Posted by ss55 on December 16, 2018 at 07:41:28 from (63.147.218.40):
In Reply to: Indiana Property taxes posted by Geo-TH,In on December 15, 2018 at 07:04:10:
George, Have you looked into all the costs for this building, i.e. the DIRTI five: Depreciation, Interest, Repairs, Taxes and Insurance? You have covered the taxes pretty well, but not the other four. Out buildings on a building lot often become white elephants that most people won't pay much extra for. If in 15 years you only get an extra $10,000 for a building that cost you $25,000, that $1000 per year depreciation will be more than the taxes. Three percent interest on the same $25,000 building will be $750 per year, the same as the taxes. Add in insurance and repairs and your annual costs for this shed will likely be over $2500 per year.
If this shed will only be used for storage, many people look into alternatives like renting storage space or thinning the herd enough that the extra shed will not be needed. If it will also be a shop, can you replace one or more existing buildings with this new shed and locate it on the same lot as your house?
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