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Sell or storage?

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Forum topic by lumberjoe posted 03-08-2013 03:01 PM 1467 views 0 times favorited 48 replies Add to Favorites Watch
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lumberjoe

2833 posts in 902 days


03-08-2013 03:01 PM

My wife and I made a decision a few years ago to move into my in-laws house and take over their mortgage. They moved into a small apartment. They have a very sizable tax lean on the house. The goal was they pay the tax lean off over a 4 year period, we buy the house for the remainder of the mortgage when paid off. Sweet deal right? If would have been except her scumbag mom hasn’t made a mortgage payment in 8+ months (despite us paying her more than the mortgage value) and he house is foreclosed.

We are going to have to rent for the time being as we do not have time to secure a mortgage and close on a different house. We also have kids and want to keep the environment as stable as possible, so we will rent a place for at least a year or two then purchase our own home. Because we DO NOT want to change school systems, our options are limited, and I will have to forgo shop space in the sake of family stability. So I guess this is goodbye for a while.

My question is, does it make sense to put my larger tools in storage, or just sell them? I plan on keeping everything but my table saw, planer, band saw, and drill press. Everything else is fairly small and can be stored in my parents basement. A storage unit runs about 150/month. At a minimum of 12 months, that 1800.00. At full retail prices, those items would cost me about 1,400.00. Since everything is fairly new, I could easily sell them for about 700.00 (fire sale prices) and realistically 1,000.00 if I get selective.

However, the stuff I have is nice. It’s perfectly tuned, free of the little defects some people have, and I have a bunch of jigs and what not specific to these machines. I am leaning toward selling, but would like some opinions.

-- www.etsy.com/shop/KandJWoodCrafts


48 replies so far

View Fred Hargis's profile

Fred Hargis

1786 posts in 1147 days


#1 posted 03-08-2013 03:09 PM

Tough call, and I’m not sure there is a perfectly correct answer. But with the costs of the storage unit being so high, it would be easy for me: I’d sell and start over when ready. Besides, you don’t know what would happen to them over a long period of time, they may come out of storage needing some investment (time and/or money) to get them back into shape. Sell them and be worry free.

-- Our village hasn't lost it's idiot, we sent 'em to Washington.

View paxorion's profile

paxorion

662 posts in 700 days


#2 posted 03-08-2013 03:12 PM

lumberjoe – sorry to hear about your dilemma. I think you’re asking a question from a very practical standpoint as I probably would, since I’m also an IT manager. Here’s what I see the math coming out to:

If you were to replace after ~2 years of time, assuming there is a price increase of +15% max price increase after 2 years, you’re looking at a cost of $1,400 + $210 = $1,610 (before taxes). Offset by the low price estimate of selling the tools: $700. Total bottom line = $910 to resume. Divided by $150, that means your break even point is about 6 months of storage.

Based on that calculation, if I were in your situation, the question I would ask is…is…your time re-tuning tools worth ~$900? In addition, would you want to take the opportunity to upgrade when you resume?

-- paxorion

View Mark Davisson's profile

Mark Davisson

493 posts in 1972 days


#3 posted 03-08-2013 03:14 PM

lumberjoe, I don’t know what part of the country you are in, but a storage unit around here that would be large enough to hold the tools you listed would run approx $40 per month. That’s monitored, 24-hour access. That’s not climate controlled.

I would hate to see anyone in your situation sell his tools. I wonder if there might be an opportunity to rent a workspace. A quick Craigslist ad might get some responses. There might be a widow with a 2-car (or larger) garage who is using only one side, or an outbuilding on a farm that is no longer being used, or a non-profit with unused space.

-- I'm selfless because it feels so good!

View b2rtch's profile

b2rtch

4329 posts in 1703 days


#4 posted 03-08-2013 03:16 PM

Do you know someone with a garage who store them for you free of charge?
If I leaved closer I would be glad to do that for you.
Make a new post on LJ and ask any one within two hours drive to do it, you shopudl find someone willing to do it.
Your story sucks bid time, sorry for you.

-- Bert

View sprucegum's profile

sprucegum

323 posts in 652 days


#5 posted 03-08-2013 03:16 PM

Sounds like a no brainer to me sell. The only other thought is do you have any friends that would have a place to park a storage trailer? I have seen some pretty decent ones go at auctions for about what you would pay for a storage locker for a year and you still have a used trailer to sell when you are done. another possibility would be a used cargo trailer but you will have trouble finding a decent tandem axle 16’ or longer under $4000.

-- A tube of calk and a gallon of paint will make a carpenter what he ain't

View paratrooper34's profile

paratrooper34

760 posts in 1606 days


#6 posted 03-08-2013 03:19 PM

Joe, how much storage space do you need? I might be able to help you out. I can make space in my basement.

