Shops have value on many different levels. There is the satisfaction of having a place to create and work on projects that is hard to quantify, but definitely improves your quality of life. There is the value to your small business of having space in which to work wood and thereby generate income. There is the dollar value of the build itself, which will be a considerable investment and, finally, there is the resale value of your property after you’ve added your shop. Before you go too far, though, it’s worth asking a local real-estate agent about the potential return on your investment in your area; generally shops won’t add significantly to the value of your property, so it’s worth thinking carefully about what else the space could be used for if you were to sell. The decision about whether it is worth it to build is a matter of balancing all these factors: projected sales balanced against the cost; the cost of building is balanced against what it will be worth when you sell. Woodworking can be a creative outlet, can give you a sense of mastery, and even be a way to give back to your community by donating beautiful pieces to local charities for fundraising auctions, or creating pieces that future generations will inherit. Ultimately, the value of a shop might come down to the emotional and social returns that it will pay you and the people around you for years to come.
I am often surprised at what tools woodworkers don’t use or own, especially when they are some of the few that I find essential. Sometimes it’s just the difference between hand tool and power tool guys, but sometimes it’s just from lack of experience or the fact that they haven’t given it too much thought. Most likely they just buy tools as they need them and never really considered what tools would give them the most bang for the buck.
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