A garage is often a place to store items away from the home. The area could become neglected and underused. This would be a shame, as with a bit of work a garage could offer you a brand-new way of generating income.
Garages can provide an excellent rental property. Tenants looking for smaller affordable housing could be interested in making use of a former garage space.
It is also possible to use steel garage kits to offer a versatile way to benefit from the extra space of a garage. The area could then be used as a rental home.
Here are some helpful tips on how to transform your garage into a rental home.
How Much Will It Cost?
The initial outlay of expenses for turning a garage into a rental property will depend significantly on the garage’s condition. What it has been used for preciously will have an impact on the wear and tear.
The overall costs of a renovation could be anything from $3000 to $30000. A complete overhaul will be significantly more expensive than a partial conversion.
Making additions to the essential layout of the former garage space may be necessary. It might be that you wish to use the space as a large studio apartment to rent out.
However, it may be that you need a new wall put in for facilitating a bathroom area or bedroom.
The first step to doing this will be to assess what the current walls are like. It could be that the structure does not require much change, other than the addition of new drywall and insulation. You will want to contact a drywall contractor to help you get an estimate of what can be done and what you want to be done. They have experience with a variety of drywall work and can quickly look around and give you some advice before you move forward.
Windows are another important consideration. If the new rental resembles a dark garage with little or no natural light, some windows will need to be installed. It is a good idea to make a floor plan for these changes.
Plumbingand Electrical Features
An important thing to get right when designing your conversion is to take into account the plumbing and electrical works. Getting the bathroom facilities correctly in place is essential to any home.
The best way to do this is to hire a contractor to look at help with the technical details of installations, wiring and plumbing. The contractor will also be able to assist with putting in the additional power outlets that a modern home will need.
Replacing the flooring in the former garage space is another important job.
A good idea for installing over an existing floor is epoxy flooring. It is easy to put down and offers a bright and glossy look that many will find appealing. As well as offering a variety of colors and styles, epoxy flooring is also dust-resistant and allergen friendly.
New light fittings will be essential to turning the former garage into a comfortable living space. Lighting features are available in a huge number of different styles.
There is sure to be a lighting style to fit the overall look you are going for.You canalso install the latest LED lighting to provide an affordable and durable way to highlight the space.
An essential question to ask yourself before putting the property on the market is, ‘is the place secure?’ A detailed overview of possible entry points including all doors and windows should be made. Carefully consider what the lock systems are like and replace with new ones if they areinsufficient.
If the garage is attached to the main home consider what the entry points are like between each. While you will have made all the right checks on prospective tenants, it serves peace of mind for property manager and tenant to have door locks and entranceways properly secured.
Turning a former garage into a rental home is a great way to boost your income. If you have taken care of financial, legal and security obligations, you can enjoy the space’s value.