I am doing a cash out refinance and part of the cash, I would like to have my garage converted to a studio unit and rent it out. I am Less than 10 miles from both naval bases and then miles from SDSU. I am getting mixed answers saying that additional living space will increase the value of my house some say it will decrease the value of my house. What are your thoughts? Thanks￼
This has NOTHING to do with our thoughts.
Let me repeat this. NEVER ask for other's thoughts on anything that is market dependent, not people dependent.
If the houses in your area are comping with a garage, and all the houses there have a garage, you get a garage, and I don't care what anyone says.
Numbers is all that matter. Now mind you...
If YOU wanted to get extra income and you hold the house for 33 years, that extra income converting that garage will get you more money, especially if you are not ever planning on selling the house, right?
So you need run your numbers based on your goals, and data, never opinions.
May the monkey be with you... always!
@Jerryll Noorden not selling at this moment. I still have to find out some legalities in renting my rooms individually and renting out my garage as a studio unit.
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