Convert Garage to Apartment
The Garage Apartment is coming back into fruition. Whether you’re looking for extra money this year or if you need the space, now is a good time to convert your garage into an apartment. In recent years converting a garage into an apartment has taken off. Many of our clients are creating this apartment space to rent out for supplemental income while others need the extra space to board family members like college graduates moving back in or ailing elderly parents who need extra care.
Converting a garage into an apartment isn’t an easy task and unless you’re a professional it isn’t something you want to undertake. Many times when homeowners attempt to convert garage into apartment, they end up with an illegal garage conversion. They end up with a hefty citation and a slew of other problems that no homeowner wants to deal with. If you want it done correctly without hassle, it’s best to hire garage apartment builders. Knowledgeable contractors will know the proper coding and set up your garage into an apartment correct
the first time.
Here at Garage Conversions we’re often asked the garage apartment cost as well as if it can be done legally. Having it converted legally to an apartment depends on the size of your property and the location of the garage on the property to determine minimum setbacks from your property line. Yet, even with setbacks to your roperty, we may still be able to make your garage conversion happen!
The distance from the nearest sewer line, water supply, power lines, interior finishes such as flooring and cabinets can also make a big impact on the price. The average garage to apartment conversion cost varies widely between $40,000 and $70,000.
Considering the fact that the average one bedroom apartment can be rented out at $850 a month, spending $40,000 on converting your garage to an apartment gives you a 30% yearly return on your investment ratio.
By converting your garage to an apartment, you can rent it out and make money which will help you pay your monthly mortgage or just give you extra cash. Or you can have a space to accommodate elderly parents or college students who need a place to move in. Keeping your money in the bank earns a lousy four percent at the most. Instead invest your money in a garage to apartment conversion or if you need, take out a loan. You’ll be able to easily pay it off within three years with the money you’ll be saving.
Although pricing is something to consider, the long term investment is much greater. Homes are valued much higher than their
neighboring homes without room additions.
Everyone is always looking for extra space so if one day you decide to move out of your home, you’ll know you will end up with more money in your pockets because of the room addition. That room addition can be a new garage apartment.
Garage Conversions will give you a FREE In-home estimate so be sure to give us a call and we’ll handle your garage to apartment needs!