It is widely accepted that storing farm equipment under a shelter is better than storing it outside and that hay stored in a barn is better than hay stored in the field. The following is a discussion of the costs and benefits of owning a building, along with some example calculations. In each example, you are given the opportunity to substitute your figures, which might more accurately reflect your local markets and conditions. The cost of a building depends on many factors including the amount of side enclosure, type of floor, height, and type of construction.
Costs also vary depending on steel and wood prices.
The building is open sided and has a dirt floor. It would be suitable for storing equipment or hay. The results in Table 1 show that farmers who traded their equipment after five years got significantly more for tractors and other equipment that were stored inside than for equipment stored outside. The equipment described in this example would require approximately 1,100 of the 5,000 ft2 of available space. Additional savings can be expected from reduced down time.