Whether or not a garage conversion would be a good investment for your property should be the primary consideration when determining if and when to proceed with the project. If you are considering a garage conversion in Los Angeles, here are a few things you should know. EcoSmart builders is dedicated to providing exceptional consultation, design, and construction services to clients throughout Los Angeles County seeking to build accessory dwelling units.
It’s only natural to wonder if the cost, stress, time, and hassle of building an accessory dwelling unit, or undergoing a garage conversion project, will be worth the investment. Determining the soundness of the strategy can be a challenge in many cases, because you might not know if the undertaking was successful until you opt to put your home on the market. Here are a few basic, yet important questions you should consider prior to undertaking a garage conversion in Los Angeles.
- Have you undergone the correct legal permitting and planning processes? We cannot stress the importance of this step. If you ultimately decide to sell your property, or apply for a mortgage, failing to have the proper documentation, permitting, etc. will create major problems. There’s also the matter of understanding the Municipal codes — failing to adhere to them will lead to punishing fines and possibly having to remove the addition. In order to better understand the zoning ordinances and all of the legal matters you will encounter during the project, you must have the proper professional support guiding you through the process. This is not something you should attempt to undertake alone, even if you are extremely skilled in construction.
- If you decide to rent the space, what should you charge? It can be extremely challenging to determine the optimal rental price for the living space if you choose to rent it. This might require a great deal of research, bearing in mind that prices do tend to fluctuate quite a bit in Southern California. Return on investment must be a major consideration. You might want to consult with an assortment of real estate agents that specialize in investment properties, as well as different property managers and owners. And don’t forget to scan different online listings to discover what apartments in Los Angeles County are going for.
- How are you financing your garage conversion? If you have the money on hand to pay for the construction outright, then you’re one of the lucky few. If not, refinancing might be the best option if you have equity in your home. There’s also the option of a renovation loan, depending upon your employment situation and the steadiness of your income. However, you must take the lender fees into consideration; discuss pricing structures and fees with your lender.
EcoSmart Builders is proud to help a diverse assortment of clients throughout Southern California build gorgeous, environmentally friendly accessory dwelling units on their properties. Whether you opt for a garage conversion in Los Angeles, a detached accessory dwelling unit, attached accessory dwelling unit, or junior accessory dwelling unit, our team will be more than happy to partner with you throughout the project. For more details about our services, please visit our information page.