Garage-apartment conversion? Is this possible? And, what’s more, is it a good idea? That really depends on your particular situation and what you’re ultimately going for in the way of function. Sure, it’s possible. But, is it wise and is it right for you in the long-term? These are big questions to ask. You’ll have to answer these and then get down into the nuts and bolts of a garage-apartment conversion.
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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