Does it make $$$ sense to turn my garage into an apartment?

mande: Does it make $ $ $ sense to turn my garage into an apartment?
What I mean is, I want to rent my house out, AND I’ve thought of building the garage into a one room apartment AND renting that to a 2nd tenant.
Will I get more rent total, or will the loss of rent from tenant#1 (because of no garage) mean that it basically is a wash?

Answers and Views:

Answer by r2mm
You need to check your zoning and building codes first.

Answer by Trouble
As already pointed out, the first hurdle would be to see if it would be allowed per building/zoning laws.

If so, then onto permits, and getting the space up to housing codes. Add plumbing, heating, upgrade electric, add meters for gas, electric, possibly water …

It doesn’t seem like it would be worth the hassle.

Answer by Dr. Deth
it would cost 10’s of thousands of dollars to convert the garage – you have to put in plumbing, electric, water, kitchen, bath – the rent you would get would only pay the mortgage on the garage – maybe