Weighing Costs and Options When Your Home Business Needs to Expand
Your home-based business is booming! That’s great news for your bottom line. But what if your home isn’t quite big enough to handle all of that growth? If you’re short on the square footage your business needs, you can do one of three things: get creative with a small space, renovate to add space, or buy a new home with more space.
To help you decide which is right for you, here are some recommendations, budget breakdowns, and other crucial pointers.
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Buying a New, Bigger Home
Depending on how much business is booming, this may be the easiest option. Yes, buying a new home and moving can be hectic. But if you can swing the transition, you may be able to find a truly perfect house that fits the needs of your business. Both now and in the future. If your family is constantly in each other’s way, it may be time for a larger home anyway.
Some budget expenses to consider before choosing this option include a down payment, closing costs and homeowners insurance. You may also need to pay fees associated with setting up an LLC for your business, although you can keep these low by doing so online. Each state has its own rules for establishing an LLC, so do your homework before you proceed.
If you own your current home, also keep in mind that selling and buying at the same time can be a bit of a balancing act. Besides the budget items already listed, you should also think about whether you could pay two mortgages at once if needed. Want to take some stress out of the equation? Then work with an experienced real estate agent like Joell Abbot.
Renovating a Too Small Home
Prefer to stay put but still short on space? Then you should consider renovations to add livable square footage to your home. Outright additions can be costly, but closing in a patio, adding height to an underused attic or finishing a garage are all budget-friendly alternatives. Look around your home and think about which rooms have the most potential.
Even though these recommended projects may be better for your budget, they still come with some fairly substantial costs. For example, the average price for renovating garage space is $6,500 but more extensive projects can run upwards of $20,000. How much you pay for materials and labor will determine your final bill for any home improvement project.
Updating a Current Home Office
Now for the last option: getting creative with the space you have. This will by far be the most budget-friendly choice, but it will take some thought and planning. Organization is key when it comes to keeping a smaller workspace productive. And you can fit floating shelves into just about any nook or spare cranny you have in your home. Don’t be shy about using bold colors and patterns either! These small touches will add some serious style to your tiny office.
Once again, you may want to talk with an experienced realtor before you make any major changes to your small home office. Especially if you are planning on selling in the next few years. That’s because while some improvements, like certain shades of paint, are attractive to you, they may not be appealing to buyers. Your real estate agent can help you choose features that will help your home sell.
If your business is growing you should be excited! Don’t let the need for more space take away from that. Use the information in this guide to make the best choice for your business and your budget. Still, need help deciding? An experienced real estate pro like Joell Abbot can talk you through your options. Or at least give you advice on selling your current home and buying a new one.
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