This kind of pisses me off... What would you do??
So over the summer, my husband spent thirty grand on a new garage with a paint booth inside. Which now, he has used ONCE. Because, as it turns out, he likes using our regular garage better for painting. :S
The paint booth is worth about eight grand. The rest of the money went to the concrete slab, electricity, and having the garage built.
Now, because he was bored with the inconsistencies of working for himself, he got a day job... doing nothing less than.. PAINTING CARS. Well shoot, dearie, you could have saved us thirty THOUSAND FREAKING DOLLARS!! (His boss lets him paint his cars at the shop on weekends as well so hes pretty much all set).
So, I have a paint booth and a few really cool items (like a "chroming machine" worth about another 8 grand) that I could potentially sell. I was thinking of using that money to convert the garage into a loft apartment. Which we could rent out for aprox $700 a month. This is the garage that is not attached to our house. Its about 50 feet from our house.
Now, if I sold his booth and chrome machine and a few other things hes not using I would have about 18,000 to convert the garage into an apartment. Its already got electric. I would have to insulate, do floors, walls, bathroom, and a mini kitchen, then I would just build a loft bedroom, throw in some paint and take the wood stove that we arent using that is sitting in the garage and use that for heat. So basically it would be a large studio with an upstairs bedroom.
But for whatever reason, I am nervous about starting this project. I need an objective eye. What would you do? Besides kill your husband for wasting thirty thousand dollars. *GaG* it makes my stomach hurt just thinking about it!
I would definately do it! this way you could get your money back and more!
An apartment sounds like a wonderful idea, it will help to pay off the loan. I would call a contractor and talk to them, they can give you ideas and tell you approx how much it's going to cost you to do it. Good luck!
first i would talk to some contractors about pricing before you sell or do anything to get a good idea of the real cost, and real cost i mean take whatever the contractor told you it was going to cost and add another half of the total price and you might come out there... also get a budget guarantee from the contractor, i saw that on flip this house and it seems to work!
I would go for it if you're serious about it, if you're not then just pocket the 18 grand and do something nice for yourself :)
Quoting luckypenny720:
I would definately do it! this way you could get your money back and more!
Well, we didn't take out a loan. It was money we already had. So I don't have to worry about time and paying anyone back. But knowing that that money is basically "sitting there" in a garage we don't use makes me mad. As for a contractor... my husband used to build houses so he would do all the work besides any plumbing. So I would have to call a plumber to get him to do the pipes. I'd need an estimate for that. But my husband has a lot of friends so I'm guessing he would know someone.
So basically though, I am not crazy. This does sound like a good idea to someone besides me! I ran it past James a few days ago. He thought it was a good idea, but I am the one that would have to sell his stuff since he wouldn't know where to look for someone to buy it. I mean either way, even if I just sell his stuff and keep the cash lol I'm better off than letting that stuff just waste away in the garage! But I would really like to do something productive with the money. And I think a "mother in law suite" would be excellent. And when I went to sell the house in a few years it would REALLY make me back my money!
Right??
I agree with everyone - do it! It's just sitting there not being used anyway, right?! If your husband disagrees, just tell him that making it into an apt is an investment that will keep paying you back once you get a tenant! So you'll be getting your money back and more! I would check with a contractor about getting an estimate first though and also check with your city borough office to make sure you can add an apt there - zoning laws and whatnot. :-) Good luck!
Isn't it just wonderful when men do these things? I'd first make sure your husband is ok with selling the equipment. Honestly, since it's already there and ready to be used.. he could consider renting out the shop to someone who does want to work for themselves.
If you plan to sell off the stuff and upgrade it to a house, make sure it's up to code and you get all the necessary permits. I'd talk to a contractor about it.
I, personally, would never rent a place that had only a wood stove as a heat source. I guess I'm just dependant on my heater. Turn it on and I've got heat! No need to worry about running out of wood.
You could get away with staining and sealing the concrete floor. No need to worry about carpeting. That'll save you some money. Use a standing shower, rather than a tub.. that'll save space and money. Granted, I wouldn't rent a place with no tub, but that's because I have children. I think children NEED a tub. If it'll be a studio, the chances of children living there are slim.
You could do it, just make sure you get everything planned out really well before you get started. So you know full well what you're getting into. Also, I wouldn't do a personal rental. I'd hire a rental agency. That way the renters don't know they're living next door to their landlord. That can be a turn off.
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- Tia_B
on Nov. 24, 2009 at 1:51 PM