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Building a shop on a piece of property I own
Posted on 2/16/24 at 9:14 am
Posted on 2/16/24 at 9:14 am
Currently have a house in a subdivision, however, I have a piece of property that I would eventually like to build what would be my retirement home on. This property is about a mile away from my current home and has a value of roughly $70k.
In the meantime, I am looking to build a shop on the property. The cost I am looking at is around $45k. I have a good portion of that cash on hand but would rather save that to build out the interior of a section of the shop.
Is there a decently low interest way of financing the shop build or should I just go ahead and pay for the shop in cash?
In the meantime, I am looking to build a shop on the property. The cost I am looking at is around $45k. I have a good portion of that cash on hand but would rather save that to build out the interior of a section of the shop.
Is there a decently low interest way of financing the shop build or should I just go ahead and pay for the shop in cash?
4
Posted on 2/16/24 at 9:21 am to tigerclaw10
quote:
Is there a decently low interest way of financing the shop build
It doesn't hurt to look, but I'd be shocked if you found anything "low interest" right now
Posted on 2/16/24 at 10:08 am to tigerclaw10
LightStream does loans for things like this and it’s an incredibly easy process. Their interest rates are published on their website.
Is the shop going to be the home? I’m a confused when you said “build out the interior”. I’m assuming you have equity in your current home, so it may be better to spend some of the cash rather than financing with the anticipation of selling your current home.
Is the shop going to be the home? I’m a confused when you said “build out the interior”. I’m assuming you have equity in your current home, so it may be better to spend some of the cash rather than financing with the anticipation of selling your current home.
Posted on 2/16/24 at 10:57 am to LSUtigerME
The shop is going to be a 30x50 with a 20ft lean too which I plan to enclose half of and make a room.
Posted on 2/16/24 at 8:48 pm to tigerclaw10
A lot of the big metal building builders offer financing. I know Mueller does. Probably not the best interest rate but it’s an option.
Posted on 2/17/24 at 4:50 am to tigerclaw10
Greensky will do 0% for a year
Posted on 2/19/24 at 7:33 am to southside
How does Greensky work? That would be great as we are able to pay the shop off within one year.
Posted on 2/19/24 at 8:02 am to tigerclaw10
It's a home improvement finance company. Give them a call and find out if they'll work directly with you or do you have to have a builder estimate and contract to get funding. Most large builders have a finance company like greensky to do work with.
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