bazzateer
Posted a lot
Imping along sans Vogue
Posts: 3,653
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Grumpy's idea is the best from my point of view. I plan to retire within the next 10 years or so to the countryside to a small house with a barn or five in the grounds.
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1968 Singer Chamois Sport 1972 Sunbeam Imp Sport 1976 Datsun 260Z 2+2 1998 Peugeot Boxer Pilote motorhome 2003 Rover 75 1.8 Club SE (daily) 2006 MG ZT 190+ (another daily) 2007 BMW 530d Touring M Sport (tow car)
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bazzateer
Posted a lot
Imping along sans Vogue
Posts: 3,653
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Overdrive,
If you can afford to buy a unit (but can't find one locally to Glasgow) have you considered selling up and combining your house and unit funds then moving out to the countryside to a cheaper location with land or a barn (small holding etc)?
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1968 Singer Chamois Sport 1972 Sunbeam Imp Sport 1976 Datsun 260Z 2+2 1998 Peugeot Boxer Pilote motorhome 2003 Rover 75 1.8 Club SE (daily) 2006 MG ZT 190+ (another daily) 2007 BMW 530d Touring M Sport (tow car)
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Grumpy's idea is the best from my point of view. I plan to retire within the next 10 years or so to the countryside to a small house with a barn or five in the grounds. I did this, house, barn, three garages and a yard ‘Yay! Loads of space!’ 20 years later I’ve filled the lot!
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slater
Club Retro Rides Member
Posts: 6,390
Club RR Member Number: 78
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Bit late to the party but yes I bought my own unit about 4 years ago now. It's in Birmingham about 15mins from my house on a slightly 'rough' industrial estate. Its basically a old factory that was carved up into units in the 70s but the company letting them went bust and they ended up in private hands. It's a bit annoying in that regard as the access road etc. is badly maintained and it's basically a free for all as everyone owns their own little chunk of the road/yard. People plonk skips, cars even 40ft containers where they please.. In a way it's good tho as i can basically do as i please and as long as I'm not directly preventing the neigbours from going about thier buisness no one bats an eyelid really. Again its Birmingham, 2/3rds of the city are basically the third world. Home to them, owned by them and they even control the council now so as long as you keep things up to Mogadishu standards you don't have issues.
The unit itself is 24m long and 6m wide with pedestrian door and roller shutter at one end. Its high enough to have a mezzanine its entire length (I have 9×6m at the back) and has all the services, electric, water and gas. The roof was a bit shoddy when I got it but I'm replacing that this winter for little more than a few grand.
I was looking for a unit for a couple of years. Only interested in buying as I really don't understand how people can justify renting for a hobby. It's crazy to think people who can afford 500quid a month to rent a unit for no return don't just go and buy/build a unit! Met plenty of those people over the years tho! I looked at a few places, all at auction but glad I waited for the one i got. I originally won it at auction for 69k but it didnt reach the reserve so I ended up offering 72. With various fees it was 75k keys in my hand all solicitors paid off and everything.
As far as your situation goes obviously finding one is the issue. I would have thought Glasgow was a good place to look. Contrary to what some have mentioned city's are much easier than the countryside. I grew up in rural suffolk and units like mine just didnt exist. It was either renting off a farm, having somthing on the side of your own'farmhouse' or paying through the nose for somthing on a relatively posh industrial estate. Nothing affordable for somone on an average wage in the south east at least. Alot of citys have run down areas where property is cheap and theres alot of old industrial buildings about. I certainly found it much easier.
Then theres money. You will almost certainly be buying at auction if you want a decent price. People don't sell units unless the bank forces them to. They are just too handy/lucrative. You wont be able to get much in the way of finance. Nothing more than a personal loan really so you will have to save hard. Not somthing you can do on a whim thats for sure.
Cant see that theres much else you need to know. Maybe just making sure they your buying a unit that is classified for Industrial use and not just a storage or retail unit. all property is classified into classes. I think light industrial is B? It will say on the property particulars. Rates arent an issue at the moment. As long as you only own one unit small buisness rates relief will cover anything we would have for hobby use. This could change but I don't think it's likely in the current climate.
Oh and don't forget to budget for running costs. Power, water, gas maybe. Insurance is sensible too. You can get policys that cover building, contents and public liability. Everything is simlar cost to a house.
