Buyers often come to me with a wish list. There’s the usual list of size of the house, number of bedrooms, floor plan and of course location. But very often, I am asked to buy a house with a shop, a pool, a horse barn, horse set-up or even an existing vineyard.
And that is what I like to hear. A list of what you really need and want.
However, sometimes a buyer will give me that list and say that they can build it or install it later. Unfortunately, “later” often never comes.
It is much easier and cheaper to buy a property with what you need all ready there, rather than try to buy the funds later on to install it all. And when you purchase a house with a shop or a pool, you are financing that amenity at a much lower interest than if you had to borrow money to install it yourself. Plus, the price that you are paying for existing amenities today is in general, less than half of what it originally cost to install.
I currently have for sale a house with 2 shops on one acre, a house with a shop and a pool on a ½ acre, and a house on 20 acres built above a shop.
Actually, I’m amazed at what you can buy today for far less than replacement value. The cost of a new nice workshop can range from $80 to $100,000, and to install a pool can easily cost from $40,000 on up.
So don’t build it, buy it! You will be so glad that you moved in with those amenities in place that might cost you 10’s of thousands in the future.