One solution I have considered for extra garage space is to buy a
second house that comes with a large barn. If one is already
considering a garage addition, then why not consider using that same
capital in a different way. The idea would be to buy a two family
house that could be rented out for enough monthy $ to cover the
mortgage, and you get use of the garage for free.
PRO:
As others have pointed out in this discussion, a huge garage doesn't
necessarily add to the value of the property, so theoretically, you
wouldn't have to pay (much) extra for this garage/barn. If you keep
this second house long enough, your tenants will have paid for much of
your investment and you will have had use of the garage for a long
time. Also, the two family house only has to be good enough to rent
out, it doesn't have to appeal to you or your significant other as a
place to live -- presumably your current place does that, except for
the small garage.
CON:
Of course, its not really free: you have to manage and maintain this
property, be prepared to take a bath if you can't find renters at some
point or if the renters you do find trash the place, and pay taxes,
water, etc. If you decide to sell after a few years, the realtor's
fee will wipe out the "free" in "free garage".
I'm sure there are other pro's and con's, and I hasten to add that I
have not "invested" in a barn c/w rental house, but it is one way to
add space.
--Steve
______________________________ Reply Separator _________________________________
Subject: Re: Mini-garage...
Author: jblair@exis.net (John T. Blair) at INTERNET
Date: 8/29/96 8:05 PM
But how long does it take to "break even"? I figure that if I *could*
get the waver and have the garage build for $16,000 that I should be
able to break even in about 8 years.
John T. Blair WA4OHZ email: jblair@exis.net Va. Beach, Va
Phone: (757) 495-822
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