Could your Garage be Earning you Extra Income

Dated: 11/08/2018

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Car ownership is on the decline, and that’s created an opportunity for property owners with garages. Instead of letting these garages sit vacant, consider transforming them into an income-generating space.

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 the space is climate-controlled; and any other amenities to determine how much you might be able to get in rent. Garages in urban areas typically command a premium compared to those in more suburban or rural locations, where land is more abundant.

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.

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LaDawn Westbrook

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....

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