Three Things to Consider Before Turning Your Garage Into a Rental Apartment

 

No matter how much money you make every year, you might want to look at ways to make even more. If you have a garage that you barely use, you might consider turning it into an in-law apartment or a rental property that lets you make some money every month. Before you look for tenants and check market prices though, there are some things you should consider.

 

Local Laws

You should look at your local laws to determine what your city or county requires of a rental apartment. Some areas will require that you block any access between your home and garage such as a door that opens off your house and into the garage. You may need to add a separate entrance and provide your tenants with their water and electric. Most areas require that rental apartments have their own bathrooms and kitchens as well as windows too.

 

Convenient Features

If you want to spend less time cleaning up between tenants, you should look for some convenient features that will help both you and them such as epoxy flooring. Epoxy flooring is a great option for rentals because it cleans easily and is very durable. You can use it all over the garage floors, but you can also choose different colors to create borders between each space in the apartment. Tenants will also want amenities such as a private kitchen and a bathroom and at least one parking spot.

 

Finding Tenants

Once your garage apartment is ready, you need to find tenants. It’s smart to take a look in the local newspaper or to read ads online to see the current market rate for rentals in your city. You should look for rentals with the same amenities and square footage as your own rental. Many landlords also use property companies that manage their rentals and find tenants for them. Those companies can even do background checks on prospective tenants. Before turning your garage into an apartment rental, you should consider the features and local laws and how you’ll find tenants.