Experiences With Converting Garages To Residential Units?
I just submitted an offer on a quadruplex with a 4 car garage. I'll be getting a counteroffer soon and need some help to determine if the counteroff will be worth it. I'm trying to think of ways to get added value from this income property.
One idea is to buy the property as a 4 unit (qualifying for residential loan rates) and use the existing garage building (4 car spaces) to turn it into a 5+ unit in this high rental demand area, and sell it as a commercial investment later. The lot is large enough to still give all tenants off street parking, even if I add another 2 small living units.
Has anyone here converted garages? Did you run into any particular problems in doing so?
Gratefully,
MarleneM
Great out-of-the-box idea! Although I have no experience in this, I would assume you would have to get some sort of city approval--whether it be a building permit or variances or zoning changes I don't know.
The other thing is there is likely a different building code for homes than garages. You may be stuck with needing larger footings or such.
I'm guessing you will be forced to demo and rebuild from scratch.
What is the current zoning? Definately run this by the zoning and building department. You do not want to sneak this project. You could spend a lot of money and get shut down either during construction or while a tenant is living it in.
Do each of the units have their own electric and water meters? Add a new water and electric meter is significant. I am just guessing, but maybe 15k?
Brenda