Build a Bigger Grarage or Sell a couple cars ?

[169indy]

"residing in my former bosses part time home's 5 car garage. While there are no hard feelings or drama between us and he says i can keep them there as long as i want."

REALLY, Do a thought exercise, Call your Insurer or Your Bosses and "say" (God Forbid) your Bosses Structure BURNS down w/ your vehicles.

You are at risk in my opinion.

Keep working and Build,,,,,,,,

[67since67]

I posted recently...but seems appropriate here. - Bill W

[Z282NV]

I think a lot of us in are the same boat. When I saw this TV commercial during the Super Bowl it kind of made me think a lot about all my "stuff".

https://www.youtube.com/watch?v=CMaispXEh94

[sixt9rsx33]

I built a 7 car garage and a loft apartment in 2019/2020 at my lake house. I love the building and having cars at my lake house. However, I would wait a little while and let the supply chain and pricing stabilize before starting a construction project. Maybe start next year when the recession hits.
As far as the money side goes, if you can afford it do it. Tomorrow is not promised, and at 58 (my age) plenty of people close to me are passing away.
I personally plan on throttling back next year and working part time and enjoying life and my cars less a few that I will sale this year.

[ChimChim]

Here's a couple of thoughts...
1) How long do you anticipate staying at this house?
...10, 15, 20 years?
2) Will your neighborhood (real estate values) support a 4/5 car garage?
...check with a local realtor...they should be able to help you with the return on your investment.
3) What hobbies do you and your wife like to do?
...my wife and I like gardening and she likes to paint/crafts so an artist studio/craft area and garden shed areas are on our list for when/if we expand our footprint.

If you are going to stay there for awhile and the real estate values in your neighborhood will support it AND your better half will utilize it could be a win-win.

Last 2 thoughts...periodically car mags will run "garage" issues ...check out Hemmings Classic Car Magazine Oct 2021 (issue #205) they had an inside look at home garages. One guy from Cali built in a lounge (couch and tv) so that his wife could sit out there with him while he works on his cars.

Improving your home is usually a solid investment but remember garages don't sell homes, kitchens, baths and bedrooms do so take in the full picture of your real estate investment for other improvements not just the garage.

Best of luck!
C

[Unreal]

Originally Posted by ChimChim

Improving your home is usually a solid investment but remember garages don't sell homes, kitchens, baths and bedrooms do so take in the full picture of your real estate investment for other improvements not just the garage.


C

I'm not so sure about the first part of the statement, historically, the ROI on most home improvements is negative. Generally, kitchens and baths are better investments than other home improvement projects, but still negative.

I do agree that strategic home improvements will help sell the house quicker, and for more money, but it's doubtful you will recover 100% of your investment.

Of course, with today's runaway housing values, and today's runaway building materials costs, who knows which one is outpacing the other.

[67since67]

As was said earlier, don't jeopardize retirement, or fulfilling your bucket list, just to have more cars.
That said, the best thing I ever did was consolidate everything onto one property, laid out such that I can back out and drive any car at any time. ROI? I don't know, it makes me happy, and I didn't build it till age 64.
It depends on the neighborhood. In my little subdivision lots are measured in acres. A neighbor has a barn (a beautiful 1,800 sq. ft. stable actually).
If not for cars, my place could appeal to someone with a motorhome and a tag along trailer, or other types of toys. The cost of off-site storage is crazy these days!

Just my.02 - Bill W

[Too Many Projects]

Just another idea for short term storage, to get your cars out of the off site parking. Rent 2 lockers that the cars will fit in.

When I moved and downsized the shop, I rented a 10X24 storage locker 25 miles from the new house, but it was a rural area, so rent was CHEAP...$80/month. I PACKED it full with all the "stuff" from my previous shop for 2 years while getting concrete floor poured in the new shed and finishing the interior of the existing 1,200 sq ft building for heat and lighting. Like Bill, it is wonderful having everything in 1 place now. I used to move 2 cars every fall to outside storage to have room to work in the old shop and bring them back every spring. No more of that crap.
And yes, acreage is the key to much of this ability, here and at the old place and you will never see me living under HOA control...

[Pro Stock John]

I echo the comment already made about the cost of construction products, I'd probably wait though I understand you wanting to have all your cars under the same roof.

I'll be 55 in May, I hope to move to Western MI in 3 years when our kids will all be in college, and then I hope/plan to big enough piece of land to build a shop that can hold 4-6 cars. Only reason I have 4 is I park 2 on the street though it's a very nice street.

When I was in my late 20s I had 5 cars...sigh.

[Rallyegreen68SS]

Tough decision for sure! Just a comment on garages. Decades ago, houses with no garage or 1 car were common in many areas. Then 2 car garages became the standard. Now 3 car garages seem to be the norm. Funny thing is I see as many cars parked on the driveway and street in the 3 car garage areas as in the 1 or 2. So I think the extra garage/shop area will only be a plus when eventually selling your house. I totally agree with the "wait a bit for building materials prices to come down a bit" sentiment. Local Home Depot has 7/16" osb for $45.50 a sheet, that's insane. Fed tightening and raising interest rates should cool the construction boom and bring prices down a bunch. If you don't need to sell the cars, think about waiting it out a bit.