Thanks, I hear ya about the permitting:) I work in construction so just talking to builders and the likes I get a 50/50 response on permitting it. Its such a small project I get weird looks when I ask!
The actual structure of the barn is of newer construction (built in '90 & permitted), so the conversion is really just interior walls,windows, doors, insulation, drywall, plumbing, electrical, kitchen/bath appliances, and all the finish work.
It would be on septic, approx. $5k.
Electrical, new meter $500, trenching/conduit $500. Already have meet with Elec. Comp.
On a well so trenching, PVC, new tank $3k
Drafting $1k
Engineering Free! (I work for one)
I would do a good majority of the work and borrow a tractor for the trenching. So I'm Pretty confident in the $40sq/ft, but its construction, there will be hicups. I also salvage what I can when I'm on jobs (I don't think I've paid for nail strips in years!).
I have enough cash for the whole project, I'd just be dipping into emergency fund money. Really don't want to get a loan or borrow from relatives. When I'm waiting for the permit, I'll save a little on the side for construction.
What is the 1% rule, thanks