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I have gone down the small holding route also. It’s not to big, 2.25 acres (2 acre field and 0.25 acre garden/yard). There was a garage on site when I moved in which is 12m x 6.5m that needed re-roofing, a static caravan which was good for storing house stuff and a cottage that had had been bungalow gobbled in the 90’s. We bought it in 2007 just before the market crashed for the same price as a nice detached house in the same sort of area. Granted the cottage is smaller, but it was the space we were after. A house can always be made bigger. Again it’s in West Wales but I’m from here so no big change of scenery.
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bazzateer
Posted a lot
Imping along sans Vogue
Posts: 3,653
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Grumpy's idea is the best from my point of view. I plan to retire within the next 10 years or so to the countryside to a small house with a barn or five in the grounds. I did this, house, barn, three garages and a yard ‘Yay! Loads of space!’ 20 years later I’ve filled the lot! That's what worries me too! Currently have to sell a car if I want to buy a new one!
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1968 Singer Chamois Sport 1972 Sunbeam Imp Sport 1976 Datsun 260Z 2+2 1998 Peugeot Boxer Pilote motorhome 2003 Rover 75 1.8 Club SE (daily) 2006 MG ZT 190+ (another daily) 2007 BMW 530d Touring M Sport (tow car)
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I only have two of the cars that came with me The other 15 have arrived since🤪 You’ll be fine bazzateer!
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madmog
Club Retro Rides Member
Posts: 1,155
Club RR Member Number: 46
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[edited] The unit itself is 24m long and 6m wide with pedestrian door and roller shutter at one end. Its high enough to have a mezzanine its entire length (I have 9×6m at the back) and has all the services, electric, water and gas. The roof was a bit shoddy when I got it but I'm replacing that this winter for little more than a few grand. I was looking for a unit for a couple of years. Only interested in buying as I really don't understand how people can justify renting for a hobby. It's crazy to think people who can afford 500quid a month to rent a unit for no return don't just go and buy/build a unit! Met plenty of those people over the years tho! I looked at a few places, all at auction but glad I waited for the one i got. I originally won it at auction for 69k but it didnt reach the reserve so I ended up offering 72. With various fees it was 75k keys in my hand all solicitors paid off and everything. [edited] Oh and don't forget to budget for running costs. Power, water, gas maybe. Insurance is sensible too. You can get policys that cover building, contents and public liability. Everything is simlar cost to a house. I have a dilemma now, a unit's come up very near me, but I make my living investing in & developing property and the guilt at lost opportunity cost is holding me back. Ie I could make 6-10% off the money each year. Eg if I spent out £100K I'd lose the opportunity of at least £6K per year. Which is more than the value of the rust heap I would be working on. In fact a decent 2nd hand 911 every 2 years or a Boxster every year could be bought with that kind of money though I'd have nowhere to put them. Even more by weight of the unloved cars I end up buying. Buying a unit would free up the 30sq.m shed in the garden to use as a summer house and the small garage which doesn't fit a car. So it's a bit like paying the money to add a house extension. It'd also allow me to do louder work later and weld when it's raining. (I've been welding in the front driveway with a gazebo to protect the public from arc-eye). As Slater says, people hang on to units so in 10 years when I may be too old for heavy work, I could sell for more than I bought it for but still I can't quite make the man maths work. I'll ring the agent tomorrow then. :/ First world problems eh.
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I hear what you guys are saying and ended up buying a double garage a couple of years ago. It's nowhere near big enough really.
Unfortunately in most urban places if it's any bigger than a double garage it's a building plot and priced accordingly.
I can't think of any cheaper way into this type of 'lifestyle'.
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slater
Club Retro Rides Member
Posts: 6,390
Club RR Member Number: 78
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One thing you've got to remember is even if you don't run a proper buisness out of it owning the unit is a big 'enabler' towards making money 'on the side'. I don't think you could easily make a profit as such if you took into account all the costs and your time but in a way its at least partially paying for itself by saving you money on having to pay others to do things for you. All of my hobbys at least break even in the end as when you have the facilities at your disposal your able to take advantage of opportunities that come along. It could be as simple as seeing a decent car for sale cheap and having a spare space to store it while you flip it on ebay and double your money. I have so many mates who live life on the bread line sinking 1000s into their hobby of choice but it doesnt need to be like that.
