I'm 19 and took four years of woodworking class in high school, along with some carpentry classes also. Woodworking was one of my biggest joys and I was very good at it and made some pretty advanced stuff. I considered going to school for further woodworking, but decided to go to college for something else with a bigger market, and I got completely free scholarship to that college. I had about $25,000 saved up and I already have a car and no student loans, so I decided to put together a woodshop with about a $5,000 budget. I did a lot of research on possible options, and renting wasn't feasible, and building a permanent shop on my parents property wasn't feasible either, especially due to the cost and the fact that I only plan to live at home for another 3-4 years. My parents gave me a 16'x9' storage shed to use, which we used to store yard toys and my dirtbikes. The challenge was that I had to relocate everything which I'm still in the process of, and I couldn't make any permanent altercations like block off doors or do anything visible from the outside. I insulated the shed and stocked it with tools I purchased. The following tools I purchased after extensive research were: Grizzly GO453Z Spiral Head Planer (new), Jet 6" Jointer (used), Grizzly GO555 14" Bandsaw (new), Ridgid Contractor Saw (new), HF Dust Collector (new), HF Scroll Saw (new), and various other tools and supplies. I also have gifted tools (Ryobi plunge router and some hand tools), and my dads tools from the garage including most my hand tools and handheld power tools, Craftsman Drill Press, and Porter Cable miter saw.
Here's the shed before made into shop:
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Here's after insulating with the various set ups, sorry for the sideways images, I cannot figure out how to fix:
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The shop is cramped, annoying to constantly change things around, but it's better than nothing. I typically used the table saw outside when cutting large stuff like plywood. I keep it heated to 55 degrees when I'm not in the shop, and about 65 when I'm working with a portable electric oil heater. The shop is actually pretty well sealed and insulated. I have R-10 foamboard in the floor, r-13 fiberglass in the walls, r-10 foamboard in the doors and some of the walls, r-20 foamboard on the ceiling, and energy star qualified windows. The heater keeps it at 55 on 1/3 of a turn on the thermostat low mode during a freezing day. I still gotta figure out what I'm going to do in the summer with humidity. I have 3 layers of paste wax on all my cast iron surfaces right now. As for electric, I have a 20amp 240V circuit, and two 15amp 120 Volt circuits.