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Could your Garage be Earning you Extra Income
Car ownership is on the decline, and that’s created an opportunity for property owners with garages. Instead of letting these garages sit
One of the most obvious solutions is to convert the garage into storage units. However, the possibilities don’t end there. Garage parking can also be leased to artists in search of studio space, residents who have a passion for woodworking, or even local bands in need of a rehearsal space.
Before embarking on a major garage conversion, ask yourself these three questions:
1. What will renovations cost? Depending on the garage’s current condition and future purpose, you may need to invest in new plumbing, lighting, HVAC, drywall, and flooring. These costs can quickly add up.
2. What’s the income-generating potential? Take into account the garage’s square footage; whether
3. How secure is the garage? Take a serious look at the garage’s security. Can it truly keep your residents and their belongings secure? Be sure that all interior, exterior, and garage doors are in good working order.
With more than a decade of experience, LaDawn enjoys educating first time home buyers, working with the 55+ community, relocation clients, sellers who want to downsize, step up purchase or anything in....