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If you’re approaching senior citizenship, a retirement fund is critical. If you’re a homeowner and want to add additional revenue to your retirement account, one of the best options is through garage conversion to apartment space. It can significantly extend your retirement savings and even provide you with extra income for day-to-day living. Moreover, your ADU (accessory dwelling unit) can offer you the resources you might need as you and your partner age.
Currently, Southern California housing is at a premium, and purchasing an additional home is extremely difficult for middle-income residents. If you’re already a homeowner, increasing your property value can give you security for the coming years. If you have children, it also offers fully independent space for them to come and stay or even live.
It is estimated that nearly one-quarter of all adults between the ages of 23 and 37 have moved back into their parent’s homes, making a garage conversion to an apartment space an excellent opportunity for both parents and children. This helps children develop their financial futures while enhancing the value of the property, and possibly providing considerable future income.
Additionally, a garage conversion is the most affordable ADU solution both in terms of outright cost and construction time. Homeowners don’t have to have an entirely new structure built, but have an existing space refurbished and transformed into a fully functional living area.
In Southern California, ADUs have proliferated, particularly in Los Angeles County, where the number of applications in 2020 increased by a factor of 60 from three years before. It is estimated that approximately 80 percent of all homeowners interested in constructing an ADU are interested in potentially using the space for multigenerational housing purposes. This can serve as space for minor or adult children or grandchildren, for aging parents, or even for downsizing purposes if you decide to rent the space in your primary residence, but want to remain in your neighborhood.
Ever-increasing Southern California rent prices have made multigenerational housing options extremely attractive for homeowners with newly independent children. ADUs offer safe, private accommodations that your college-age children can afford while in school. Once they’ve become more financially capable, the ADU can be rented to tenants at a price that can more than pay for the cost of construction.
If you have an older relative who needs continual care, constructing an ADU might be more affordable for both the short and long-terms than assisted living facilities. Your loved one can live in comfort and in proximity to loved ones, maintaining as much independence as possible while being close enough to you and family support networks to ensure their safety.
Garage conversion to apartment space is an excellent strategy for homeowners nearing retirement. EcoSmart Builders is committed to creating sustainable, durable ADU housing for Los Angeles County homeowners seeking to expand their living spaces. For more information about our services, please visit our information page.
