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I'm not familiar with Groton real estate, or the limitations on the use of that building, but that price strikes me as dirt cheap. I looked at a house on a private runway that had a hanger. I considered buying it for the hanger and renting out the house. But the limitations on the use of the hanger made it useless for me.
Bill, I agree. That price seems ridiculously low. Hangar space usually rents for $300/month and up. Plus, depending on the airport, there are restrictions on its use. I’m sure Groton is not a low rent area.
As for the property taxes that Dean and Rob mentioned. That is why we in Delaware have seen an influx of buyers from NJ and NY over the past few years, especially in our neighborhood. Our county property taxes, including school tax, run about $2,500 per year, which is what we pay for a 2,500 sq ft custom home. I have talked to some who paid almost that much per month. And, did I mention NO SALES TAX!
Last edited by jukngene; Sep 19, 2019 at 04:36 PM.
It sounds like you've put some solid thought into buying this, especially since you say you're not in your final home. Having someone else handle the building maintenance should make ownership a lot more fun. Well done.
Years of thought. What seemed like the simplest solution - building the ideal all in one storage/workshop building adjacent to my house - is actually a practice out of time here in Massachusetts. There are very few communities that have not regulated this solution out of existence. The old barns that once dotted New England have all been torn down, so it is nearly impossible to find such an arrangement on the market. The communities that have a “right to farm” law are not any place I want to live. So after years of research and prospecting I came up with the multi property solution. Financially it is unquestionably more expensive, but that is where society has taken us. At least it is here in Massachusetts.
Color me jealous Bill. That looks great.
I'm in the process of trying to find car storage for the winter for the GT_S.
Are you going to it somewhat warm i.e. non-freezing for the winter?
It will be kept around 50 degrees during the winter, Jerry. The developer told me it cost him $18 to $20 a unit per month to keep his space at 50 all winter, and that included days when he warmed it up to 65 so he could work in his. One thing I plan to add is a ceiling fan to circulate the warm air that will otherwise collect at the ceiling. The building system is manufactured to be very well insulated and efficient.
I think you made a very smart decision on all fronts. Like you, the zoning and restrictions here make it very difficult to build something like that on my property. Aside from the increase in real estate taxes, the required permits and regulations make things very difficult. We just replaced the cabinets and counter tops in our kitchen only to have our real estate taxes go up $500 per year as a result of the improvement. Taxes here in New Jersey are ferocious. Besides, in two or three years we're considering downsizing to a smaller house so to build something on our property wouldn't work out in the long run.
I don't know of anything like you bought around here but they are building a storage facility near here. I'm going to ask if something like you have will be available. Actually I'd only need one slot for my MG. I'd need heat and light so I could work on it during the winter, but that might be possible.
Congratulations on the purchase. I do think you made a good move and I hope you enjoy it. It looks perfect.
Thank you Rob. I appreciate the accountant’s seal of approval. It took me a long time to get comfortable with this idea, but the more I analyzed it, the more sense it made. In the future, if I need to sell it, I
can do so. I would not be able to sell a building on my residential lot unless I was going to sell the house too. And I have the option of subdividing it into two units and just selling one. This gives me the flexibility to recoup some of the investment if I reduce the size of my fleet.
As to your needs, a single contractor’s unit would be all you would need for two cars. So your costs should be only 1/2 of mine.
