There is currently a great opportunity for many homeowners or rental property owners to increase their monthly income. This sometimes requires little investment and skill, depending on layout and other factors. Who should seriously consider converting these wasted spaces? Perhaps those who own property, but who cannot meet their monthly expenses due to job loss, disability, or other factors. It is pretty easy to do these types of conversions. If you are handy, or know of someone who can do basic carpentry, drywall, etc., you can probably make a simple efficiency apartment or two from wasted space.

First note whether the space is already wired for electric and/or has basic plumbing, as for a washer/dryer. If you have appliances already in the space, they will have to be moved to another location. Some workshops or other spaces have half baths. If you do not have one, a shower, sink and toilet can be installed in one corner. You may need to get a permit for this, so it can be done by a licensed plumber. This will run around $4,000 or so, depending on where you live. That is contracted price. If you do the work yourself, you can do it for about half that. The rest is mostly installing drywall to cover exposed studs, installing a sink and counter top, and painting. A range may not be feasible due to wiring, so countertop cooking plates or microwave ovens work well for a tenant or relative. If the space has a vaulted ceiling already, keep it that way, as it makes small apartments look much larger and more spacious. Keep wooden ceiling beams visible, as they do add to appearance. A bright-colored carpet, a ceiling fan and light kit, extra soundproofing on adjoining walls and at least one or two windows can create a very rentable and cozy efficiency or studio apartment.

This can bring in an extra $400-$600 a month for the owner. It is important, however, to check with your city's building/zoning department, to learn of any restrictions preventing you from making a conversion such as this, and using it for the purpose intended, before you begin.