Working from home can be a business owner’s dream. Not only does it allow you to roll the cost of your office into your residence, but working out of your home office provides you with more freedom. If you’re in the market for a new house, however, you need to think of how your space could benefit your family and your business and what kind of design accommodates your company. While this can sound pretty challenging, you can start with the following tips, presented by The Mortgage Specialist.
Review Some Basics
As you house hunt for homes, keep the overall home buying process in mind. Remember your budget and what you can realistically afford, find a real estate agent and begin the search online. Additionally, you need to ensure that you have adequate funding for your home, and that you cover your business essentials. You should also decide whether you want to save money by purchasing an “as-is” home, which will likely cost less but may require you do some repair work that won’t be handled by the previous owners before it sells.
Apply for Financing
Pre-approval for funding determines your eligibility for a mortgage. Conventional loans are the most common home loans available. When it comes to mortgage options, conventional loans are not only more affordable than other lending options, but they are also more flexible. You can use a conventional loan for your primary residence, a second home or even a rental property.
Consider Forming an LLC
When you form an LLC, you create a business that has its assets and income, separate from your assets and income. Your business is its own entity and as such has its own liabilities and can purchase the property. Forming an LLC provides you with flexibility when it comes to liability and also provides tax advantages.
While many people hire an attorney to establish an LLC, you can also do so yourself. If you don’t feel like wading through red tape, there are even online services that help you set it up in five simple steps, saving you time and money.
Start the House Hunt
Once you have the funding out of the way, narrow down the location. Begin by listing all your priorities to your agent, taking into account what will help both your home and business to thrive. Your agent can provide you with a list of neighborhoods that meet your family’s needs and that are within your budget.
To narrow the potential neighborhoods down, think about how your family can benefit from the location. Do you have children who would attend nearby schools? Do you want to be close to popular shopping plazas? If your business has clients coming and going, you probably want to choose a location that’s easy to find and that has plenty of room for parking.
Look for a residence with a layout that has space to function as a family and also space to stay productive when it’s time for work. Your home office design contributes to your productivity. Many people have difficulty concentrating when their workspace isn’t separate from their leisure space. Sometimes this comes down to setting boundaries of various types. For instance, let your family know that if the door is closed, you’re working.
Or, you may prefer to take your office outdoors for fresh air and to better separate work space from leisure space. You can get creative and add a canopy overhead for some shade. Make sure you have the right flooring for ergonomics and aesthetics as well — a quality wood deck is an excellent option in terms of both function and look.
Consider other aspects that will keep you productive as well. Built-in storage is also useful to keep your workspace organized and tidy. For businesses that require clients to visit, you may want to consider a home with multiple entrances or plan to create a second entrance to your workspace.
If you run your business out of your home, you need a place that has room for your office, clients and your family. Once you know what your priorities are, it can make finding your dream home much easier.