Garage Conversion Question

[Mark Gingrass]

To start off, I live in a nice part of town (moore, ok). I am looking for advice on garage conversions.

I have a 3 bedroom 2 bath house as it sits. I actually live in the house now. I am thinking about converting half my garage into a 4th bedroom.

Long term plans is to live in the house for no more than 4 or 5 years and then rent the house out.

What are some of the pro's and con's of having a converted garage? Would it be more rentable as a 4 bedroom rather than 3? How much more can I get? What if I decide to sell instead of rent in 5 years?

Also, what kind of costs will I be looking at to do the conversion, as well as undoing the conversion if need be?

Thanks for all the suggestions.

[Andy Luick]

It all depends on where you and what your revenue goal is for the property. I have converted tons of garages and carports over the years. It's very profitable for me to do so especially with our shared housing model. It sounds like you could make a 4th bedroom and still have room for the original garage? We've done this on our rentals but also created senior housing or a teen suite for our retail clients who needed extra living space. We have also swapped out garage doors a few times for french doors and created additional family room space for a couple of clients. I'm a 4th generation contractor and still run that business in addition to my real estate investing.

Do you have an HOA? If so, check with them first to see if there is anything that would preclude a conversion. I'd also check with several local real estate agents to get a feel for how it might effect value. If you do decide to proceed, get an opinion from some HVAC guys to make sure your system is designed to handle the extra load which wouldn't be all the much. Mistubishi makes a through the wall system that works well for garages and basements. Cost really depends on what you want and level of finishes