Starting a Small Business? You May Need to Update Your Home Space First Running a small business from your home can be a wonderful opportunity to earn extra income with a flexible schedule and
Starting a Small Business - You May Need to Update Your Home Space First
Dated: January 5 2021
Starting a Small Business? You May Need to Update Your Home Space First
Running a small business from your home can be a wonderful opportunity to earn extra income with a flexible schedule and no commute, but you’ll need a residence with the requisite space and specifications. As such, your business plan needs to take into account any changes you’ll be making to your present abode.
Depending on the kind of business you are starting, you may need to invest in a home renovation or create a designated office space. If your home is too small or lacks the infrastructure to support your small business needs, however, purchasing a larger property through Anny Kosovic may be necessary.
It’s important to know any legal restrictions on the type of business you are planning, as well as any zoning laws that might affect you. There are legal limits on how much of or what kind of a residential space you can use to operate a business, and some trades or occupations require you to abide by health and safety codes.
Home renovation for comfort, ambiance, and utility.
Home renovation can be thought of either as a restoration or an update. If yours is a period home, you may want to restore its initial freshness and create a pleasant ambiance for you to work in and potential customers to visit. Or your home may need to be remodeled to create more room and ease of access, and infrastructure to support business technologies.
Much will depend on how much space you need for your new venture. Will employees or customers be coming in and out? Does your business need an additional storage area for products, materials, or records? Is there a room in your house you can use as an office, or will you have to alter floor plans and remove walls? If so, be sure you are aware of which walls are load-bearing.
Find out whether you’ll need to make alterations to the wiring or plumbing in your house. If you anticipate adding electronics or equipment, be sure your electrical system can handle it. If bathrooms or kitchens are involved, assess whether they are up to code.
Creating a designated office space.
When redesigning an existing room for a home office, some top considerations include location, storage, lighting, and floor plan. Your home office should not be too close to areas of your house that are noisy or where a lot of family life occurs. You want it to be easily accessible to yourself as well as to any clients or customers. Make sure you have plenty of room for storage. Think about how to use your space vertically as well as horizontally. If possible, select a room that has a pleasant view with good natural lighting, but also set up curtains or shades in case the windows are positioned to let in the sun’s morning or afternoon glare. Finally, experiment with drawing different floor plans, keeping in mind considerations such as technology, traffic in and out, and where you want your central position to be.
What to look for if you opt to upsize.
If your present home is too small or in an inconvenient location for operating a business, you may need to shop around for a more suitable property. When seeking a larger property, sometimes a fixer-up is an affordable option, as long as you are comfortable with the labor and expense involved in a remodel.
Be aware, however, of the pitfalls that may come with a house sold “as-is.” Issues with older residences do not always immediately meet the eye. Get an expert to look over the structure with you, keeping an eye out for any foundation problems, leaks, mold, drainage issues, or damage or infestation by insects or animals. If the damage is extensive the house may not be worth the expense of repair.
If you intend to run your business mostly remotely, a larger house in a less upscale neighborhood or a more secluded area might be the best option.
You don’t want to get your business rolling then realize after the fact that your home is insufficient to support it, so plan in advance for a smooth and successful transition into your new work life.
Real estate expert Anny Kosovic can help you locate the perfect property! When you’re ready to get started, stop by the website or give us a call at 604-837-2905.
I've always been fascinated with real estate - for as long as I can remember. As a child I remember the many times my parents bought properties, remodeled and then sold the homes. The smell of gyproc ....