Undertaking a garage conversion to apartment space could yield numerous benefits under the right circumstances. If you’re thinking about converting your garage space into an apartment unit, here are a few factors that could influence your final decision.
It is well-known that California has an affordable housing shortage, making it difficult for many families to maintain a decent quality of life due to sky-high rents. In response to this shortfall, numerous regulations and permitting requirements have eased, making the construction of accessory dwelling units on single-family and multi-family residential properties easier. One of the most popular strategies is the garage conversion to apartment option, which transforms an existing garage space into a fully livable, independent dwelling.
While the benefits of constructing an ADU are undeniable, there are multiple matters to consider before undertaking a garage conversion to apartment project. Here are a few major factors.
Financial benefits vs. cost.
If you live in a region within Los Angeles County where there is a major demand for affordable housing, an ADU could generate considerable revenue — revenue that could offset the cost of construction in a fairly short period of time (most cases under 5 years). With new residents desiring to move to Los Angeles and its surrounding cities, you could discover that an ADU creates an excellent opportunity to supplement your income.
For homeowners who are considering investing in real estate, this offers a significantly lower-cost option than purchasing additional real estate for the purpose of converting into single-family or multi-family rental housing. A garage conversion to an apartment would cost roughly one-tenth of an outright real estate purchase.
Flexibility of ADU use.
While many people opt for garage conversion into an apartment for rent, you can still benefit financially by converting your garage into an ADU for your own use. If you have family members who visit frequently, having a living space that is not only comfortable but completely private could be a significant benefit. However, an ADU can be used for a variety of purposes, including:
- A home office. With more and more businesses allowing employees to work remotely, having a spacious office at home allows you to conduct your work obligations without the distractions of children and general family life.
- A fitness center. This gives you not only space to have your personal gym equipment and accessories, but the resources you need to shower, enjoy a sauna, and keep snacks and water without either costly gym memberships or disturbing the other residents of the primary dwelling.
- An entertainment center. This can offer a variety of uses. Whether you elect to use it as a space for watching movies and entertaining guests at parties, or a den where you unwind after a long day, or perhaps as a playhouse for your children and their friends, this option can offer family enjoyment while increasing your property’s value.
EcoSmart Builders helps homeowners in Los Angeles County convert their existing garage spaces into beautiful apartment units for either rental housing or private enjoyment. To learn more about our services, please visit our information page.