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How have you paid for your shop?
It's that time. We've been in our current home since 2009 and with my mustang and repeated hail damage to all of my cars (3 separate hail storms that have caused over 20K in damage to my cars alone) my 2 car attached garage isn't enough.
My plan is to build a 28x30 shop with two 10' front doors and one rear "pass through" door with an enclosed double car port pushed against the back side for additional storage. I estimate that the cost will be around 25-30K as I'd like to use rafters that allow for upstairs storage. I'd like to go bigger but it is all I have room for.
We have no debt other than the house which is +/-2/3 paid for with +/-150K in equity. No car payments. No credit card debt.
I'm in the planning phase now and hope to start early next spring, but I'm having a hard time finding what the best financing option would be? I hope to have around 10K+ cash to use so a loan would only be 15-20K. My wife and I have both have credit scores over 800.
I also plan on only having the foundation, electrical, and shell done with a roof. I can enclose it, add the windows, siding, and interior.
I'm not looking for "keep saving and pay with cash", I just don't have time for that anymore. Even if I take out a 20K loan it will be paid back in 3-4 years. So how have you guys paid for your new shop?
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