Updated almost 7 years ago on . Most recent reply
Using a 203k for a Garage Conversion
I'm wondering if I could buy a home with an attached garage and use 203k to convert the garage into a studio apartment which I would live in while renting out the rest of the house. Obviously, this would be dependent upon local zoning. But assuming it is permissible according to local zoning and codes, would the rehabbing of the garage into a studio apt be an eligible rehab project with a 203k? My understanding is that as long as the garage is attached, it can be modified in such a way.
For a bit of background, I am planning to start grad school in the fall of 2020 and will likely end up in Portland or Denver, both pretty expensive cities. I'm thinking this would be a good way to start investing in real estate while also keeping my housing costs low so I can focus on school.
Most Popular Reply
A Nanny suite is a part of the house that would have a sitting room perhaps and bedroom with bath. Additionally a sort of kitchenette with some cabinets , small sink, small fridge , microwave but no stove. It is a self contained area within a single family home that may have its own private entrance. To prevent it from being a true second full apartment and maybe violate zoning codes or maximum occupancy it would have no actual cooking facility of a stove. So its not then a full second apartment. Also called an In-Law suite sometimes or Au Pair suite. The idea is that the occupant cooks and eats meals with the family in the one full kitchen. Here's a pic if it works just there is no stove. Often in a basement or other area.