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ToolsnTrack
Posted a lot
Homebrew Raconteur
Posts: 4,117
Club RR Member Number: 134
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Overdrive, If you can afford to buy a unit (but can't find one locally to Glasgow) have you considered selling up and combining your house and unit funds then moving out to the countryside to a cheaper location with land or a barn (small holding etc)? Well, I have actually but living in a flat with a near zero commute is pretty cost effective for me. Putting me in a house further out not only adds 2 hours of travel per day and associated costs that go with it, its also puts me in a smaller, non unit "garage". Its the obvious and most likely scenario, to be honest. Its certainly going to be more obtainable than finding the perfect unit...
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madmog
Club Retro Rides Member
Posts: 1,155
Club RR Member Number: 46
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One thing you've got to remember is even if you don't run a proper buisness out of it owning the unit is a big 'enabler' towards making money 'on the side'. I don't think you could easily make a profit as such if you took into account all the costs and your time but in a way its at least partially paying for itself by saving you money on having to pay others to do things for you. All of my hobbys at least break even in the end as when you have the facilities at your disposal your able to take advantage of opportunities that come along. It could be as simple as seeing a decent car for sale cheap and having a spare space to store it while you flip it on ebay and double your money. I have so many mates who live life on the bread line sinking 1000s into their hobby of choice but it doesnt need to be like that. This is valuable food for thought. If the space is there I could buy things that could also help mates to help offset their cost. Plus large tools that mean I don't have to pay out for someone else to do things I could do myself but for space. Just my small welder has paid for itself many times over in not needing others to weld. The world of a paint booth, grit blasters, car rollers opens up.
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[edited] The unit itself is 24m long and 6m wide with pedestrian door and roller shutter at one end. Its high enough to have a mezzanine its entire length (I have 9×6m at the back) and has all the services, electric, water and gas. The roof was a bit shoddy when I got it but I'm replacing that this winter for little more than a few grand. I was looking for a unit for a couple of years. Only interested in buying as I really don't understand how people can justify renting for a hobby. It's crazy to think people who can afford 500quid a month to rent a unit for no return don't just go and buy/build a unit! Met plenty of those people over the years tho! I looked at a few places, all at auction but glad I waited for the one i got. I originally won it at auction for 69k but it didnt reach the reserve so I ended up offering 72. With various fees it was 75k keys in my hand all solicitors paid off and everything. [edited] Oh and don't forget to budget for running costs. Power, water, gas maybe. Insurance is sensible too. You can get policys that cover building, contents and public liability. Everything is simlar cost to a house. I have a dilemma now, a unit's come up very near me, but I make my living investing in & developing property and the guilt at lost opportunity cost is holding me back. Ie I could make 6-10% off the money each year. Eg if I spent out £100K I'd lose the opportunity of at least £6K per year. Which is more than the value of the rust heap I would be working on. In fact a decent 2nd hand 911 every 2 years or a Boxster every year could be bought with that kind of money though I'd have nowhere to put them. Even more by weight of the unloved cars I end up buying. Buying a unit would free up the 30sq.m shed in the garden to use as a summer house and the small garage which doesn't fit a car. So it's a bit like paying the money to add a house extension. It'd also allow me to do louder work later and weld when it's raining. (I've been welding in the front driveway with a gazebo to protect the public from arc-eye). As Slater says, people hang on to units so in 10 years when I may be too old for heavy work, I could sell for more than I bought it for but still I can't quite make the man maths work. I'll ring the agent tomorrow then. :/ First world problems eh. Why not rent a portion of the unit to your development company for storage, that way you can grab ovens, bath suites, tiles Spammy spam spam spam, no thank you, man. etc when they are cheap and throw them in the next place. Even store excess doors windows plasterboard and timber for the next job rather than throw it.
