Earning Potential: Legally Converted Garage Apartments in California
The answer is more simple than many would suspect- garage apartments. With a garage apartment you as a home owner have the potential to turn a space you already own into a money generating space- once which would come at a one time cost and would pay for itself within a year. And the best part? Whenever your unit is empty- you are just adding another usable space with additional functionality and square footage to your home.
We all know the hesitations that many homeowners face when deciding to convert a garage into a living space for potential tenants, but there are a few general misconceptions that we should cover first.
1. Is it legal to convert a garage into an apartment in California?
- As with anything else- its important to consult with your local government agencies such as city planning, and read up on current local laws, but generally speaking the answer is yes. It is legal. Converting your garage into a rental unit can be done the legal way- it just takes the proper permits when converting; all of which we here at Garage Conversions LA will take care of for you. All of our conversion projects are completely legal.
The issue that many home owners run into regarding the legality directly relates to a membership in a home owners associations. In many cases, a home owners association calculated the number of parking spaces by the number of spaces available in a garage, therefore converting the space can cause a conflict- but every home owners association is different. We will be honest with you about your project and can save you a ton of time in regards to authenticating its legality. Simply put- it its illegal, we wont do it.
2. What kind of investment would I be looking at when converting my garage?
- Garage conversions can come with less expense than you'd expect. Of course there are many variables which determine the cost for completely converting a garage into a living space. Depending on your conversion type, garage conversions are involved with all construction trades from planning and foundation to framing, plumbing, electricity and roofing, all of those make a huge difference in the construction costs but in general if you are doing it legally and professionally, a garage conversion costs starts at $12,000 and up to $60,000 to the more complicated ones.
3. What kind of monthly income could a converted garage generate?
- Researched statistics state that the average cost for a studio renal unit in southern California is in the ares of $2,000 a month. http://www.myapartmentmap.com/rental_data/ . The benefit to you as a homeowner is that YOU don’t have to pay rent for the space as many property owners do; youre already paying for the space you could be using to generate some cash inflow. And the best part? Depending on the terms at which you take in a tenant- you can stop renting whenever youd like and utilize the space yourself for you and your family without the worry of losing out on an investment.
Garage apartments are on the rise, as The Washington post reports, and the rise in singles will change the rental market. The focus on smaller, more efficient spaces for singles is becoming more and more predominant- the market is growing. Perhaps its time to cash in on that goldmine of potential income and consider converting your garage today. And even if housing a tenant isn’t for you- converting your garage ads additional square footage and functional space to your home