Building loan, now that the truck is paid off?

I think it's a great idea if you can swing the financials. It's what I would do if my wife didn't want to keep our house. Have you priced land in your area? Like everything else, it's gone through the roof in most places.

 

I would like to build something like this if I was going to do it again. The sky’s the limit with what you can do with containers. Two high cubes stacked is over 19’ high or one high cube on pony walls and go to any height you want.

 

Just remember if you sell it, your paying back Uncle Sam for it.

 

Do you still have to pay the tax if it’s your residence for a year or two?

 

What do you figure pole barns cost roughly ballpark. 50k?

 

The typical home or business construction loan requires 20% down. This 20% can come from your land value if you own the land free and clear.

Example: Your loan-free 3 acres is worth $50,000, the bank will loan you $250K to build.

Intermingling your home with your business property would be a tax disaster when you go to sell because if it were set up as your commercial property, you are required to depreciate it each year.

 

My friend just built a 60'×180' off name brand pole barn ..60'×60' is going to be their home the 120×60 is going to be his shop.. he's not done with the living quarters yet he told me couple weeks ago he was gonna be in the 500k area.. that's just lined walls & spray foam insulation concert heated floor and complete electric in the shop .. and now the county we live in told him the are going to tax him residential on all the square footage in the building.. next thing to consider is you fire up a diesel motor in that shop even with exhaust fans .. the fumes will still find a way into the living quarters some how some way they will get there

 

A cousin of mine just built a large “barn” like that. It has several large overhead doors, insulated walls and ceiling, well, bathroom/septic, heated, concrete, outside overhang parking, drains in the floor, deluxe lighting, etc etc and he said 500k. About blew me off my rocker but shouldn’t be surprised I guess. It is beautiful though.