Investing in a detached garage can be beneficial for many reasons. First, it can increase the value of your home. Second, it creates more space for homeowners to use, however they would like. What if, in addition to these benefits, you could make money from your garage? With Behm Designs’ garage plans with apartment space, you can! These plans have a garage as the first floor and an apartment that can be rented out for extra income on the second floor. Read on for 3 things to keep in mind before renting to a tenant.
Learn the Rules and Regulations of Garage Plans with Apartment Space
Before building the garage and finding a tenant, visit the local zoning or planning department. Some areas have strict rules about building on property and it is good to understand these rules before beginning construction. Submit the purchased plans and wait for a permit before getting started. In addition, talk with your neighborhood Homeowner’s Association (HOA). Some neighborhoods have rules about renting out space to tenants and it is important to understand whether this is something that your neighborhood even allows.
How Will You Arrange the Space?
The first thing to think about before a tenant moves in is how the space will be arranged. Plan out the layout of the apartment. Think about where a bathroom, kitchen, and bedroom space would be. Determine if you want to go for the studio apartment look or if you want to add dividing walls.
Create a Lease Agreement
The third thing to keep in mind before a tenant moves in is creating the lease agreement. First, research the average rental costs in your area. Figure out what others are charging for rent at properties similar to your own. Second, decide if you want to handle the lease on your own or go through a property management company. If you end up wanting to design the lease on your own, there are many templates online to use. If you want to be less involved with the day-to-day interactions with your tenant, hire a property management company to be the middleman.
Purchasing garage plans with apartment space is a good first step to transforming the second floor of your garage into a source of income. Contact the local planning department and HOA for more information. Research lease agreements, figure how to design the apartment space, and then work on finding a tenant. The income earned from having a tenant will quickly cover the costs to build the garage. For more information about different types of garage apartment plans, contact Behm Design today.