What Kind of Property do You Need for a Home-based Business?

Are you thinking of running a home-based business? If so, you’re far from alone. The COVID-19 pandemic has made people all over the country realize the myriad benefits of working for yourself, on your own hours, in your own space. 

However, we don’t all have the space to make our small business dreams come true. Peak Property Management wants to help you figure out how to evaluate your space and find the home-based business property you need to succeed. Let’s get started. 

First Steps 

Before you get to finding a property or making space in your home for your business, you should take some time to make sure all your ducks are in a row. For example, if you haven’t already registered your business as an LLC, now is the time to do so. When your business is an LLC, your personal assets are protected in the event of litigation. You don’t want to invest in a wonderful new home only to lose it in an unexpected lawsuit. 

Registering as an LLC can be a little bit tricky, but there are services out there that will knock this out for you. Similarly, any other business start-up tasks you need to do, such as creating a mission statement or building a website, should be addressed before you start creating your perfect home workspace. After all, you don’t want to invest a lot of money in the creation of the ideal workspace only to discover you don’t particularly care for the ins and outs of running a business to begin with. 

Evaluating Your Current Home 

It might surprise you to learn that there’s a very good chance you already have the room you need to run a business out of your home. It all depends on exactly what your business needs. If you’ll need a workshop with a ton of equipment in order to function, well, maybe not. But if all your business needs to work is a laptop and a (non-sleep) surface to work on, then odds are you’ve already got what it takes. 

Even very small spaces usually have some wiggle room when it comes to creating a work zone. For example, you can check out studio apartment office DIYs. Even if you’re using all the rooms in your home, you might be inspired to find a little nook or corner to transform into the perfect minimalist office. 

Renovating and Add-Ons 

If your house just doesn’t have the room, you can look into building some sort of add-on. This could be an additional room in your home, or it could be an auxiliary building you use for work only. There are many benefits to the auxiliary building model, especially for people working with equipment. For example, you can have the building built to handle your electrical needs from the get-go. 

Before you dive into an auxiliary structure or any home renovations, however, check your local zoning laws. Some areas have rules about auxiliary structures or limits on where and how you can expand on your property. It’s always better to know what you can do upfront than it is to halt a project halfway through production. 

Buying a New Home 

At the end of the day, your property might just not have the space or the potential to suit your needs. If so, you may want to consider buying a new home. Take some time to list down your personal and business needs, as well as research your local housing market, before you dive in. 

Remember to keep a healthy perspective on price vs. quality when searching your local housing market. You may find low-cost homes listed “as-is” that seem like absurdly good deals. Now, they might be, but the nature of as-is buying is that you can’t have any issues fixed before you move in. If the pros outweigh the cons, though, this could be a good way to find the home of your dreams. 

We hope these tips help you find a space where your home-based business can blossom. You deserve to live in an environment where you can reach your dreams. Focus on the practicalities, and you’ll be able to find it! 

Are you thinking about running an investment property? Peak Property Management can help! Contact (970) 688-9004 today. 

Photo Credit: 1, 2, 3.