Many homeowners find that a garage conversion to apartment space offers the potential for numerous financial and personal benefits. However, there are certain issues to weigh before undertaking a major construction project on your property. The following article discusses three of the most pressing factors that could determine whether the project could yield the outcomes you want.
The California housing shortage is more urgent than ever, with people experiencing either homelessness or unstable housing situations at a shocking rate. The growth of housing instability has led California elected officials to loosen regulatory measures and permitting constraints with the hope that homeowners will add rental units to their properties and fill the community need. Garage conversion to apartment space is one of the most popular options, because the transitioning of an established structure into a dwelling takes less time than building a unit outright.
However, garage construction into apartment space can be a significant challenge under certain circumstances. Here’s what you should consider if you’re thinking about converting your garage into a living space.
The integrity of your garage.
If your garage isn’t in good enough shape to withstand a conversion without a major structural overhaul, building a fully detached accessory dwelling unit might be the better solution.
How the cost of construction measures against the potential return.
There are numerous regions throughout Los Angeles County and surrounding areas that are in desperate need of affordable housing, so the possibility of significant revenue generation could be high. This alone could cover the cost of construction within only a few years.
It’s also a relatively safe real estate investment strategy, since it’s less expensive than purchasing an off-site lot and constructing units from the ground up. If you elect to undertake a garage conversion, you’d be spending approximately one-tenth of the cost of buying real estate and constructing multi-family rental housing.
Whether you’re comfortable renting the space.
If you’re in any way hesitant about the possibility of renting the unit to strangers, you should think seriously about proceeding, particularly if you would need state and local incentives to afford the cost. However, if you want to convert your garage into an apartment for flexibility and to raise the value of your home, you have numerous usage options for a garage conversion. These include:
- Living space for family
- Office space
- Home gym
- Man Cave/She Shed
The experts at EcoSmart Builders give homeowners the expertise and support they need to undertake complex garage conversion projects. For additional information about accessory dwelling unit construction in Los Angeles, please visit our information page.