Advice on a Garage Apartment

2 Replies

Sorry if this is the wrong area for the post, I am new to the forum and it looked like the most appropriate place.

I currently own a home and am looking to do a hack by building a garage with an apartment above it. Total cost for the build is ~$120K which I would be paying in cash. This is for a very nice 520sqft build and includes some extra's (separate power and water, black top alleyway to apartment, burying power and low voltage lines from the pole to my house, and etc). Rent's in my area for similar places (nice garage apts) are going for $1,100-$1,400 / month.

One other thing to note, I plan on building a garage anyway which would cost me 35K-40K, so total extra for the apartment is 85K. I have run the numbers a number of times and the numbers always come out look good. I wanted to run it by you all to see what you think. Any advice/recommendations are greatly appreciated.

Thanks,

Blake

Great post and question. I lived in an apartment garage for years. I think they are really smart and a great use of space. 

The only advice I can come up with, comes from my old landlord. His biggest concern was selecting quality tenants, it being above the garage attached to your house, becomes pretty intimate; you don't want just anyone up there. He was a professor at a college; consequently, he was able to help a lot of students. He was very selective in his marketing and would rather it go vacant for longer to ensure the right individual or couple was placed. 

Originally posted by @Ryan Ingram :

Great post and question. I lived in an apartment garage for years. I think they are really smart and a great use of space. 

The only advice I can come up with, comes from my old landlord. His biggest concern was selecting quality tenants, it being above the garage attached to your house, becomes pretty intimate; you don't want just anyone up there. He was a professor at a college; consequently, he was able to help a lot of students. He was very selective in his marketing and would rather it go vacant for longer to ensure the right individual or couple was placed. 

Thanks for the input. I actually have already thought about that and will be very picky in choosing a tenant.

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