Converting a garage into a studio apartment sounds like it would be a huge undertaking, but it’s a surprisingly easy process. Not only does this conversion expand the size of your home, but it can serve as a potential rental property as well. Here are four financial benefits of turning your garage into a studio apartment.
Expand Your Living Space
Even if you don’t plan on renting your new studio apartment, you’ll be amazed at how freeing it is to have additional space in your home.
Instead of having to buy a more expensive home with more rooms in today’s market you can upgrade your home. Attached studio apartments are perfect for older kids and teenagers who are in need of their own space.
This is also a great place to house an older relative who’s in need of care and supervision, as it allows them to have their own apartment while still living in very close proximity to family members.
Potential Rental Property
While you might enjoy using your new attached studio apartment for your own needs, it also makes for a great rental property. Homeowners can often cover most or all of their monthly mortgage payments with the income that these rental units generate.
If you don’t want a tenant living on your property full-time, you can use the space as a part-time rental property on a home-sharing website like Airbnb.
Lower Heating and Cooling Costs
Many homeowners end up paying more than they ought to in heating and cooling costs due to poorly insulated garages. When you convert your garage to a living space, you’ll likely end up spending less on your monthly utility bills.
other valuable tips:
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The “Bones” Are Already There
Many construction projects are expensive because you’re trying to build something from nothing. However, when you’re converting your garage into a studio apartment, the “bones” already exist. You’re not building a structure from the ground up, but rather converting a structure that exists into a livable space. For a studio you’ll have to do a room and kitchen remodel in the space that it’s already there.
You should always try to make the most of the space that you have. Turning your garage into a studio apartment allows you to truly make the most of your property. This is indeed a home renovation project that all homeowners ought to consider.
Image Credit: studio apartment by Pixabay
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