3 Ways to Find or Create Space for Your Home-Based Business

From the tax advantages to the added freedom in your personal and professional life, there are so many great benefits of running a home-based business. To qualify for the IRS’ home office deduction at tax time and to ensure that you have plenty of space and privacy for your business needs, however, it’s important to find or create a designated home workspace if you haven’t already done so.

Not only does a private home workspace reduce distractions and boost productivity, but an office is especially important if your job requires you to meet with clients or handle confidential information. For some tips on finding or creating the space you need to run your business from home, read on!

1. Buy a Larger Home

Whether your city or county of residence prohibits you from operating a business out of your home, or you simply need more space that can be used for living, working, and meeting with clients, buying a larger home in a new neighborhood may be the best option for you in some cases. The Myriad at My Home Group can help you to find the right property for you and your business needs, while also keeping your home buying budget and location preferences in mind.  

If you’re struggling to make ends meet, it’s time to get a handle on both your personal and business finances. The following types of financial relief may be available to you, depending on your situation:

●      SBA Express Bridge Loans

●      CARES Act

●      The Main Street Business Lending Program

●      Traditional SBA Loans (not related to COVID-19)

●      Local grants and relief programs

Another way to get your business finances under control is to form an LLC. Registering as a limited liability company presents tax advantages, and you can shield yourself from potential litigation. Typically, the easiest way to form an LLC is to use a formation service.

After getting your financial situation under control, you’ll need to take any needed steps towards improving your credit score and saving for a down payment on the purchase of your new home. A higher credit score often means a lower mortgage interest rate — while as Policy Genius explains, a higher down payment could save you money in interest, private mortgage insurance (PMI), and monthly mortgage payments. Once you’re ready to begin your hunt for a new home, an experienced real estate agent can walk you through the entire home buying process.

2. Build Onto Your Existing Home

If you’d prefer to stay in your same home, city, and neighborhood — but need more space for your personal and professional needs — an office addition could be worth considering. However, you’ll need to plan for the cost and time commitment of building onto your existing house. When you work from home each day, you may simply not have the patience for this type of renovation.

3. Work With the Space You Have

If you have a spare bedroom, closet, wall, nook, or any other unused area that can be converted into a space for your home-based business, this will be the easiest, quickest, and most affordable solution to your home office dilemma. With the right furniture, lighting, decor, and equipment, just about any unused area can be converted into a functional space for your home-based business — and you don’t have to tap into your savings or apply for a loan in order to do it. If you regularly meet with clients or need a separate entrance to your home, however, some renovating may be necessary in order to meet the demands of running your home-based business.

The Bottom Line

When you run a business out of your home, it’s important for your workspace to be separated from the rest of your household — as this will help you to feel more productive and focused throughout each workday. Plus, there are great ways to find or create space for your work — whether you’re ready to buy a larger house, build onto your existing home, or rethink the space you already have. Mull over what will work best for you, so you can get down to business!

Connect with Myriad at My Home Group to meet all your real estate needs! Call (480) 361-8144 or send a message to schedule a consultation!