Garage space

[HillmanImp]

Righto, I have a dilemma and want to check with everyone that this seems reasonable.

 

I have been offered a space in a barn to finish off my cars. The cost of this is £130 per month on a 6 month contract. This is a lot more than I wanted to pay but its what is on offer. Its basically a 12x12 ft space with electrics and an air line that is secure (although does have another resident who is doing up a Land Rover). One of the problems is I can't do painting there are the chap who own the barn keeps several of his Rolls Royces and an XJS next to the space and its too tall to put up curtains so once it was done I would have to take it elsewhere for paint (which would probably be better I suppose as I am selling it on so want a good job doing). 

 

Normally £130 would be no biggie (well it would but not so much that I would be umming and ahhing over it, I could make it fit in somewhere) but Mrs Imp is going to be laid off in May. She is also meant to be popping out an Imp Jr in June so finding another job will be difficult for her and it looks like we are taking a £37k paycut. 

 

My thinking is that if I put the GT6 in there I can probably finish it within 2 months if I pop up there every other weekend. I have had the car for years so it owes me nothing so if I pay £780 for 6 months storage plus £1,200 for a respray once I have welded it up and if I can get say £5,500 for it like this one:

 

http://www.ebay.co.uk/itm/Triumph-GT6-Mk3-1972-tax-exempt-/111502677646

 

That's £3,520 in my pocket. Plus if I get my skates on I can get the Imp finished too before Imp Jr pops out.

 

However, £130 is a lot of money now and I will still be paying this once Mrs Imp is out of work. What if I don't get £5,500 for it? When Mrs Imp loses her job there is no guarantee I will be able to put together £1,200 for a respray, what then? It might be welded up but it will still be worth peanuts.

 

What should I do? Does £130 seem a lot for what it is or is that reasonable? If its a lot where can I find something cheaper?

 

 

 

[NorfolkNWeigh]

Would it make anything like £3000 as an OMGBarnfind, in its current condition? Then you'd only need to rent the space for a week for photos and collection.

[skattrd]

Any idea roughly how much it would cost to pay someone to do the work that would take you two months of every other weekend?

If it's not much more then renting garage space for six months I'd be tempted to pay someone to do it so you have the weekends to yourself. Yes I know this isn't the AS way, but

[HillmanImp]

Any idea roughly how much it would cost to pay someone to do the work that would take you six months of every other weekend?

 

I reckon it will only be a couple of months tops with every other weekend. I need 1 new sill, 2 new sill ends, sill strenghner, floor edges, windscreen surround, roof lip, couple of arches (not full arches, just small repairs) and probably a few other small bits. I will need to clean up and refurb a few other parts to get it ready for sale too as its a little scruffy but not terrible. Its going to cost a fair bit to get someone else to do it and they probably wont do it as well from my experience of garages as they do it to get it through the test not 'restore' it and I think anyone who did it properly would probably charge a lot more. 

 

Would it make anything like £3000 as an OMGBarnfind, in its current condition? Then you'd only need to rent the space for a week for photos and collection.

 

Maybe selling it as is might be a good idea. Could barn find it from here. Its currently in a garage but I can't really work on it as its underneath someones flat. Kind of bums me out to sell it as is but when needs must I suppose its an option. 

 

There is a 3rd alternative that I do nothing and fix it when we move house and am in a position to actually work on it. However Imp Jr will be here then and I have no idea how much spare time I will have to do it......Answers on a postcard for that one.

[skattrd]

There is a 3rd alternative that I do nothing and fix it when we move house and am in a position to actually work on it. However Imp Jr will be here then and I have no idea how much spare time I will have to do it......Answers on a postcard for that one.

 

I think you need to get the car sorted before the little un arrives, congrats on that btw.

 

See: http://autoshite.com/topic/19327-babies-and-children-how-do-they-work/

[HillmanImp]

I think you need to get the car sorted before the little un arrives, congrats on that btw.

 

Thanks. I was thinking I need to get it done too hence the need to find a lock up where I can finish it.

 

See: http://autoshite.com/topic/19327-babies-and-children-how-do-they-work/

 

Now I'm scared.

[Pillock]

Could you sub let the space, either shared with someone for 6 months or agree with someone that they'll take it over half way through?

