Need A House WIth A Workspace? Here are 4 Things You Haven’t Considered
Small business owners have big responsibilities. You are not only responsible for turning a profit at work, but are likely the sole provider for your family as well. If you are trying to cut costs and want to bring your office home, keep reading. Here, the Doyle Bryant Group shares a few under-considered topics surrounding maintaining a home office.
Not all neighborhoods are created equally.
When you’re looking for a house, it’s easy to get carried away looking at neighborhoods and communities you like. But, when your home will also serve as your home office, you’ll need to pull the reins back for a moment and research. If you are not aware, some cities restrict home-based businesses. Even in an area that allows working at home, if you choose an organized neighborhood, the HOA may strictly forbid any non-residential activity.
“As-Is” homes are a bargain, but only if you know what to avoid.
The average home in the United States costs just under $300,000, according to Motley Fool’s blog The Ascent. That’s no small price tag. When you’re looking to save money, you may be able to do so by shopping “as-is” homes. These are houses that are sold with a structural or other defect. You must take them as they are, which means you cannot request repairs prior to closing. While you may save tens of thousands of dollars off market price, you will need to be diligent. Most sellers will still allow a home inspection, but you will be on the hook for repairs.
A few examples of issues your home inspector might find include mold and mildew, termites, a compromised roof, or damaged septic tank. The latter of these can cost $10,000 or more to repair. If there are many problems, you may not save any money when compared to buying a home with room for negotiations.
Even a small house may be able to accommodate.
When your budget only allows a small property, don’t lose hope. There are still plenty of ways to renovate modest accommodations to make room for home and work. As Lushome illustrates, your home office doesn’t have to be large or extravagant to be functional. A compact desk and plenty of storage can help you make the most of your space. And, if you need to renovate, there are cost-effective and functional options here as well.
Consider insulating part of your garage, converting a walk-in closet, or building a half wall in an open dining room to separate your workspace from your family.
Starting an LLC can protect your investment if you own a business.
Finally, before you settle in, convert your business from a sole proprietorship to LLC. This can help you in the long run if your business losses result in financial hardships. With an LLC, your home is not considered part of your business, and you’ll have less of a chance of losing it if your business fails. There are also few tax advantages that can help you save money. The simplest and most economical option is to use a formation service that offers information about the process according to your state’s guidelines.
When you’re ready to buy a home for an office, you have to consider more than just the bedrooms and baths. The above can help you make a smart decision so you can settle in at home and open up shop.
The Doyle Bryant Group is here for you whether you need to buy your first home or sell your last. We offer expertise in all areas, including negotiations and contracts. For more information, contact us today at 717.860.7826.