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In-Law Suite
An in-law suite, or accessory dwelling unit (ADU), is a more expensive and involved project, but can be a great investment for your family.
In large cities, homes with an ADU are priced 35% higher on average than those without one. However, this can still be a low return on investment (ROI) due to construction costs. A garage conversion, on the other hand, uses fewer building materials for a lower initial cost.
Most families don’t build an ADU for financial gain, but rather to help aging parents live independently while close to family support. In 2021, 26% of American households were multigenerational, with one-third citing caregiving as a major reason for their living arrangement.
This project requires permits and zoning approval, so start with your local municipal board for guidance.
4/8
Rental Space
Converting a garage into a rental space can generate a fantastic stream of passive income to offset mortgage or maintenance costs. Short-term rentals are projected to earn an average of $278.19 per day in 2023, and the industry is expected to grow more than 19% annually from 2022 to 2032.
Transforming your garage into a mini-Airbnb can be a lucrative venture, but it’s also costly and complicated. A private rental unit with a kitchen and bathroom will cost more than just a rental bedroom, but the financial return will also be much higher. Do the arithmetic and determine which makes more financial sense for your situation.
Short-term rental laws are also constantly changing, so make sure to read up on local regulations and restrictions. Then check with your municipality for zoning and permit requirements before making any changes to your garage.
5/8
Art Studio
Here’s a way to greatly benefit your overall health and well-being. A study from the Society of Behavioral Medicine suggests people who take part in creative activities have fewer negative emotions and are less stressed.
In a home studio, you can pursue artistic hobbies like painting, photography, pottery or crafts. If you’re more musical, create a practice and performance space for your instruments. The isolation from the main living area minimizes disturbances, allowing for deeper concentration and expression.
It also creates an area to store and organize your art supplies or instruments, making it a great idea if you’re looking for an easier way to keep your home clean and organized.
