How New California Law Opens Garage Conversion Opportunities
When it comes to legislation regarding your property, most of us would rather skip the boring stuff and leave housing decisions to the experts. But are you aware of just what opportunities you have as a California homeowner? While some laws prove to be a snooze, Senate Bill No.1069 directly affects California homeowners, expanding the possibilities for the usage of their land. Do you own land in Los Angeles or surrounding areas? Read on to discover just how this bill has widened your property opportunities.
California Housing Game Changer
So what exactly is Senate Bill No. 1069? Approved by Governor Brown on September 27, 2016, Senator Bob Wieckowski’s Planning and Zoning Law authorizes the creation of a second residential zone, known as a “accessory dwelling unit,” on California properties.
How does having an accessory dwelling unit change the housing game? An accessory dwelling unit, or ADU, exponentially opens up opportunities for California homeowners. Property owners are now free to renovate and lease their land for supplemented income.
New Law, New Possibilities
Senator Wieckowski introduced the bill in order to make ADU’s more accessible to California homeowners. In turn, this raises the supply of affordable housing in California. There are a number of ways in which having an ADU can impact your property.
For one, converting your garage into a furnished living area will raise your overall property value. Regardless of your decision of what to do with the renovated space, your property value will rise when you invest in your garage transformation.
While creating an ADU will benefit homeowners in the long term, it also has immediate opportunities. Los Angeles is an exciting land that is the top travel destination for many aspiring artists. Having an extra room to rent out to travelers via easy to access apps will allow for the garage conversion endeavor to pay for itself.
Consider the possibilities. California homeowners are now able to take out loans for their garage conversion, earning back monthly payment installations through room rental. Since the garage can be made into a studio apartment, complete with plumbing, the homeowners will be able to pay for the investment, make consistent money off the project, and still enjoy the privacy of their own home apart from the renters.
While room rental is a popular economic opportunity to keep in mind, there are many other options that a fully furnished room in California could be used for. Do you have friends or family who are looking to make the big move but need a little time landing on their own two feet? Maybe you have a loved one who is going through a financial situation or who is dealing with a serious illness.
Having an extra room to spare is ideal for hosting family and friends, whether for an extended period or just a quick trip. Once your space has been converted, it’s really up to you to decide what to do with the opportunity. And thanks to Senate Bill No.1069, having an ADU is now an exciting possibility for California homeowners.