Junk Removal in
2021-09-27 By Admin
Garage-apartment conversion. Three words that essentially spell out a lot of time, effort, and money. But, if you’re toying with the idea, you’re probably looking into how it will play out for the short and long-term. That’s great because it will have a huge impact on your home’s value and its resellability. Basically, making such a large change will indeed alter its function, aesthetics, and its overall market value.
Let’s begin with the pros and cons of a garage apartment conversion. It does provide more living space and it can generate additional income. What’s more, it doesn’t require a whole new mortgage, like purchasing rental property (if paid with cash or mostly with cash). Now, those are good things. Not to mention, it will increase the livable square footage, which helps to boost property value.
If you’re looking for a way to enlarge your home without shelling out for a full-scale addition, converting your garage into living space typically adds about 600 square feet (assuming it’s a two-car garage). The good news is that you’ll spend less than if you build an addition. Because a garage already has a foundation, walls, and a roof, using the existing structure typically costs around half what you’d spend for an all-new addition. --House Logic
However, when you do a garage apartment conversion, you lose the garage storage and parking space. Also, you just might be in danger of overbuilding for the neighborhood. Plus, if you can’t cash flow the renovation, that means taking on another debt obligation. Then, there’s the matter of resale. If you plan to sell in the future, understand buyers will see it as a positive or a negative.
A garage to apartment conversion is a big deal but it’s not at all an impossible task. And, it can serve good purposes, in more ways than one. Here are a few helpful garage-apartment conversion tips and tricks you can use:
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