Three years ago I purchased a single-family home in Wisconsin in the middle of a small city. It is a very unique property due to the fact it sits on an acre lot with an old 30 x 30 barn built in 1950. I purchased this property as my main residence and for a side job I like to restore boats and sell them.
I bought this property knowing the barn was in poor condition. About five years ago one of the previous owners had put a new roof on the barn but most of the corners of the building are rotten and the cement slab has cracked and heaved up in a section. In talking with the city building inspector I was told that since the property already has a two car attached garage and an 8 x 10 storage shed I was over the
limit on the amount of buildings that I could
have on the property and that the barn is grandfathered in so I could not take the barn down and build a new building in its location. Having multiple contractors out to give estimates on the building it will cost about $30,000 to straighten the building, put in new garage doors and put on a new roof and siding. This does not include Concreat or utilities the property is valued at about $170,000 I paid 120 for the property. Is restoring this barn into a usable shop to flip boats a good investment? Will it increase the property value? I’m worried if I leave the building in its current condition any longer it could be condemned and then I will just have to pay to have the building removed from the property. Looking for recommendations on the best way to proceed.
