When you’re running your business from home, it’s a careful balancing act between your personal and professional life, which can sometimes be competing interests. Along the way, you may find that your business or your family are starting to outgrow your space and decide it’s time to make some changes to both your living and working environment. If you’re in the Buford area and exploring home-buying options, the Tamra Wade Team can help.
Establishing a Home Office
Many home-based business owners start out with a desk in the corner of the family room, a spare bedroom, or even a finished basement or garage doing double duty as office space. According to Forbes, to create a productive and professional environment, you’ll want to formalize your space with a dedicated office that’s quiet and off-limits to the rest of the family — no allowance for holiday decorations or exercise equipment in the corner!
Having space in your home that’s for work use only, you’ll be better able to focus, manage your time and your projects, present a professional image, and establish healthy work-life boundaries and balances. Invest in a computer, office furniture, printer, scanner, and other essentials. Set work hours when you’re to be undisturbed, just as if you were in an office building on the other side of town.
Expanding Your Space
If your home simply can’t accommodate a dedicated home office, either due to your growing family or your expanding business, you may opt to renovate. Home-based business owners often hire a general contractor to add on an extra room or two, finish a basement or attic, or otherwise convert an existing space — like a dining room or large alcove — into a private office.
Hamish Murray Construction Inc. says there are numerous options to consider. Taking this approach allows you to continue working from your existing home and may even increase the value of our property. If you go this route, get multiple estimates in writing from qualified general contractors, and make sure you have a firm understanding of both costs and timelines for completion.
Buying a New Home
At some point, it may make the most sense to move to a new home to accommodate your growing business. You may find you need more room, additional storage, or even meeting space to see clients on-site. If you’re considering this option, connect with an established and reputable real estate professional, preferably one who has experience helping home-based business owners find properties that meet the needs of both family and your business.
You can also search properties online to get a feel for the types of homes that are available in your location of choice, in your price range. Consider searching for homes that have established office space or amenities like guest houses or attached apartments that could be utilized as office space.
Getting Your Financing in Order
If you ultimately decide to upsize your home in order to expand your business, consult with a mortgage lender in advance to see what types of loans you qualify for based on your income, your credit score, and your debt-to-income ratio. If you’re selling a home, an appraisal can also help you determine what funds you might have to put toward a down payment. Getting pre-approved can give you an edge in a competitive housing market. Also, keep in mind, you’ll be eligible to deduct the costs associated with a home-based business office when you file your taxes, so conduct a cost-benefit analysis when determining your housing budget — you may be comfortable with a larger mortgage payment when you offset it with the potential for tax savings.
There are a lot of perks to running a business from your home. In addition to having no commute and flexibility in your schedule, when you manage your time well and set boundaries, you can have a healthy and fulfilling work-life balance.
Finding the perfect home to meet your needs can be tough to do on your own. For expert real estate advice on homes in the Buford, GA area, contact the Tamra Wade Team by phone or email.