Garage apartments are one of the most popular home renovations in the country, and they're also a great investment.
Perhaps you have a college student that’s looking for some independence and privacy without the full responsibility of renting an apartment (and you as the parent having to help pay for it). Perhaps you have a hobby and you’d like a studio to work in that doesn’t charge you rent or usage fees; or perhaps you’d like to generate some extra monthly revenue by converting your garage into a rental property.
These are all great reasons to build a garage apartment. They provide great convenience and save or make you money in the process. However, they aren't the only reason you may want to consider a home remodeling project that involves converting all or part of your garage into an apartment. Here’s a list of these and some other great reasons to invest into a garage apartment.
Extra Rental Income Apartment
Who couldn't use some extra cash coming in each month? A garage apartment is a great way to create a rental properly right where you currently live. It can be especially easy to rent out in college towns, fast-growing parts of town or any other place where there is a large number of renters. You may also want to look into the possible tax benefits associated with owing this type of rental property.
Use it as a Guest House
Got the in-laws coming over for a visit? Maybe your college aged kid is looking for some more privacy. A garage apartment makes a great guest house, whether it be for temporary guests or a more long term non-renting resident, such as a family member. Generally, the living quarters of a garage apartment can have its own entrance, separate from that of the garage part of the garage (if it’s still being used as garage).
Your Personal Studio or Office
Whether you’re a part time artist or running a business from your home, a garage apartment may be the perfect headquarters for you. There’s no commute, no rent and you have full control of the premises. It can give you a great way to separate home from work (or serious play), while never leaving home.
Garage Apartments Make Great Starter Homes
Maybe you’re planning on building your own home. You’ve bought the land, but you don’t have all the money yet to actually build it. By starting with a garage apartment you can have a livable property on the land very inexpensively. Then you can continue saving money and finish building your full home when you’re ready.
Personal Downsizing / Low Cost Privacy
For many empty-nesters, once the kids are gone, there’s a lot of unnecessary space in the home that still needs to be cleaned, heated, cooled, occasionally refurnished, etc. By selling or renting out your home, and then building a garage apartment for yourself, you can greatly decrease your monthly expenses but still have the privacy of a home that apartments just can’t give you.
A Personal Retreat
Here’s something many people don’t realize. You don’t necessarily have to already own a house with a garage, or even a house without a garage to build a garage apartment. If you have a favorite vacation spot, and if this idea is practical, you could simply buy a small enough plot of land and build a quaint garage with an apartment above it. This could provide a great getaway spot that will save you a ton of money in the long run. Not only will it save you hotel expenses when you travel to that particular city, but when you’re not there, you could rent it out to generate some extra cash.
A garage apartment is generally very flexible. Six months or a year from now, you may want to use it for something entirely different, or even convert into a loft for any purpose. Generally, it only takes slight moving around of furniture and a few minor additional pieces of furniture or equipment and you’re ready to go.
Increase the Value of Your Home
In addition to whatever you may actually use it for, a garage apartment can add great value to your home. Not only can it add some great curb appeal, but when you’re ready to sell your home, a buyer’s virtually getting two homes in one with additional revenue potential.
Fore more great remodeling ideas for your garage, check out this article.
Our team of designer-builders at Reliant Construction are ready to talk with you about your needs. If a garage apartment is right for you, we can help you design it from scratch or work from your own plans. Perhaps you have a place in mind you’d like to reproduce on your property. We can help. Just call us today at 281-786-5199 or visit us online.