Garage Suite: Why Do You Need One?
When it comes to having some additional space in your home-sweet-home, more is always better! Has the idea of constructing additional suites to accommodate a growing family or to get some rental profit crossed your mind as well?
You are probably thinking of extending the basement or the main floor, or have simply brushed-off the idea because of the “limited space”. Most people restrict their options by not considering the garage as a part of their house and that’s when the idea of “Garage Suites” helps them think out of the box!
A Garage Suite or a garden suite is a private living space or an apartment constructed over a garage which is detached from the house. It is equipped with cooking, sleeping, and sanitary facilities. The concept is to maximize the real estate by building a rental or in-law suite. Since the garage is detached from the main floors, building a suite on top of it creates an ideal living space without interfering with the privacy of the residents.
These accessory dwelling units are regarded as a win-win investment because of the various personal, financial, and social benefits they offer
Ideal for Personal Use
Whether you need some extra space for family members or guests are coming to spend the holidays with you, a garage suite provides the much-wanted accommodation. Also known as the in-law suites, garage suites can be ideally occupied by in-laws and retired parents with a desire to age in place independently.
The suite can be provided to a live-in nanny or a college-going young adult yearning for some independence. You can also use the suite for family gatherings, hobbies, or a relaxing spot.
Welcome the Rental Income
Buying a house is a big responsibility. Garage suites can save you from the financial burden caused by mortgage payments. Creating a rental space helps you generate supplementary income. But, sharing your house with someone can take away the feel of being the sole owner of the house. Thus, a garage suite presents a perfect solution.
Investing in a garage suite can be an excellent way of securing your future. You’ll be earning up to $1,400 monthly from this investment.
Imagine this: without a garage suite, you will be spending approximately $3,000 per month as assisted living costs for you retired parents. You’ll probably rent a one-bedroom apartment for your university-going children, spending up to $1,150 monthly for 11 month lease. And, don’t forget to minus around $400 monthly from your earnings as the child-care cost.
You can save it all by investing in a garage suite. This can help you save BIG in the long run.
Garage suites are a way of generating affordable housing in mature neighborhoods. These suites are not just an incredible way to deal with urban density; they also help build healthier communities. As a form of in-fill housing, they are also environment-friendly and beneficial for the economy.
Inspired by the idea of getting a garage suite? We at Edmonton Custom Home Builders are here to help. Let’s build your dream house!