[Timewaster]

I reckon However Imp Jr will be here then and I have no idea how much spare time I will have to do it......Answers on a postcard for that one.

None.

 

Sorry, didn't have time to get a post card.

[Asimo]

Sell GT6 as it is and spend the money on the Singer or the Visa. You must be bored of the Triumph by now.

 

Clear the decks for the arrival, what isn't done by then will probably have to wait for thirty years.

[Station]

130 is a lot for 12ft x 12ft.

[HillmanImp]

Could you sub let the space, either shared with someone for 6 months or agree with someone that they'll take it over half way through?

 

Maybe the latter as I would be leaving the GT6 there. I need to give him an answer today though and if someone bailed on me then I would be scuppered. 

 

Sell GT6 as it is and spend the money on the Singer or the Visa. You must be bored of the Triumph by now.

 

Clear the decks for the arrival, what isn't done by then will probably have to wait for thirty years.

 

Yeah, its kind of looking that way isn't it? I am not going to have the time by the looks of it am I?

 

130 is a lot for 12ft x 12ft.

 

I am thinking that. It probably stretches further forward but I would have to keep enough room clear for his Rollers to get in and out.

[AlabamaShrimp]

Leave the GT6 where it is, it costs you nothing and £130 for 12'*12' is a ripoff.

 

Although you're the other side of Bradford I'm looking for a biggish place to get set up and have no problems sharing as I've got sod all money. Poss going in with another bloke from college but with separate businesses so we can each do our own thing.

 

If there's at least 3 of us in then I know an excellent place in Rothwell that's an acre and has a giant metal shed on it. Don't think it will be cheap though.

 

I'm sure this all sounds easier than it actually is and I'm a slow bugger to get started but this might just be the motivation we all need.

[cort16]

Forget any kind of tinkering once imp jr comes along I'm now thinking of chucking my powered 120 a month lockup as I've been there about 10 times in 9 months and my cortina had had fuck all done to it other than a few nights I spent welding in some floor patches . If you're going to do it make sure it's well done before the baby comes along.

 

And yes do it cherish this time you have to tinker with your cars at leisure.

[Timewaster]

Impending fatherhood is a massive motivater though. I fitted a new kitchen and a bathroom in 2 months of evenings and weekends. I got finished with 1 day to spare. That Was 4 1/2 years ago and I have done absolutely zip since.

[HillmanImp]

Have rung up and said no. 

 

Might look at sharing if we can get a place cheap enough Al Shrimp but need to consider the fact I might be screwed for time shortly. 

 

 

And yes do it cherish this time you have to tinker with your cars at leisure.

 

Just been outside to sort the rear leaf spring out on the GT6. After appox an hour of fiddling, 3 of the 6 bolts I needed to fit had gone in, 3 would not catch the thread for absolutely no reason. So I would take it to bits again and magically all the bolts would go in fine. So I put it all back together and the same 3 bolts would not catch the thread, so I screamed 'FUCKING WANKERS' at the top of my voice, and booted a broom as it looked like the nearest breakable thing near me, snapping the handle and threw it out of the garage before storming off with a big puffy red face and coming in to have some alcohol.  

 

I will miss times like this.....

[New POD]

Plus, once you start grinding and welding, you can bet that there will be airborne contamination that reach out and mess up the other vehicles.

[New POD]

Buy some land and Build a "barn" on it.

[Mr Lobster]

Congratulations on the baby first of all!

 

Secondly, yeh say goodbye to the concept of 'free time' from June for say the next fifteen years of so. If you reckon you could get it done before baby then do it, otherwise sell as it is now. There's no way you'll have time or energy for it once the baby arrives.

[Tayne]

 

Just been outside to sort the rear leaf spring out on the GT6. After appox an hour of fiddling, 3 of the 6 bolts I needed to fit had gone in, 3 would not catch the thread for absolutely no reason. So I would take it to bits again and magically all the bolts would go in fine. So I put it all back together and the same 3 bolts would not catch the thread, so I screamed 'FUCKING WANKERS' at the top of my voice, and booted a broom as it looked like the nearest breakable thing near me, snapping the handle and threw it out of the garage before storming off with a big puffy red face and coming in to have some alcohol.  

