So, you’ve just got off the phone with Jack your son who recently finished college. He’s wondering if he can temporarily move back in with you; which is okay by you, except that you haven’t got extra room to spare. Perhaps you currently need some extra income to finance mortgage or another bathroom with that Jacuzzi you’ve always dreamed of.
If this is you, here’s some great news.
As a California homeowner, there's a new law to thank which makes it much easier to make home additions for Jack or the jacuzzi. This law addresses the need for new low-income housing units in areas with sky-high rents. Now property owners can convert their garages into extra room so long as they follow simple guidelines like not exceeding 1,200 square feet, or going beyond 5 feet from the property line. Check out the complete details here.
Here're why a garage conversion is one of the smartest investments you can make right now for your home.
1. It’s a massive opportunity for passive income
Imagine earning an extra $5000 to $10000 each year by simply converting your garage into an extra room and renting it out!
2. It guarantees robust return on investment
Planning your garage conversion with professional contractors will help you make the perfect adjustments to your garage. This will both save you money and increase the value of your home. For example, if you use low-cost finishes, you can save lots of money during renovations. And if you use high-end finishes, you can gain a high ROI when you want to sell. What’s more, you can convert your garage into a home office and save rent money to reinvest in your business
3. Extra room for extra family
Most people, like Jack’s parents want extra space in their house for returning family members. In fact, a recent study shows that young adults tend to move back in with their parents. According to this study, over 36% of young people live at home with parents while a further 40% of college students expect to move in with their parents after college. In addition, a 2011 study showed that 4.6 million elders – parents or grandparents - moved back home to be with their children.
And, this is not a trend going to stop soon. If you’ve got growing kids or expect to take in elders at some point, this will be an ideal option to consider.
4. Luxury within reach
The quote ‘what you need is right in front of you’ perfectly applies here. People sometimes wish to buy a new house because they want an extra bathroom or a bigger closet or some other lavish item. With the option of conversion, you can turn that additional garage into the bathroom of your dreams, and save on buying a new property.
5. It is faster than you think
A typical space conversion can take anywhere from three to twelve weeks, depending on your design goals. For example, transforming a 17ft by 9ft garage into a living room takes considerably less time than converting same into a bathroom.
6. More affordable than moving
Everything is a complete mess. You’ve got tons of poorly labelled boxes across the house. Jess is yelling, she can’t find her hairdryer and you’re sure the car keys fell into one of those boxes – but you’re not sure which one. Welcome to the nightmare called Moving House, one the average person moving house experiences. Obviously, when it comes to saving time and money, home remodeling is a home run.
7. More S P A C E is always welcome
Whether ROM or room, the average American loves more storage. A study reports that self-storage is one massive 22 billion per year industry. A place to put away memorabilia, work out equipment, old records or extra furnishing; everyone loves some extra space. Maybe you’ve also considered a playroom for the kids, some space to whittle away at woodcraft, or as mentioned before, a home office. Converting unused space in your home is often a sure way to go.
While the new law supporting the building of low-income housing is indeed a breath of fresh air, there might be stricter regulations in future about accessory dwelling units (popularly known as in-law units or granny flats). For example, at some point in 2016, accessory dwelling permits were not issued for a while. So, if have you been thinking about home addition or garage conversion, the time to act is now.
Working with expert guidance and the right contractor makes the whole process much easier. So get in touch with us today at 800-723-9946 for a FREE no obligation estimate from our professional and friendly team. Should you prefer a call back, kindly fill our contact form and we will be happy to give you a call.