(Submitted by Tina Martin.)
Consider These Options When Creating A Work-From-Home Space
Working from home can be hugely beneficial; not only does it allow for more comfort and freedom, but it’s also a great way to save money since entrepreneurs and those who are self-employed can run their business from home without worrying about paying for rent and other expenses at an office location.
No matter what your home-based business needs are, there’s a lot to consider. Should you buy a new home? Remodel? Redesign? It all depends on your business type, the amount of space you need and what you can afford.
Get organized before you buy
You may decide that you want more space in order to keep your family comfortable and your business completely separate, but there are several steps you’ll need to take before you jump into the home-buying process. First, connect with an experienced agent from the Paladin Realty Team who can guide you through the process.
Aside from speaking to a realtor, you’ll also want to think about how much you can afford. Be realistic when looking at your income and creating a budget; think about the monthly expenses related to owning a home. Next, check your credit to see where you stand. Give yourself some time to raise that number if it’s not where you’d like it to be; paying off credit card balances is a great start.
Next, make sure you find out the requirements are to get pre-approved for a loan. This will cut out some of the guesswork and will give you peace of mind during the process. Finally, you can begin your home search online, which is a great way to narrow down the options and do some research on available houses in your preferred area.
Make some changes
If moving isn’t the right choice and it’s better to stay put, consider making some changes that will help you run your business more smoothly. You might redesign your current workspace and give it a makeover that provides room for new tools and resources, such as a large desk and a new computer/printer. Or, you might decide to renovate to create a larger space that will accommodate your office needs or to give yourself more privacy during the workday. Keep in mind that a renovation will probably require specific permits from the city, so you’ll need to research the laws and roll the cost of those into your budget. Give yourself plenty of time to acquire them, since they may require you to make changes.
Design a home that meets your needs
For some business owners, it’s easier to design a brand new home that will meet all their needs. This is a great way to ensure that you have enough space and privacy, but it’s important to talk to your Paladin Realty Team agent throughout this process, as well. Not only will they help you find the right type of land, but they can also connect you with the perfect builder for your needs. In addition, your agent can help you negotiate custom changes to your new build so that you can have everything you want without overpaying. Think about which features are must-haves in a home/office space and do some research on pricing before you get started.
Make it legal
If you have yet to form your business structure, you’ll need to make it legal in order to expand your home-based business space. Many small businesses opt to form an LLC, (Limited Liability Company). This will make it easier for you to keep your personal and business finances separate, and there are several additional benefits as well. An LLC gives business owners more flexibility in how they run things, and there are several tax advantages. Filing yourself will save you money on lawyer’s fees, and it’s simple to file for an Oregon LLC online.
Running a business from home can have multiple benefits, but only if you start out with the right resources and have a dedicated space to work in; otherwise, it can set the stage for numerous business mishaps. By utilizing help from a top-notch agent from Paladin Realty Team, doing some research on all your options, and starting with a well-thought-out budget, you can ensure that your home-based business is everything you want it to be.
