If your garage is simply “somewhere you put stuff”, you are likely not maximizing the potential of your property. Start your spring cleaning now, KonMari your garage, and turn it into a lucrative rental property. Garage conversions are not only a great way to bring in steady rental income, but they also add value and flexibility to your lot. You have already done the hard part, purchase land in California, now is the time to capitalize on your investment.
What Makes a Good Garage Conversion?
1. A side driveway or corner lot-
Having easy access to the unit not only allows you to create a sense of privacy between the conversion and your primary residence, but it also makes the construction process easier, faster, and consequently, cheaper.
2. Access to outdoor space-
Outdoor space is always nice, but when you are considering a 400sf home, even a small patio can make a big difference. We are in California, take advantage of that indoor/outdoor living no matter what size the home is.
3. Good Footings and foundation-
It makes sense that a garage in better condition is easier and cheaper to convert. Things to look for are cracks in the foundation, whether or not your garage has footings, and if there is any damage to the framing (rot, termites, etc.). If the garage needs to be torn down and rebuilt, that will certainly be more expensive, but as you look into the numbers, even going this route is going to be worth the investment.
Construction time on garage conversions can be as little as 8 weeks. Meaning, you can have your backyard home up and running in just a few months. These 400sf studios or small 1 bedrooms can rent for $1500 or more in some parts of Los Angeles which makes the return on your investment immediate (cash flow), and long term (increased property value).
So, clean up your garage and put it to use!
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