So, you're looking to add value to your number-one investment, your home, and generate extra income at the same time. Well, your best option may just be one of the increasingly popular garage conversion projects you've probably come across in an around your California neighborhood in the last two years.
Yes, thanks to Senate Bill No. 1069 from 2017, homeowners in the Golden State can now add livable space to their residences without having to struggle through the previously stringent permit process. In other words, it's never been easier to convert your garage into an accessory dwelling unit, boost the value of your home and generate additional monthly income right off the bat.
Sparked by the state law from 2017, your range of financing options is wider than ever before and includes:
In addition to their construction expertise, certified garage professionals are also well versed today in the available financing options. They will be happy to walk you through the various packages and provide you with all the information you need regarding the best way to cover the cost of your project and turn your garage conversion dream into a reality.
Check your eligibility for garage conversion financing
5,428 have already checked and 78% were eligible
Because a garage already has a foundation, walls and a roof, using the existing structure will be a lot cheaper than an all-new addition; and your garage project will mean money in the bank from day one.
In Los Angeles, for example, the average home square foot is worth $350 - $450. Accordingly, a 400 square foot garage conversion could raise the value of your home by as much as $160,000 - way more than the cost of the project itself - and also provide you with a ready-to-rent accessory dwelling unit. In other words, converting a garage into extra living space for your family or a rental unit is one of the most cost-effective ways to generate passive income or simply enlarge your home.
In short, the various financing options at your disposal, coupled with the new state law, represent the perfect opportunity to go ahead with the garage conversion you've been thinking of - and at a relatively low monthly cost. In addition, the conversion will actually pay for itself and then some thanks to the rise in the value of your home and the rent income you will generate from the get go. Get your free consultation and quote now!