Dec. 7, 2020
Written by: Tina Martin with Ideaspired
Image via Pexels
After years of dreaming, saving, and planning, you’ve finally achieved your goal of starting a home-based business. However, you’re quickly realizing that your house is too small for running a business and raising a family. Does that mean it’s time to move?
Whether you need more storage or room for your first employees, there’s more than one way to get the space your home business needs. This guide will help you design your ideal home office, whether you stay put or upsize with the Tim Murray Team.
4 ways to create your ideal home office
The first question to answer when building your home office is where to put it. These are the best options for building a home office:
1. Redesign a flex space
Repurposing an existing room is the fastest and cheapest way to create a home office. Storage, lighting, and electrical outlets are the basic upgrades necessary to convert a spare room into an office.
2. Build an addition
Without room to spare, homeowners turn to construction to meet their space needs. You can convert a raw space like a garage, basement, or attic; build a room above the garage; or construct a freestanding addition.
3. Upsize your home
Additions are costly and they don’t pay off in every market. If your real estate agent advises against an addition, look into what it would cost to upsize instead. It’s possible to upsize your home without increasing your budget by making a larger down payment, moving to a cheaper area, or buying a fixer-upper.
4. Build a custom home
Can’t find what you need on the housing market? A custom build gives you exactly what you want in a house. Just remember you have to sell someday! Work with a team of architects and real estate professionals to design a home with resale value.
Any major investment in your home calls for expert input. Whether you’re deciding between a garage conversion and an attic remodel or wondering what your home is worth, don’t make a decision without talking to a real estate agent.
Everything you need for a productive workspace
Once you’ve found your space, it’s time to design a fully-equipped home office. While every business is different, there are some things all home offices need:
- Convertible desk: Sitting all day is bad for your health. A convertible sit-stand desk pulls double duty so you can alternate as needed.
- Ergonomic seating: Pair your desk with an ergonomic chair that includes adjustable support for your back and arms. Include an anti-fatigue mat for when you’re on your feet.
- Storage: Bookcases, cabinets, and floating shelves are stylish alternatives to traditional office storage.
- Desktop or laptop computer: Decide if you need a desktop, laptop, or all-in-one PC. Then, optimize your workstation’s ergonomics.
- Internet connectivity: A speedy and stable internet connection prevents downtime. Consider upgrading to business-class internet for improved connectivity and customer service.
- Network security: Cybersecurity is easy to overlook, but it’s an important addition to any home office. Stay abreast of cybersecurity threats and invest in antivirus software, a password manager, and online backup service.
What to know about deducting home office improvements
As a home business owner, you’re eligible to claim the home office tax deduction. This deduction lets business owners write off home-related expenses like mortgage interest, insurance, and utilities as well as repairs, maintenance, and upgrades. This includes long-term improvements like renovating a room or building an addition.
Careful record keeping is key for claiming the home office deduction. This includes creating separate accounts for business and personal expenses. Before opening a business bank account, you’ll need to register your business as a corporation or LLC. Most small business owners opt for LLC status due to the simple documentation and low fees.
A successful home business starts with a great place to work. If you’re tired of running your business from a cramped home office, contact the Tim Murray Team to discuss your options. With a smart investment guided by a professional real estate team, you can access the space your growing business needs to thrive. Call 574-286-3944.