What if you could take your garage and turn it into a livable space without building a whole new house from the ground up? You can – with a garage conversion! Converting your garage into an accessory dwelling unit (ADU) is a great way to add some extra living space to your home without breaking the bank. Per Freddie Mac, from 1997- 2019, US had around 1.4 million properties with ADUs which are gaining popularity due to their many benefits for homeowners.
In this article, we’ll cover the top seven reasons why you convert your garage into an ADU.
Save Money
An ADU, or accessory dwelling unit, is a secondary living space on your property that can be used as a rental unit, in-law suite, or home office. Granny flats, cottage or garage conversions are some other names for an Accessory Dwelling Unit (ADU).
Nowadays, it is easier to create an ADU in many states such as California, Washington, Oregon, and many other jurisdictions. Building an entirely new home can be prohibitively expensive, but converting your garage into an ADU is a more budget-friendly option that can still provide all the benefits of having a separate living space since much of the building structure is already present. You are only converting the space you already have; it cuts down the construction cost, making it an economical choice.
Boost Your Home Resale Value
A functional and well-designed ADU can make your property more attractive to potential buyers and increase its resale value down the road. According to a recent study, homes with an ADU fetch an average of 35% more than similar properties without one. Converting your garage into an ADU will attract future buyers because of the additional space and income they can get by having an ADU.
If you're considering putting your home on the market shortly, investing in an ADU may be a smart way to attract more buyers. And even if you're not planning to sell anytime soon, an ADU can still provide you with extra income to help offset ownership costs.
Rental property
One of the most significant advantages of having an ADU is that it provides extra rental income. This can be a great way to offset the additional costs associated with owning a home, such as property taxes, insurance, and utilities.
In addition, an ADU can serve as a valuable source of income in retirement. Many retirees find that their 401k and IRAs are insufficient to cover their expenses, so building an ADU to rent can provide a much-needed financial boost.
Addition of Living Space
Who doesn’t like the idea of extra living space, right? Now you do not have to shift to a bigger house for extra space; instead, you can just create an ADU. An ADU provides additional space for different reasons. Besides living, people can utilize this space and turn it into the following:
Home office
Yoga Studio
Art studio
Personal Space
An ADU is a standalone apartment which is a better option than adding a single bedroom. You could either use the ADU for yourself, or you can rent it.
Provide Independence for a Younger or Older family member
An ADU provides independence for a younger or older family member. By having their own space, they can have a place to call their own and don’t have to worry about disturbing others in the household.
Additionally, an ADU can give them a sense of privacy and allow them to live more independently. For example, an elderly parent might want to downsize and move into an ADU to be closer to their family but still have their own space.
Alternatively, young adults might want to move into an ADU to be more independent before moving out independently. An ADU can be the right option. In either case, an ADU can provide the perfect solution for maintaining independence within the family.
Return on your Investment
An ADU is an investment that is sure to have a high return. Not only does it provide a passive income in the form of rent, but it also may increase the overall resale value of the house. Also, in most cases, building an ADU can be cheaper than building a house on a new lot or buying one in high-cost-of-living (aka HCOL) markets.
Since the infrastructure is already present and you do not have to build a standalone apartment, the money spent on construction is less. With the benefit of extra income, you also have more space on your property, making building an ADU a reasonable option.
Make better use of your garage.
Do you utilize the garage only for storage purposes? If yes, it’s the best time to convert it into an ADU to make the most of your garage. An ADU can provide many benefits, making it way better than a standard garage. So, without further delay, convert your tedious garage to a standalone apartment - an ADU.
Interested in converting your garage to an ADU?
Converting your garage into an ADU can add value to your home, provide extra space for family and friends, or even generate rental income. However, it's crucial to partner with qualified builders with experience in this conversion type to ensure the project is done safely and up to code. Casandra has years of experience helping homeowners create beautiful and functional ADUs that maximize their investment. Contact us today if you're interested in learning more about how we can help you convert your garage into an ADU!