-- Mike

View walden's profile

walden

696 posts in 677 days


#7 posted 03-08-2013 03:24 PM

I agree with Fred. From a money standpoint, it makes more sense to sell and buy again when you are ready. Also, you never know what the future will hold for you. You may find that your woodworking habits change and by the time you move into your own house, you may not want to work with large power tools any more.

This happened to me. I sold my house and took a job in another city during the recession. I went ahead and sold the large power tools and took the smaller power and hand tools with me. By the time I was in a place where I could do some woodworking again, I had become fascinated with hand tool only woodworking. The only power tool I have now is a Milwaukee drill that you recommended! I hope this helps.

-- "When and if the day comes a lion is on my roof, I am hiring a realtor." ShaneA

View Lifesaver2000's profile

Lifesaver2000

517 posts in 1766 days


#8 posted 03-08-2013 03:24 PM

One more option to considered. In my area, it is possible to purchase a nice movable 8×12 storage shed for about $1300 delivered and set up. If the rental home or your parents’ place has the space, you could store the tools and when you get a new place of your own, either sell the shed or keep it for additional storage space.

Whether that is worth doing would depend upon the geography and just how attached you are to the current tools.

View Jim Finn's profile

Jim Finn

1676 posts in 1576 days


#9 posted 03-08-2013 03:25 PM

I would sell them. I lost all my equipment in a divorce and have since replaced them with much better stuff. Just my experiance.

-- In God We Trust

View lumberjoe's profile

lumberjoe

2833 posts in 902 days


#10 posted 03-08-2013 03:37 PM

Mike, thanks for the offer! I wouldn’t want to impose on anyone because it could turn into a few years. My step daughter does not handle changes well AT ALL, so we need to keep things consistent – especially schools. Houses that we would actually purchase don’t come on the market that often in this area, and they are never rented. The best case scenario is a duplex type rental for at least 12 months while we look for a suitable house to buy.

I am fairly attached to these tools even though they are really nothing special. It’s all Ridgid, Craftsman, and harbor freight stuff. With that said, if I did sell them, I would very likely purchase the exact same items again. The only tool I may upgrade is the table saw. However , with that said, everyone that has recently bought a home knows that capital expenditure gets put on hold for a while as we would like to put a sizable chunk (60 to 80k) aside for down payment and upgrades. The likelihood of buying another R4512 is pretty high, the likelihood of buying a $3,000+ cabinet saw is pretty low – and honestly I wouldn’t replace the R4512 for anything less than that.

-- www.etsy.com/shop/KandJWoodCrafts

View DIYaholic's profile

DIYaholic

13540 posts in 1329 days


#11 posted 03-08-2013 03:40 PM

Perhaps an off the wall suggestion, but here it goes…..
Rent a large enough storage space, to be utilized as your shop. May not be able to be “fully” functional and you may need to limit project scope & size, but it would help to serve the addiction!!!

-- Randy-- I may not be good...but I am slow! If good things come to those who wait.... Why is procratination a bad thing?

View Don W's profile

Don W

15029 posts in 1222 days


#12 posted 03-08-2013 03:47 PM

$150 sounds high to me as well. I’d look for cheaper storage.

-- Master hand plane hoarder. - http://timetestedtools.com

View JSB's profile

JSB

683 posts in 732 days


#13 posted 03-08-2013 03:55 PM

Sounds like a lose-lose situation :(

If you are considering storing them for the long haul for about $1800 than it tells us you are willing to spend a small amount of money to hold on to what you have. But when you remove your tools to setup again you have no way of making that $1800 back. What about finding a small enough enclosed trailer (5×6, 5×8) to store the tools in. They only take up one parking spot and most apartment complexes allow them. When you are ready to set up again sell the trailer and get some of your investment back. Or keep it to deliver your awesome projects to your new clients ;)

My advice in this order:
1-Storage in enclosed trailer
2-Sell and rebuild.
3-Mobile shop. Look at this!

There is no way I can suggest a storage unit. Horrible return on investment. You would net a smaller loss by selling and rebuilding.

Hope it works out for ya buddy. Tough times.

-- Jay - http://www.jayscustomcreations.com or http://www.woodworkingwithsketchup.com

View b2rtch's profile

b2rtch

4329 posts in 1703 days


#14 posted 03-08-2013 04:00 PM

Store first, it will be time to sale later if necessary

-- Bert

View needshave's profile

needshave

150 posts in 614 days


#15 posted 03-08-2013 04:12 PM

Can you rent a POD? That’s a very substantial roll off container that is water tight and very secure. Possibly you’re parents could accommodate. I would suggest holding on to them, protect them with a suitable compound to prevent rust. Prices are going up, if its good stuff. I would keep it. But that’s just me.

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