Highland Park Garage Conversions – ADU General Contractor
Published by
Mike Smith
12/24/2019
What are some benefits of a garage conversion in Highland Park?
- Pay-off your a lot mortgage faster
- You can make up to $2,000.00 extra month in subleasing
- Having help with paying your mortgage
- Use the extra money to travel while the mortgage pays for itself
- Live life less stressed
- Use the profit from your renters to invest in other houses
- Buy the lake house you always wanted
The benefits of garage conversion are endless and entirely up to you, only you know what you can do with an extra $1,000.00 - $3,000.00 a month. This option is currently only available for Los Angeles homeowners. Unfortunately, not everyone will qualify to convert their garage into an accessory dwelling unit (ADU), legally, that is, so make sure to call us to find out your status.
The purpose of this article is to discuss the costs of a garage conversion.
In California, garage conversions are called “Granny flats” or Accessory Dwelling Units (ADUs). While laws have recently been eased in some localities to help with the housing shortage, a wise homeowner will check with local planning authorities. More than likely, the conversion will need to get a building permit to legally proceed. Permits will typically cost between $2,000.00 - $5,000.00 The ADU architectural designs will also cost around the same price.
A typical garage conversion in the US could range anywhere between $75,000.00 to $150,000.00. This can be turned into an elegant stylish makeover, equipped with modern appliances and contemporary posh décor. It might appear as though the amount is exorbitant in nature. However, these prices are reasonable, considering doing a conversion in one of the well-sought out areas in California – in Los Angeles. A lot of people are moving into the area for variety of reasons. Therefore, the return in your investment far outweighs the initial expenses that come with garage conversion. To simplify, a reasonable installment for a $20,000.00 loan is around $400.00 – all things considered, and a studio apartment could be rented out for at least $1,000.00/ month. That is a 60% profit-margin income that you get to keep for as long as you lease out your studio apartment.
This type of business is quite beneficial to homeowners because they are able to repurpose their underutilized garage space and turn it into their own private space. Homeowners nowadays prefer to make use of their underutilized 3 beds - 2 bathroom and sublease it to other people for $2,000.00, while paying only $400.00 for their private living space.
The cost for an “average” garage conversion in Highland Park ranges from $75,000.00 to $150,000.00 but this can be reduced to $40,000.00 for a “bare-bones” conversion or raised to $100,000.00 for a luxurious makeover with new appliances and posh décor.
The addition of a bathroom alone could cost upwards of $10,000.00 These costs will also be affected by the type of room the garage is being converted into; be it a bedroom, a recreational/living area or office.
As with any major construction project, a garage conversion will require careful planning, preparation, and expertise of a qualified professional contractor.