Buy, Home Office Solutions…. Buy, Build, or Renovate?
A home-based business has many advantages. You will spare yourself the time and stress that comes with commuting. You will also enjoy a lower overhead as you won’t have to spend money on renting out an office. Before you can start working from home, however, you have to ensure you have a space set up that will meet your business needs. Here are some options on how to make that happen.
Buy a house to accommodate your home office needs
If you currently rent (or your house is simply too small to accommodate an office) you might consider upgrading your living quarters by buying a house. Many people see home ownership as an integral part of the American dream—this allows you to combine the goal of owning a house and owning a business in one step.
To get an idea of what property prices look like in your area of interest, scope out the market online. This will allow you to compare costs in different geographic locations. As Family Handyman notes, pay attention to details like how long each property has been on the market and whether there were price changes.
If prices are beyond your reach financially, you might consider buying a foreclosed home. These properties often sell for less, allowing you to save on your investment—and leaving you more money to invest into your business instead.
When buying a foreclosed home, there are certain steps to follow. Get a home inspection done before investing, read the fine print regarding limitations, and arrange for loan pre-approval before you make an offer.
Note that not all lenders will work with foreclosures, but sometimes an FHA loan can be used for the purchase. These loans have variable down payment options and don’t have as stringent credit and income requirements as conventional loans.
Build a brand new house and design your dream office
If you don’t find any appealing properties on the housing market, you might consider building your own house from the ground up. This option allows you to customize every detail, from the layout to the flooring and lighting. If you dream of a bedroom with huge bay windows and a skylight, for example, you can easily incorporate these unique touches in the design.
Although the benefits are undeniable, building a house of your own is a complicated process. You have to secure land to build on and ensure that you get the necessary zoning permits and construction approvals to legally build on that site.
In addition to designing the actual property, usually with the help of an architect, you need to coordinate a huge array of professionals (electricians, plumbers, landscapers, and more) to actually realize the vision created by the architect. Hiring a reliable general contractor to oversee these various tasks can be a big help.
Take advantage of existing space and renovate to create your office
If you already own a home that is large enough to accommodate a home office, you can simply renovate an existing space to serve your needs. A well-designed home office will promote productivity by offering a comfortable area with proper ventilation and lighting.
If you’re short on space, the right furniture can make all the difference. As HomeBlogZone explains, a corner desk allows you to turn otherwise little-used corners into a productive area, for example. You can even have two “arms” of the desk branching along the walls on either side of the corner, giving you even more usable room.
Take your time when considering the pros and cons of each of the above options. Whatever you decide will require some time and money, so you want to make sure you’re investing wisely. Once you make your mind up, you can start taking steps towards creating the perfect home-based business.
WorkSource would like to send a shout and big “Thanks!” out to Tina Martin, the contributing author of this piece. Tina stays busy as a life coach and works hard to help herself and her clients achieve a healthy work-life balance. Check her out here: Ideaspired
CREDIT: Tina Martin – Ideaspired
Photo Credit: Pexels
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