Working from home

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Real Estate

Making Space When You're Working From Home

If you have a home-based business, you know the importance of having a private, well-organized area that’s spacious enough to accommodate your work needs. If you intend to purchase a new house or remodel your existing property to improve your workspace, there are some things you must consider before moving forward.

The investment into your venture is exciting and full of possibilities, but it is also a significant financial commitment. It is essential to work with trusted real estate professionals like R & R Real Estate Partners to guide you during the process. They can help you determine what improvements will bring the best ROI or find a home that is better suited to your needs.

Start With Evaluations

Before you can really resolve your dilemma, you need to tackle three evaluations: your finances, your business needs, and your personal needs. You can’t make any changes to your situation until your finances are in the right place, so begin there.

The financial side of things can feel tricky if your business is new, but as Entrepreneur explains, you must create a budget based on your expenses. This will help you determine how much revenue your business will contribute towards your project, and from there you can decide what solutions are the most practical for your situation.

If you haven’t already, now is also a good time to legally establish your business entity. A limited liability company, also known as an LLC, is a popular option for many home-based business owners, since they are often the sole owners of their companies. Setting up a New Mexico LLC is an inexpensive and easy process (especially if you work with an online service rather than an attorney) that protects your personal assets from those belonging to your business and offers tax advantages, making it an important step in financial planning.

Next, think through what space and layout you need for your business in order for it to prosper. Would a space for clients to come and go help? Or do you need a bigger area for production? Is privacy or noise an issue? Consider your current dilemmas as well as what would improve functionality in order to formulate your list of business priorities. And of course, you need to prioritize your personal priorities. Perhaps a private backyard is a must for playful children and pets, or you love to decompress by cooking up a storm in a big kitchen. Balance those priorities with what you need for your work.

Sometimes a simple change is in order. You might only need to upgrade a bedroom to your home office. Other times, a major renovation—like a garage, basement or attic conversion—is a must. And sometimes you just don’t have an inch to spare, and you need to acquire more square footage.

Next, get estimates for your changes and think about whether a renovation project is in your future. Sometimes that’s the most economical option, and other times it’s costly enough to warrant moving to a more suitable home. If you aren’t sure what projects bring a good ROI where you live, a knowledgeable real estate agent from R & R Real Estate Partners can help. And of course, if moving is the answer, your agent can help you find a house that you and your business can call home, which is especially important in a competitive market like Albuquerque, where homes are only spending an average of 20 days on the market.

Your New Workplace

When you feel confident you are ready to find a new living space that will allow you to work efficiently from home, you should research your mortgage options. You are investing in both office and living spaces at once, so you want to pay attention to interest rates and penalties to find the best option. You may want to get pre-approved to know what kind of financing you can secure.

Experienced real estate professionals have access to market information that will help you make informed decisions and avoid troubles along the way. With personalized attention from agents like those at R & R Real Estate Partners who can assist you with ROI-focused changes and/or throughout the entire purchase process, you can elevate home buying into an auspicious beginning for your work-from-home venture.

To get started finding a new home where you will love living, working, and playing, contact R & R Real Estate Partners.