Build a Bigger Grarage or Sell a couple cars ?

[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

[scuncio]

Originally Posted by napa68

I think as time has wore on, people are looking for more that the 2.5 / 3 car garage. I can appreciate your concerns about spending the money. But also, a tasteful addition or appealing second building draws in a different buyer.

It's well documented, people have stuff........and not just collector cars.

Tim

I totally agree...which is why I was surprised to hear that the garage on my lot had been such an impediment for other potential buyers.

[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.

[Too Many Projects]

Originally Posted by scuncio

I totally agree...which is why I was surprised to hear that the garage on my lot had been such an impediment for other potential buyers.

We gearheads don't understand mortals that can't envision what to do with a 6 car garage...
The guy that bought my previous place with the 2,000 sq ft pole building couldn't care less about all the upgrading we had done in the house. That was for the female person. He understood it would've cost 100k to duplicate the building from scratch with 1,200 ft under insulation, natural gas fired indirect heat, running water, concrete floor with drain, 100 amp/ 240 volt service.

[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.

[NorCam]

Congrats on an early exit from the grind Jeff.

While in different boots, going through some changes up here too and that left me wondering what to do with all my stuff. Sold the house with the 6 bays of garage, and bought another with only two bays. I know right...what the hell was I thinking? Obviously room was going to be an issue and atop that I just bought a new car trailer. (have you seen the price of trailers now days) So, I looked at buying a business condo, looked at other options and settled on renting a cheap little W/H bay at 1000 square feet which solved all my storage concerns. Short term lease and cheap at $650 a month to store my junk.

Maybe look at a short term lease of a small bay and then see what you want to do with the 4 cars as time moves along. At least they'll be under your own control. Maybe you sell one, keep three and stick a lift in your two bay garage to squeeze them in together? Sounds like your having fun no matter the storage concerns? Again...glad to hear you're having fun.

[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...