Before investing in a property with a cottage , it ’ s important to ensure compliance with local zoning laws and rental regulations . Additionally , wellplanned access points and privacy measures enhance tenant satisfaction .
Converting a Double Garage into a Bachelor Unit Another way to maximise cash flow is by converting an unused double garage into a self-contained bachelor unit . This is an increasingly popular strategy in high-demand rental areas , as it provides an affordable housing option while generating additional income for property owners .
Key considerations for converting a garage into a rental unit :
• Cost vs . Return : Conversion costs vary depending on plumbing , electrical work , insulation , and finishes . However , in most cases , a wellexecuted conversion can generate strong rental returns .
• Legal and Zoning Requirements : Some municipalities may require specific permits before converting a garage into a residential unit . It ’ s essential to check local regulations before proceeding .
• Amenities and Design : A bachelor unit should include a kitchenette , bathroom , and sufficient lighting to attract tenants . Well-designed compact spaces can command higher rents .
• Separate Entrances and Parking : Ensuring independent access to the unit enhances privacy and tenant satisfaction , which contributes to lower vacancy rates .
Garage conversions are especially effective in urban areas where affordable rental options are in high demand .
These units often appeal to students , young professionals , and singles looking for cost-effective accommodation .
40 REI MAGAZINE FEBRUARY 2025