 

I will miss times like this.....

YOU BROKE THE FUCKING BROOM, THERE'LL BE NO SPRING CLEANING FOR YOU!

 

DO YOU THINK YOU'LL BE LUCKY ENOUGH TO GET A NEW BROOM AND A DEATH WISH NEXT CHRISTMAS?

[Bren]

TBH I would have offered him £120 to buy the garage - that much for rent is'nt steep - it's fucking vertical.

[cort16]

Does anyone know the story with getting a mortgage on a commercial space?. If a unit came up for say 40 grand I wonder how hard it'd be to get a mortgage on it?

[HillmanImp]

Does anyone know the story with getting a mortgage on a commercial space?. If a unit came up for say 40 grand I wonder how hard it'd be to get a mortgage on it?

 

I suppose if you could get an interest only mortgage and rent it back to yourself assuming thats allowed, although even if it wasn't, that would be easy to get round by pretending to lease it to a mate I guess.

 

I would assume you would need a £10k deposit on £40k (25%) so the mortgage would only be £125 per month with a 5% rate. From what I know of residential lets, assuming the normal criteria are the same, the lender would want you to earn at least 125% of the mortgage in rent so you could rent it for £156.25 per month not problem but you would be expected to pay tax on the profit at your marginal rate. Even a repayment mortgage is only £175 so the rent would only have to be £218.75 on that basis (less tax on the non interest portion).

 

Another option if you have (or can set up) your own business, would be to use your pension to purchase the property. If you set up a Small Self Administered Pension Scheme (SSAS), which can have up to 12 people in them, you could borrow up to 50% of the scheme assets to purchase a commercial property and the money you earn on the property will be paid back to you in your pension tax free. 

 

So for example, a group of 4 friends decide they want some garage space. They all have pensions of £20k. They set up a company (or partnership) and establish an own trust SSAS.

 

They transfer their pensions into the SSAS and it has a value of £80k. They use £40k of this to buy a commercial property. However, as the tenants will be deemed as 'connected parties' the rental income must be at a market rate IIRC but instead of paying rent of £400pm to some chump and lining their pockets, you are each paying a return of 12% into your pension scheme each year on your £40k investment which is a pretty good rate of return and its all tax free. The remaining £40k can be invested as you wish, even in another normal pension scheme with an insurer such as Standard Life etc which is deemed to be an asset of the SSAS.

[AlabamaShrimp]

I have no idea what most of this above is up it sounds good and like you know a shit load more than I ever will. Count me in to whatever scheme you can think of, don't think my pension is worth anything like 20k though and I don't pay into it anymore

[AlabamaShrimp]

Anyone got £1000,000 going spare found a nice 79 acre farm near by that can be turned in to autoshite HQ?

 

Back in reality I've been on right move and the prices for land/units is all over the place. Found a really good one for £350,000 but don't know how I would get a mortgage

[messerschmitt owner]

commercial mortgage is ordinarily for ten years - or it was when I part-owned a shop

[HillmanImp]

commercial mortgage is ordinarily for ten years - or it was when I part-owned a shop

 

Didn't know that. I did it on 25 yrs on the one above. Over 10yrs the interest only one would be £150pm or repayment would be £333 according to the calculator on the internet. Still not unreasonable if you can find the right property.

[AlabamaShrimp]

So how much would it be on that one at £350,000? It comes with a detached house in front. The rental on that might cover the lot

[HillmanImp]

So how much would it be on that one at £350,000? It comes with a detached house in front. The rental on that might cover the lot

 

Ha, I am not sure what sort of deposit you would need on a commercial mortgage but assuming its 25% then the £87,500 I would need to pay upfront would rule that one out for me.

 

However it might be worth a look down the back of the sofa, you never know.

[AlabamaShrimp]

Shit I'm out, the sofas from ikea and it's got fixed cushions!

[PiperCub]

When I was buying a house, I always looked around (but never found) for my ideal - a de-commissioned country fire station, one that used to house two appliances with all the living room above and a yard out back (fuck gardens, what a waste of space). This would be an ultimate AS resisdence for me, storage, garage, workshop, what else can you want?