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madmog
Club Retro Rides Member
Posts: 1,155
Club RR Member Number: 46
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If I rent to my Ltd co it has a cost to reduce profits but equally I personally have an income which will be taxed at marginal rate. It would cancel out. The rest is a consideration though
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Of course you may already have a garage / workshop at home but feel its just not large enough to suit your collection / interests and long before going hunting for a unit I would always look at what you have and give some serious consideration to how you could make it work it - It might be compromise but better this than nothing at all - when establishing the business I fully explored the unit option but believe me even has business with income the costs involved were pretty horrific yet alone finding somewhere suitable of the size / location etc - there is not a great deal of industry within the area that I reside the vast majority of the business market is high end technical that caters towards electronics & nuclear industries and they can increase the leases / rents accordingly to that market - units very, very rarely come to the market and when they do they are in excess of £200k +++ for a 800 - 1,000 sq ft unit - Hence I took another look at what I had Its not huge but it's 2.5 bays with a proper high pitched roof (to match the period property adjacent where we reside) - well built with a loft for storage - properly boarded out and accessed via proper staircase - power / water etc - plumbing for the WC (yet to fit) under the staircase - so business from home then - it made the commute very easy - the hard bit for me was sorting out the relevant planning permission to do so and that is whole different story in its self - but if you just want the space for non business use - what's stopping you using from what you have I would seriously consider what you currently have long before going looking for a unit - do you have land to build a decent workshop or extend what you have - more importantly do you really need so many projects or so much 'I will keep that just in case' stuff around you - add to that all the tat that we tend to accumulate in life - can you sort / arrange separate storage for the stuff that gets in the way but want to keep - separate shed or a lock up garage somewhere local So for the last few years I have run a very successful restoration business from my home workshop - space is tight - storage is at a premium and I can only work on 2 vehicles at any one time and even then its restrictive but it still happens - you need to be methodical & run a tight ship with rules on keeping 'stuff' or moving it on - otherwise you just end up refilling the space that you emptied The other side of the unit saga is that should you find what you want I will give a second guess has to what will happen - all this space will soon get filled - quicker than what you think and before you know it you cant move and you are falling all over stuff that has filled the unit - projects at sensible money become irresistible when you have the space to put them in - you find yourself with a unit full of stuff and so little time to do any of them any credit - its a dangerous disease - I would always recommend reassessing what you have & what you can do with it first before exploring the unit option
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Last Edit: Jan 7, 2020 20:17:36 GMT by Deleted
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glenanderson
Club Retro Rides Member
Posts: 4,108
Club RR Member Number: 64
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Project creep is a common enemy.
I chose to buy a large property, with plenty of space and the potential for building a substantial workshop, but unfortunately large properties come with large bills and large maintenance requirements. I find myself constantly sidetracked by other things that take precedence; it’s a never ending balancing act between the things I want to do and the things that need doing.
It’s important, I think, to maintain some perspective. We’re all juggling work, domestic stuff and hobbies, and none of it is easy; it’s taken me the best part of thirty years to get to the point I’m at now, and I can see at least another ten ahead of me.
If personal circumstances force us to downsize, then a modest house and a separate unit is likely the way we will go, but having things on the doorstep provides significant benefits in terms of security and access that make the current struggle worthwhile.
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My worst worry about dying is my wife selling my stuff for what I told her it cost...
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Paul Y
Posted a lot
Posts: 1,948
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One of my motorsport pals bought a small industrial estate in the midlands not that long ago. Sold his rather nice house in some where called Bell End to finance it. Rented out the 3 other units on the estate to fellow motorsport teams. The 4th one he uses for his own team and has a very large airstream style caravan parked in it which he tows to the various events he partakes in across Europe etc. Never seen the caravan leave the workshop.... A happier divorce you have never met. P.
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glenanderson
Club Retro Rides Member
Posts: 4,108
Club RR Member Number: 64
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Should circumstance ever leave me single, free of responsibility and still in good health, then I will live in a caravan parked in the corner of a unit. Even if it means maintaining a studio flat as an official residence to keep things legal.
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My worst worry about dying is my wife selling my stuff for what I told her it cost...
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Paul Y
Posted a lot
Posts: 1,948
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Should circumstance ever leave me single, free of responsibility and still in good health, then I will live in a caravan parked in the corner of a unit. Even if it means maintaining a studio flat as an official residence to keep things legal. Glen, I believe it is classed as 'on site security' P.
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Should circumstance ever leave me single, free of responsibility and still in good health, then I will live in a caravan parked in the corner of a unit. Even if it means maintaining a studio flat as an official residence to keep things legal. Snap! 😂😬
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