While we have worked with many homeowners to convert their garages, having gone through the experience ourselves we want to share some big lessons learned and how we went about our conversion. In this first part we’ll share the financing and permit process of building an ADU.
There are a few ways to finance the cost of converting your garage. In our case, we decided to use a Home Equity Line of Credit (HELOC), as well as some money we saved. With the increases in property values across Southern California homeowners can tap into the equity of their home. Talk with your bank to see what the best options for you are, or, reach out to us and we can recommend you some trusted partners.
Something we made sure to do was not overbuild. We are confident that our investment is going to financially pay itself off simply by the added value to the home, so while taking out a loan always makes us uncomfortable, there is no doubt in our mind that this investment is worth it.