Author Topic: Buying property with garage apartment?  (Read 1298 times)

Pianoforte

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Buying property with garage apartment?
« on: January 12, 2015, 12:28:21 AM »
What are everyone's thoughts on buying a residence with a garage apartment that has a history of good rental rates?  This would be our residence and we would rent out the garage apartment to help pay mortgage. 

MsRichLife

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Re: Buying property with garage apartment?
« Reply #1 on: January 12, 2015, 03:39:42 AM »
We are actually just in the process of buying one as our post-FIRE home. Our thinking is to rent out the garage apartment on those occasions where we want a bit of extra income and are willing to put up with neighbours. We don't want anyone in there permanently because we are buying this property for peace and quiet (i.e. for its lack of neighbours).

If you are still paying off a mortgage I think it would be a great way to get some extra income. What are your downside concerns?

ShoulderThingThatGoesUp

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Re: Buying property with garage apartment?
« Reply #2 on: January 12, 2015, 05:39:37 AM »
Make sure it's OK with the municipality before buying. Don't want to plan around an income stream and have bureaucrats come down on you like a ton of bricks.

NinetyFour

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Re: Buying property with garage apartment?
« Reply #3 on: January 12, 2015, 05:42:56 AM »
+1.

Definitely make sure that the unit is legal and that any associated fees have already been paid by whoever built the unit.