How To Turn A Garage Into A Rental Property? - 4 Steps To Follow

Did you know that you can convert your garage into a rental property and make MONEY?

If you are able to convert your garage into a rentable income-producing property you will benefit from creating an additional rental income stream, additional profits, and #passiveincome.

Many real estate investors and rental property owners have numerous questions about how to go about converting their garage into a rental property. Some common questions are:

- How difficult is it to convert my garage into a rental property?
- Is it legal to turn my garage into a rental unit?
- Do I need to have permits to convert my garage into an apartment?
- How much does it cost to convert my garage into a livable rental space?
- Is it worth it to convert my garage?

In this topic, I will show you how to TURN YOUR GARAGE INTO A RENTAL PROPERTY - in just 4 Simple Steps!

Before I go into the 4 steps to legally convert your garage into a rental unit - we must first understand the exact definition of what is deemed a “Livable or a Habitable Rental Property.”

A rental unit that is livable and habitable to a tenant is one that has proper plumbing and electrical systems. The unit also is required to be secure and safe, have a kitchen and bathroom.

In order to turn your GARAGE into a RENTAL PROPERTY, you need to make sure that it is LEGAL. You won’t make any money if Code Enforcement is knocking at your front door.

4 Steps to Follow When Turning Your Garage Into a Rental Property Are:

Step 1. Obtain Your Building or Permission Permit

The first thing you need to do in converting your garage is to obtain approval from the City or County in which your property is located. A building permit is written authorization or approval from the City or County that you are approved to convert your garage into a living space.

It is important to note that each municipality is governed by its own building permitting and code requirements. If you need to get a permit to turn your garage into a rental unit you need to complete a permit application.

Typically you can get your permit application if you just type into Google (How to Submit A Building Permit For Converting My Garage?)

Step 2. Determine Your Garage/Apartment Layout

In order to successfully change your Garage into a Rental Property, you need to plan the property layout. If you are renovating a RENTAL PROPERTY that has limited space, this is the most important step.

If you do not plan well, your garage renovation will not turn out very well. To have income-producing rental property, a tenant must be willing to rent the property. If you do a great job with this step, your garage conversion will likely be a success.

Step 3. Start The Garage Remodel

If you are a #DIYRENOVATION and have the time to renovate your garage yourself - that is amazing.

If you will be hiring a contractor make sure you have a reliable contractor that knows and understands the layout, material, and costs associated with your garage conversion.

What to include in your garage renovation?

- Add plumbing and electrical
- Install doors and windows
- Relace flooring with laminate or tile flooring
- Include a kitchen, bathroom, and washer/dryer hookup
- Re-paint the interior of your apartment
- Add air conditioning and or heating

Step 4. Rent Ready Garage Conversion

Now that you have successfully converted your garage into a rental unit, you are ready to list the unit for rent, generate rental income, and hopefully #cashflow.

How much does it cost to renovate a garage into a rental property?

Depending on your area, permitting costs, the scope of the design and renovation items you can typically expect a range between:

$5,000-$20,000

I got an excellent price on my garage renovation due to adding it into another rental property renovation.

Creating additional rental income from unused garage space can be an extremely beneficial investment strategy.

Learn more about renovating a garage into a rental property:

https://maxablespace.com/garage-conversion-101/

#garageconversion #investmentproperty #jobin

0:00 Intro To Garage Conversion
0:35 Is A Garage Unit Legal?
1:25 Step 1. Obtain Permits
2:48 Step 2. Determine Unit Layout
3:35 Step 3. Start Renovation/Remodel
4:53 Step 4. Rent Ready Apartment
5:20 How Much Will It Cost?

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