Garage Conversion Question
To start off, I live in a nice part of town (moore, ok). I am looking for advice on garage conversions.
I have a 3 bedroom 2 bath house as it sits. I actually live in the house now. I am thinking about converting half my garage into a 4th bedroom.
Long term plans is to live in the house for no more than 4 or 5 years and then rent the house out.
What are some of the pro's and con's of having a converted garage? Would it be more rentable as a 4 bedroom rather than 3? How much more can I get? What if I decide to sell instead of rent in 5 years?
Also, what kind of costs will I be looking at to do the conversion, as well as undoing the conversion if need be?
Thanks for all the suggestions.
I live in a nice part of town
That line right there tells me you should NOT convert! I'm generally not a fan anyway, it always seems like something you only see in lower priced neighborhoods. Besides the "down market" appearance, here's some other reasons:
1. HVAC system designed for the square footage you've got now, pretty important in OK where you get a lot of heat and a lot of cold. Adding a window unit is verboten in about 3/4 of the subdivisions I've ever lived in in TX, for good reason, it's what people do on garage conversions.
2. As a rental it'll tend to attract lower market tenants, who don't care if their car sits outside and who'll see the extra space as a way to "sub-let" to friends and offset part of their rent payment.
3. If every other house in your neighborhood has a garage and you don't you're knocking down your value.
Although it's generally the least expensive way to gain square footage it's always given me the impression of "extended family under the same roof", which is against the law in many cities.
all cash
It can be harder to get a mortgage on a property with no garage.
4 bedroom for rental? Not good. Think about who needs 4 bedrooms badly enough to pay extra to get that fourth bedroom.
Even tenants want a garage and it is much more difficult to rent out a place that doesn't have one.
If anything, it be an addition to the house, not a conversion. Keep the garage and improve on other things to make it more attractive.
In our downtown area a garage is an exception not the rule in the best sections of towns. Lot size is limited.
I have converted a garage to a 4th bedroom in a house that wasn't finished and lack the square footage required by the HOA. I did it myself and raised the floor so you didn't have to step down. I'd add a carport the deal if you need car coverage.
Depends on where you live. Also HVAC planning is important. No one wants window units.
Originally posted by "PNW":
It can be harder to get a mortgage on a property with no garage.4 bedroom for rental? Not good. Think about who needs 4 bedrooms badly enough to pay extra to get that fourth bedroom.
Even tenants want a garage and it is much more difficult to rent out a place that doesn't have one.
I agree, the tenants you are looking for may as well go and find an apartment where you have a covered parking stall, no way I would move into a house with no garage
It all depends on where you and what your revenue goal is for the property. I have converted tons of garages and carports over the years. It's very profitable for me to do so especially with our shared housing model. It sounds like you could make a 4th bedroom and still have room for the original garage? We've done this on our rentals but also created senior housing or a teen suite for our retail clients who needed extra living space. We have also swapped out garage doors a few times for french doors and created additional family room space for a couple of clients. I'm a 4th generation contractor and still run that business in addition to my real estate investing.
Do you have an HOA? If so, check with them first to see if there is anything that would preclude a conversion. I'd also check with several local real estate agents to get a feel for how it might effect value. If you do decide to proceed, get an opinion from some HVAC guys to make sure your system is designed to handle the extra load which wouldn't be all the much. Mistubishi makes a through the wall system that works well for garages and basements. Cost really depends on what you want and level of finishes
It's nice to know u live in the nice part of town.
Check local building codes. Some jurisdictions require carport. I would consider converting entire 2 car to living area but leave front 5 feet walled off for storage locker .
Post is from 2008, ressurected by an advertiser.