimmings. It ain't gonna be much, but I've been literally wanting this for 35 years. Time to make it happen.

[oldiron]

Don't hate me but, my wife paid for my 36x60 shop. She wanted me closer to home than my old shop that was 12 miles from home. Now its 12 feet from the house.

[A1971Blazer]

Originally Posted by oldiron

Don't hate me but, my wife paid for my 36x60 shop. She wanted me closer to home than my old shop that was 12 miles from home. Now its 12 feet from the house.

no hate....some envy perhaps....

[67ChevyRedneck]

That's an avenue I haven't explored yet... anyone want to sponsor my shop build?

[Andy4639]

Originally Posted by 67ChevyRedneck

That's an avenue I haven't explored yet... anyone want to sponsor my shop build?

Yea what's a dollar get me Jesse?

[67ChevyRedneck]

You'll get an email with a pic of it finished

[67ChevyRedneck]

Originally Posted by Andy4639

Yea what's a dollar get me Jesse?

Even better, you get to feel good that you gave this homeless truck a place out of the cold winters, blazing hot sun, AND cancer causing rain! There's so many homeless trucks out there, it's a real problem!

[Coley]

Originally Posted by oldiron

Don't hate me but, my wife paid for my 36x60 shop.

...does she have a sister?


lol, just kidding of course.

Coley

[jeffahart]

Originally Posted by Coley

...does she have a sister?


lol, just kidding of course.

Coley

Now you have to build him one... or... he's going to send that to your wife!

[Andy4639]

Originally Posted by 67ChevyRedneck

Even better, you get to feel good that you gave this homeless truck a place out of the cold winters, blazing hot sun, AND cancer causing rain! There's so many homeless trucks out there, it's a real problem!

Poor old red sat outside a long time before it got it's place inside. Like 25 years!

[67ChevyRedneck]

Old blue is going on over 20 for me, and based on how I got her, I'm pretty sure she hadn't seen anything but the weather for a long time before that too.

[67ChevyRedneck]

Originally Posted by 67ChevyRedneck

It's that time. We've been in our current home since 2009 and with my mustang and repeated hail damage to all of my cars (3 separate hail storms that have caused over 20K in damage to my cars alone) my 2 car attached garage isn't enough.

My plan is to build a 28x30 shop with two 10' front doors and one rear "pass through" door with an enclosed double car port pushed against the back side for additional storage. I estimate that the cost will be around 25-30K as I'd like to use rafters that allow for upstairs storage. I'd like to go bigger but it is all I have room for.

Man how time flies and plans change.

28x30... lol...

I 100% finished the outside of my house, roof, windows, siding, soffit, and new shutters. Looks incredible. Wife got what she wanted, my turn. Now I need the shop to match.

I finally had a couple contractors come to price out grading (there's a hill the whole length of the garage 3' higher than the left side) and a foundation. The new plan (and this really is all I have room for) is 30'x50'. There will be 2 - 12' doors across the front, one out the back, a side entry man door near the front, one out the back, and 4 windows per side. I'm also planning for a 2 post lift, so the concrete will be thick and safe enough.

I just need to pick one and get started. Of course, the earliest anyone can start is late June. That will give me time to get my electric line and cable relocated (both run smack dab down the middle of the foundation location.)

I also had to have 5 massive 45' tall leelands cut down to make room, they're down and gone.

As far as paying for it, the foundation/grading work have been in line what i hoped they would be. I have enough cash to pay for the grading/foundation/floor, walls, sheeting, I've priced out 30' trussed with storage down the middle, and the roof. So I can have it enclosed. I should only need to borrow +/-15K-20K for windows, doors, electric, and interior finishes. We're going with a HELOC through our mortgage bank. I can pay that amount back in under 2 years.

Just wanted to share my excitement, this month marked 10 years since we moved into our house. I'm trying to be realistic, and hope to have it dryed in by late august/september and fully complete (siding, interior, etc) early 2020.

[Palf70Step]

Kewl!!! Keep the camera handy Jesse and let us watch it grow!

[mongocanfly]

Been a long wait..but it sounds great!...

[Custom 68]

Great news, you certainly won't regret the larger size!
Dave

[67ChevyRedneck]

I'm excited, it's hard holding off on my 68 Firebird until this is done. I did pick up a nice 400 for it, but it needs $$ thrown at it too.

I'm finding out that if you're the little guy, it's hard to get pricing/info. I have 3 places I've been trying to get pricing out of for truss, only one has provided one. It was difficult to get contractors to come out just to bid.

If it was 2009 again I'd have 20 guys trying to outbid each other.

[FleetsidePaul]

I get what you're saying about the contractors. I've got some small jobs. Just things that I can't (or don't want to) do. And they won't show up. It must be nice to be able to just turn down money.

Good luck with your shop Jesse. Sounds like it's going to be nice. I've been chewing on building a shop for a long time too. But I think about things a lot better than actually getting things done.

And the IRA. They'll eat you alive in fee's. It's your money. But just try to touch it at your age. You won't like it. Ask me how I know.

[oldiron]

Remember to put down a vapor barrier. Helps to keep the shop dry. My concrete guy pulled mine out stating the concrete wouldn't setup fast enough.