We’ve all been there: earning extra money on the side can be the key to making life a lot easier. Whether you want to pay off student loan debt, start saving for a big-ticket purchase or build up a fund for the future, finding an extra revenue stream is a great way to reach your goal. If you live near a major city or attraction, you may have an opportunity to rent out your living space to travelers. Look no further than your garage for the perfect place to welcome guests. The first step to making this upgrade is to create a design plan for your space. You’ll need to make sure the garage has heat and electricity, as well as interior comforts such as furniture and an entertainment system. This is also an opportunity to include plumbing to offer a small bathroom in the garage if you would prefer to not share your home with guests.
In addition to renting, if you have plans to sell your house, making both cosmetic and practical updates are a good investment. As you continue making home improvements to the interior, don’t forget to consider external renovations also. You may want to consider upgrading to an insulated garage door as your first exterior upgrade. This is a home design idea that adds value to your home and is a must if you are planning on converting your garage into a livable space.
Be sure to weigh the costs between making current home improvements and the expected cost of your next home. Securing a mortgage pre approval is a great way to solidify what your budget for a new home could be. Replacing your garage door is an incredible upgrade, with a return on investment of over 93%, according to the 2021 Cost vs. Value Report by Remodeling Magazine. This means that replacing the garage will almost completely pay for itself when it is time to sell, in addition to the benefit of making your home look more attractive to buyers or renters. Maximizing the livable space in your home is a great investment, whether you plan to recoup the costs through renting, or decide to sell your home.
