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Article by Ray Flynn at DiyGuys.net
Planning the Ideal Home Workspace for Your Small Business
Whether you plan to start a new business or need an improved space to help your brand grow, finding the ideal workspace is important. Of course, the costs of buying or renting separate real estate for your company are significant. So, working from home is preferable for many business owners. It is worth investing time and effort into creating the right home space to run a business, yet the process can be daunting. Let Greenhouse Homes of America help, starting with the following tips:
1) Choose Between Redesigning and Moving
Running your business from home can be a huge cost-saver. However, you don’t want to sacrifice all convenience by working from the kitchen table. Instead, consider renovating a space or finding a new home that suits your needs.
Renovating is often less expensive, depending on how extensive your changes are. In fact, well-chosen changes might even improve your home value, and a knowledgeable real estate agent can help guide you with those choices.
A home upgrade might be just the ticket, however, you have less options in the sense that you’re dealing with an existing structure and whatever land you already own. Plus, moving or building new construction may be more affordable than you realize. If it’s time to move on, work with a real estate agent throughout the steps of finding a new home that will perfectly accommodate your business needs.
2) Know Your Budget
One of the most important parts of making your business location decision is setting a realistic budget. Understanding what you can afford whether you are renovating, building, buying or renting a space is essential for making an informed choice.
Depending on your plans, you may be able to leverage an SBA loan to help pay the costs. There are a variety of restrictions on how these can be used, so make sure you fully understand before making your plans. Getting loan pre-approval can help solidify your budget as well as speed up the buying process. You’ll also find it useful to formalize your business plan before the application process begins.
3) Consider Your Business Needs
Think about the requirements that you have for your business location. For example, you may need space for team members to work beside you. If you intend to produce any products out of our home office space, make sure you understand the local zoning laws. Finding a piece of real estate that can legally accommodate all your needs is a common reason that home business owners move.
4) Think About Accessibility
When you are considering a particular piece of real estate, make sure to think about its accessibility. If your business needs to attract foot traffic, for instance, you likely need a property that allows you to live over a separate storefront. Alternatively, you may simply need to have clients and team members be able to find your location and park there.
If you do intend to host clients and team members, it’s important to make sure your space can accommodate them. If your preferred property simply needs repairs or renovations to make it the perfect spot for your business, connect with contractors like Greenhouse Homes of America, who will ensure a quality project that’s handled professionally.
5) Consider Financial Advantages
As it comes time to make your decision, carefully balance the costs and the requirements. Per LWS Tax and Accounting, you may be able to buy the real estate through your business if you are living there.
This likely represents a significant investment, so consider forming a limited liability company (LLC). An LLC helps to protect your personal assets if your business has debts you can’t pay (while sole proprietorships and partnerships don’t have these protections). In many states, you can easily and inexpensively form one with a service rather than needing to pay a lawyer.
With the above tips in mind, you should have an easier time meshing your business with your home. Choosing the right situation can help you to find success in your personal and professional lives.
Buying a Fixer-Upper: What to Know Before You Buy
Is that fixer-upper a diamond in the rough or a money pit? Buying a fixer-upper home always comes with surprises, but it doesn't need to be a total gamble. Before you invest in a fixer-upper, know what to look for, what to avoid, and how to make the most of your investment. Not sure where to start? Let Greenhouse Homes make it easy with expert advice.
There are two types of people who buy fixer-uppers: homebuyers searching for a bargain and real estate investors who intend to fix and flip the property. But while these buyers are both looking to build equity, the similarities end there.
Property flippers maximize return on investment by making updates that are in-demand with buyers and renters. This may include changing the floor plan or replacing outdated systems, but typically flippers focus on cost-effective cosmetic improvements such as:
● Hardware and fixtures
Investors also use neutral design elements when renovating a property. Rather than personalize, flippers focus on the leading home trends to appeal to the largest number of buyers. With upgrades like quartz counters and open kitchens driving buyer interest, investors increase their chances of selling at list price or above.
Meanwhile, homeowners prioritize upgrades that make their space more livable while cosmetic improvements come later (often via sweat equity). Compared to flippers, homeowners are more likely to spend money on:
● Energy-efficient appliances
● Major kitchen and bath remodels
More big-ticket projects mean more costs for owner-occupant buyers. Luckily, homeowners have a variety of financing options including mortgages for fixer-uppers.
Whether you're buying to flip or to own, avoid run-down properties. There's a big difference between a well-maintained but outdated home and a house that's sat vacant for years. Houses with these problems usually aren't worth the money:
● Foundation or structural problems
● Major plumbing or electrical issues
● Mold or water damage
● Pest infestations
● Radon, lead, or asbestos
These problems aren't always apparent to the untrained eye. Professional home inspections are a must for anyone considering a fixer-upper.
Buying a fixer-upper is only the first challenge. After finding the right property, buyers need to tackle the remodel. Staying on budget is the biggest challenge when renovating a home. While every remodel comes with a few unexpected costs (one reason we recommend padding your remodeling budget at least 10%), those extra costs can spiral out of control if you're not careful.
The most important thing you can do when remodeling is to start with a plan. Know what you want to accomplish and the order in which you want to accomplish it. Then, write it down so you don’t fall victim to budget creep and choose a remodeling contractor you can trust (like Greenhouse Homes) to communicate changes.
Buyers can also save money by reusing, repurposing, and reinventing materials. Instead of replacing bathtubs, sinks, and cabinets, resurface and modernize with new hardware. Or, shop at used building supply stores to find secondhand, surplus, and period-specific materials.
Finally, consider the long-term costs of improvements, especially if you plan to live in the home. Low-flow fixtures, tankless water heaters, ceiling fans, and other eco-friendly upgrades may cost more up-front but they’ll save money on utility costs over time.
A fixer-upper home can be a smart investment, but a low price tag doesn’t necessarily indicate a great deal. Before buying a fixer-upper property, know your goals and understand what separates a true fixer-upper from a money pit. Then, when you’re ready to tackle your remodel, reach out to Greenhouse Homes of America to learn how we can turn your property into a dream home. (407) 592-5811
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