Because a garage suite significantly increases the value of your property, many homeowners choose to finance the project through mortgage refinancing. In many cases, banks are willing to lend against the future value of the property and add the construction cost to the mortgage. This is often the most cost-effective way to finance a garage suite, since mortgage rates are typically lower than short-term construction loans.

Another option is to use temporary construction financing, such as programs like Financeit, during the build. Once the garage suite is completed and adds equity to the property, homeowners can often refinance or secure a lower-interest line of credit backed by the increased property value.

Alta Home works with homeowners and lenders to help structure financing options that make building a garage suite possible.