Thursday, November 12, 2020 / by Alexa Castellanos
Image via Unsplash
If you run a home-based business, it’s important to have a dedicated office area that can be used solely for work-related matters — whether you choose to buy a new house with more space for your business, build onto your existing home, or convert a spare room into an office. For some tips on deciding which option is right for you and the needs of your business, read on!
Whether you’re out of spare rooms and living space, don’t have the time, money, or patience to renovate your existing house, or you’d like to relocate to a specific city or neighborhood that’s better fit for your business demographics, it may be time to buy a new home that meets your personal and professional needs. The team at Julie’s Realty can help you to find a property in your desired location and price range — but there are a few steps you’ll need to take to prepare for the homebuying process. These include:
- Managing your debt. If you’re in debt, you may need to reduce or eliminate some of these debts before buying a new home. To avoid wage garnishment when buying a home, for instance, several types of financial relief programs may be worth exploring — including settlements, debt counseling, consolidation loans, and bankruptcy.
- Improving your credit score. After managing your debt, it’s important to work on improving your credit score. HomeLight offers six strategies on boosting your credit score as you get ready to buy a new home.
- Saving for a down payment. Next, you’ll need to save for a down payment on the purchase of your new home. Depending on the type of mortgage you’ll be applying for, the amount of your down payment will typically range between five- and 20 percent of your home’s purchase price.
After completing these three steps, your real estate agent can help you to search for homes that fit your budget, business demographics, and any other wants or needs you may have.
If buying a new house isn’t the right choice for you, you could build onto your existing home to create more space for your home-based business. The average home addition costs just over $42,000 per The Spruce, but your project expenses will depend on the size of the office, the types of materials used, and whether you build up or out. Building up typically costs less than building out, but keep in mind that you will need to add a staircase.
As an affordable alternative to buying a new home or building an addition, you could simply convert a spare room into an office for your home-based business. To design an office that works for your home-based business needs, you could turn a spare bedroom, walk-in closet, or living room nook into a functional workspace — or you could convert a garage or basement into a home office. Plus, free online design tools like SketchUp, Floorplanner, and SmartDraw can help you to design the perfect office for your home-based business — even if you don’t have a whole lot of space to work with.
When you run a home-based business, sometimes you need more than a spare room in order to get your work done each day. Evaluate your needs thoughtfully. Whether you need a simple nook for everyday affairs or a bigger abode with a separate entrance to welcome clients, with proper planning and budgeting, you’ll carve out the right space in no time.
Article Written & Provided by: Tina Martin