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September 26th, 2016, 07:11 PM
Thinking about buying my first home
Well as the title says I'm thinking about buying my first home. I think there was a thread on this a while back but I'll start my own thread because I want some different things from my home. I'm throwing around a lot of ideas and so far and I've done little to no research, I'm sure some of my ideas aren't feasible, hopefully you guys can tell me which.
Basically the things I want most are a large attached garage/shop and a place to build a home gym (squat rack, lifting platform, and room for some benches and stuff). Ideally I'd like to have a separate isolated indoor parking spot for my DD so I can keep my shop that much cleaner and nicer.
The shop I'd want to have enough room to have two projects torn apart with room to park a 3rd in the corner, the gym could probably fit in 1 bay of the shop if it was a nice open space, the ceiling would need to be 9ft or more for the home gym to have enough clearance. I'm picturing something like a 2 car garage doubled in length, bigger if I don't have separate parking for my dd.
I want to be in or near Fort Saskatchewan, I'm sure that makes a difference, most likely lots of the stuff I would want to build isn't going to be aloud in the city. If I build/ buy a place in the city resale is important as this wouldn't be home for much longer than 5ish years.
There were way I was thinking of getting what I want from a home
1. Take a floorplan of a home with a double car garage and extend the garage back a ways into the living space, this isn't my favorite idea but its the most likely that I would be able to build in the city, it would probably also be easy to resell.
2. Find a floorplan for something custom like a garage suite style place where floor 1 is all garage and floor 2 is the living space, this would likely be the cheapest option and would work, I kind of doubt you would be able to build this in the city and it might not be the easiest to resell.
3. My favorite idea is also the most expensive by far and it has alot of issues before making it happen. This would be finding an acreage, building a live in shop at the back of the land. I'd be doing this as a long term living situation, I'd want to be fairly close to the city as I don't want to add more than 10 minutes to every single drive to and from home. The idea would be I find a good location that I'd be happy living for 10+ years build the live-in shop now and build a house later if I decide to stay and need to expand for family, the living space in the shop then becomes the ultimate man cave lol. There are obviously a lot of issues with this plan, 1# being able to find a chunk of land and #2 being cost.
I make about 80k or more a year with my current gig. I have been saving up for a downpayment all year, I currently have about 70-75k saved up.
Thoughts, recommendations, anything? Feel free to tell me if I'm crazy or any of these ideas are dumb, like I said I haven't done a ton of research as of yet.
September 26th, 2016, 07:20 PM
Your not crazy, or dumb, but you REALLY need to read up on bylaws and development regs in general.
I wanted to build a live-in shop out near the Leduc/Beaumont area, good luck with that. The rules are on the books to keep schleps like us from devaluing property. You gotta to big or go home nowadays.
Also, anything in a city will have maximum allowed lot coverage. So unless you start with a large lot, you can't simply "extend" a current garage.
This is all based on you not getting allowances/relaxations. But I wouldn't bet on those coming through.
September 26th, 2016, 07:31 PM
I figured by extending the current garage I would be sacrificing living space on the main floor.
Originally Posted by HiTempguy
September 26th, 2016, 07:33 PM
I'm concerned that you're talking north of $700k which should be a stretch at that income level.
September 26th, 2016, 07:47 PM
I just helped a fellow purchase a home in the area you're looking at with a 40x50 sq ft shop on the property, heated - a legit shop. It was sub 600k, the house beside it was huge but needed renos.
Let me do a search for you and see what I can find, I'll shoot you a PM to get your email and help you out if you'd like.
September 26th, 2016, 07:48 PM
I'm definately interested in all the help I can get.
Originally Posted by JoshP2002
September 26th, 2016, 07:51 PM
I'm definitely trying to stay as cheap as I can. If I build a 5 year home in the city I would want to be around the 400k area, I might stretch a further if I found an acerage that fits my needs. When I say shop with living space I don't mean anything crazy it would probably be one maybe two bedrooms, probably 800sq ft or so with a healthy sized shop.
Originally Posted by JugZ
September 26th, 2016, 08:08 PM
Yeah, I'm thinking anything that small will not have (and also won't have the real estate to allow you to develop) a shop that big.
Originally Posted by Dieseldakota
I'm certainly not familiar with all areas of Edmonton, though, so please don't assume I'm spouting off like an expert.
I know Fort Sask is cheaper, but that mix you're looking for might be rare.
September 26th, 2016, 08:11 PM
I've shot you off two PM's, just found a few more things.
A few triple car garages in Fort Sask that would fit your needs - and some acreages that would be pushing your price point, but both have really large shops that would be perfect too.