Eric
Sorry, but I will be the devil’s advocate here. We had gotten to the point where you are, but have not yet built. I wanted a barn for years, wanted one before I got married, didn’t happen, and as the married years went by, the wife started coming around to the fact that we have too much stuff. We have a 2.5 car garage, and in it is 2 cars, trailer, woodworking tools and bench, bikes, kid stuff and up to 7 boats! Now I’m not talking big ass, heavy seas type craft, but canoes, kayaks and marsh boat type things. We have cubed out every cubic foot of volume (not just square foot of floor space).
3 or 4 years ago, we started talking serious about doing it. We are zoned low density residential, which will allow us one outbuilding of up to 400 sqft and a maximum height of 14 feet, which is reasonable for what I wanted. Cost of putting the building up was within our financial capability, however the old adage ’just because you can doesn’t mean you should’ came into play at this point. We looked at the our house, and our neighborhood, and the resale values, and took a honest look at what spending $8-10,000 on a barn would do to our resale value, and as much as WE would see value in buying a house with a barn, it really wouldn’t add to the market value of our house. Tell me I’m wrong, tell me I’m an idiot, I’ll tell you, you are just fooling yourself. Yes, it would be a selling point of the house, but it would not add significant value to the average home consumer in our area. We came to the conclusion unless we were for sure going to live there for 20+ years, it was a poor investment. As much as we wanted to justify it as money well spent that we would benefit from, it was just too much considering we are likely looking at 10 year max. in this house, at which we are hoping to retire and our destination is unknown at that point.
Postponing retirement to have a barn just did not make sense to either of us. We are Dave Ramsey people, and have followed his basic philosophy of money since before Dave was filing for bankruptcy. We owe nothing to no one and have no intention of letting our short term wants get in the way of long term goals, no matter how nice it would be to have more space. Now you say you are building on a separate lot, such that you will keep and use this shop/building after you potentially move, so I will ask, do you plan to live out your days close enough that you would not sell this building? What if you get in a financial pickle, is there a market for such a building in that area? Odd buildings in odd places are hard to find a buyer who’s needs are filled the same as yours.
I hate storage lockers…99% of them are filled with stuff people spent good money on, spend more good money on rent, and in the end, if they really needed the stuff in there, they would keep it in a more convenient place. However, is there some one in the area you could rent space from to store you tractor, implements, and maybe your wood stocks? A farmer with barn space, or an existing, unused commercial building for rent?
I hated to rain on your parade, I’ve been dreaming of the day I’d have a barn out back, but in the larger scope of things, I found it didn’t make fiscal sense to go that route and get us to where we want to be long term. Give me a call if you want to discuss some more.
Best
Chuck