You have this huge garage but you don't drive and you're not using it for hobbies or other large scale projects. At the same time you would like to pay off the mortgage in less than thirty years and although you pay on time each month, you wish there was another source of income. Well, you can use your garage as a way of earning income by turning it into an apartment. It may seem like a daunting task but with proper planning and hard work, you can have a tenant who will help you pay off the mortgage.
The first step is to visit your city's zoning and planning commission and discuss your plans with the head of the commission. If the manager gives you certain requirements for turning the garage into an apartment, fulfill those requirements so that you can avoid legal troubles during the project.
Create A Budget for The Renovation
This is important because you don't want to take out more money than you need for the project and get yourself in debt unnecessarily. Do research on each task you plan to complete for the garage renovation and compare different contractors to get an idea of how much a contractor would charge on average for the project. Another way to stay on budget is to focus on functionality for the potential tenant. However, you can add some stylish features to the garage for the tenant.
Insulate The Inside of Garage
This keeps the garage energy efficient because through installation you're keeping outside drafts from entering the apartment. This also helps the tenant maintain affordable rent payment since a lack of insulation will drive your monthly energy bill up and you would have to pass those costs to the tenant.
Hire A Plumber And Electrician
You'll need an electrician and plumber to install a functional lighting and plumbing system in the new garage apartment. Look for a plumber and electrician who is licensed and certified as well as insured to cover any liability damages that may occur.
Install New Flooring
This is also important as most garage floors are made of concrete and are cold and dull. You can install wood flooring in the garage but in this case you'll have to install a subfloor before you proceed with installing wood flooring. You can also install ceramic tile flooring or bamboo flooring if you're not into hardwood flooring.
Include Storage Space
Since the garage will be a studio apartment without multiple rooms, create shelves on the garage wall so that the tenant will have adequate storage for his items. Build a walk in closet in the garage for clothing and also include some decorative large storage boxes that you would place right under the shelves. When you put the furniture in the garage, include an ottoman that a person can sit on and that can be used as storage at the same time.
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