Thinking of starting a new home business? Or growing an existing one? If either of these apply to you, it may be time to carve out more dedicated workspace in your home. Ruoff Mortgage knows this can be a challenge since you want both your personal and professional life to prosper. There are quite a few ways you can do this, and the following pointers can walk you through each option and explain when and why you may want to work with a real estate agent.
Reworking space in your home is the fastest solution but you may need some essential equipment first. It makes sense to start with big ticket items first. That way you’ll have a better sense of what the rest of your project budget will look like. For most people, this means buying a laptop. But you may be able to find one at a reduced price if you shop manufacturer sites like Lenovo.
Once you have the right laptop picked out, you can begin shopping for office furniture. A desk and a chair are basic necessities, and sites like West Elm and Overstock make it really simple to shop for each. While you’re browsing, be on the lookout for room dividers and other organizational tools that can minimize distractions when you’re working remotely with kids.
You may want to consult a real estate pro if you are planning on making big changes and only then if you are planning on selling your home soon.
When a corner or closet won’t cut it, it may be time to renovate your home. Renovations that add space to your home are your best bet. These projects can include finishing an attic, basement or garage, or any other underused area you may have. Adding living space to an attic, for example, can be an extensive project, but as Bob Vila notes, it’s one that can also have big payoffs.
In fact, if you convert your attic into usable space you could add value to your home. Homebuyers love to see these spaces put to use, whether it’s as an office, bedroom or storage space. To turn your attic into an office, you will want to work with a professional, so add this additional expense into your home office budget.
If you do plan on eventually selling, you will definitely want to talk with a broker or agent about what renovations will provide the most appeal and value in your area.
As you set up your business, which can include establishing an LLC online, you may begin to realize that you don’t have the space you need to succeed in your current home. And that you can’t create any additional space. If this is the case, you have one of two options: buy a new home or design a custom home. Let’s go over a few tips for both.
When you’re self-employed, purchasing a new home can be a bit trickier than if you’re employed by someone else. But you can definitely make it work. You will need at least two years of solid income to do so, which could mean putting your plans on hold for a while. It’s also wise to look for a home with separate office space, so that you can take advantage of more tax credits. You should definitely work with a realtor to buy a new home.
If you can’t find a home that fits, you can also have a custom home built to your exact specifications. This option gives you the most control over how your workspace is incorporated into your home. Keep in mind that this can be a time-consuming project that can take anywhere from 6.5 to 10.5 months. A realtor can help you find the perfect piece of land.
Before you grow your business, you may need to update or grow your home. You just need to decide whether simple changes, major renovations or a move will do the trick. Then you can use the resources and tips above to complete your home office project.
Need a loan for your new home or remodeling project? Get the process started today with Ruoff Mortgage!
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