Running your own company is a tempting prospect these days. The pandemic has really highlighted the value of being able to work whenever (and wherever) is best for you. However, running a business out of your home can come with drawbacks.
For example, a poorly-conceived workspace for your business can actually harm your property values. Squeezing a workspace into an already crowded basement or adding an unsightly auxiliary structure won’t do you any favors when it comes time to sell. In order to help you achieve your goals without causing issues down the line, the Ed Constable team has come up with a guide for how to create a property-value friendly workspace – plus, how to tell it’s time to consider a bigger home to fit both your personal and professional dreams.
First Things First
Before you do anything else, there are a few simple (but important) things you should cross off your to-do list. For starters, reach out to a trusted real estate agent. Ask if you can turn to them for advice about what kind of upgrades will or won’t suit your property. Having an agent on your side while you make these kinds of changes can put you in a better position later on.
Making your home more valuable and attractive is also a good reminder to register your business as an LLC. This designation gives you legal protection so that, should you ever get sued, your personal assets won’t be on the line. Research Michigan LLC laws and guidelines to see if it’s right for you. The actual registration process can be a little tricky, but there are services that can knock out the tedious parts for you.
Redecorating and Add-Ons
Some businesses don’t actually need that much in the way of space. For example, your new enterprise might exist entirely online. Conceivably, all you’ll need to function is a laptop and a place to put it. However, designing and decorating a home office will do you well in several ways.
First and foremost, it will give you a specific space to work, helping you establish boundaries between your personal and professional lives. Moreover, a well-decorated office comes off well in listing photos. As Kiwi HR points out, remote work is only expected to rise from here on out – there’s a decent chance your next buyer will be looking for offices in their search.
If you need more room than you have in your home, you might consider building an add-on or auxiliary structure. There are several things owners should consider before diving into this sort of project. Not all homes take add-ons well, and as Clark Construction notes, a poorly integrated addition doesn’t attract buyers. Similarly, auxiliary structures have to actually look good in order to boost a property’s value. Hire a builder with some design chops to make an auxiliary workshop or office with some style. Finally, check your zoning laws before investing in any kind of building project – some may be prohibited.
Do You Need a Bigger Home?
For some situations, the better bet when your home doesn’t quite have the space is looking for a new one. There’s no easy way to say if this is what’s right for you, but here are a few questions you can ask yourself that might guide your decision:
- Do you plan to run your company out of your home indefinitely, or would you eventually move to an out-of-home workspace?
- Do you have or plan to have a growing family?
- Do you need – or will you need – space for storing inventory? Will it need temperature or humidity controls?
- Do you have (or could you secure) the funds for a larger home?
If you answered yes to more than a couple of these questions, it may be time to start considering a new property. With a savvy agent on your side, you can find the property that fits every part of your future.
Finding enough space without sacrificing your home’s aesthetic is just one of the myriad challenges that comes hand in hand with starting a new business. The good news is, it’s one where you can have an ally on your side. We are here to help you create (or find) the property that’s right for you, today and tomorrow.
Looking for advice on buying or selling a home? Contact the Ed Constable team today!
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