I'm planning on building a garage on my personal property and had this idea:
I need two stalls for myself which is doable, but what if I expand to 4 stalls, add 2 apartments above with 1 bedroom each or maybe make them studios, each tenant gets a stall, and rent is $600 per unit. Based on rough estimates of cost to build the entire structure, the $1200 per month pays off the whole thing in about 6 years after my own down payment and then can pay for the mortgage on the existing house.
Anyone have experience with this? Good or bad idea? Do cities usually have a problem with this or no? I've done searches but haven't found much.
Thanks for any advice and have a great day!
@Mark Devens with the popularity of Air BNB and Venmo this idea is becoming more and more popular. I would guess that any general contractor could advise you on if your local ordinances allow this and what the cost would be to build it. Certainly a great idea to generate income from your property.
You need to find out what zoning your property is in. From there you can determine allowable uses by reading the zoning. The zoning map and zoning descriptions can typically be found on your towns web site or by google search. Some locations allow for an accessory dwelling to have a legal apartment above the garage, some don't. It may or may not require a special permit and zoning board approval. Do some research online and then go to town hall and see what is possible.
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