With the new accessory-dwelling friendly legislation in California, many building owners are looking to legalize their unpermitted accessory dwellings and apartments.
It’s a smart move. It helps to ensure the safety of tenants, improves the resale value for the future, and keeps everything on the up-and-up with the city.
Here’s one such remodel for a historic home in San Francisco.
Because this is a historic structure, it has special protections with the city. This resulted in a long permitting process of about two years (which is the reality in major cities).
The plan calls for a new passageway that allows access from the main home and additional exits in case of fire. The plan also converts a previously unusable, closed-off space into a spacious bedroom. Designated bicycle parking helps the unit meet city parking requirements.
Now this building owner will be able to rent out a legal, safe home, bringing in enough income to pay for the project in just a couple of years.
The total project cost was $103,000. The apartment is expected to net $4,500 per month (that’s $54,000 per year) in rental income. That’s a great ROI.
Most importantly, this home is much safer and healthier than it was before.