Your Home Office, Your Way
Updated: Mar 8, 2021
Do you run your business from home? If so, having an efficient workspace is crucial to both your professional success and your personal life. Setting up a great place to do business means you can be more efficient during working hours and fully separate from work when you need to prioritize family time. And due to the COVID-19 pandemic, many have found that home offices are here to stay.
Do You Need A New Home?
If you’ve been on the fence about whether your current home can fully accommodate your professional endeavors, it’s time to evaluate both your space and your finances. If you simply do not have room to accommodate an office, buying a new house is an investment that can help you earn and turn a profit. After all, working from the kitchen table isn’t always going to be an option.
However, before you start looking at houses, it makes sense to explore the financial feasibility of buying a new home. If you happen to be in debt, start by seeking financial relief. There are plenty of options that can help you up your credit score and keep your personal paychecks from being targeted by creditors. You might consider debt consolidation, counseling, asking for a settlement, or (if you can wait a few years before buying a home) filing for bankruptcy. At the very least, settling your debts means you can save money for your down payment, which can help you afford more home when the time is right.
Adding A Room
When moving isn’t an option, adding a room might be. You don’t necessarily have to add a full-blown addition. If you have a garage or a walk-in attic, you can turn this unused space into a money-making zone.
Adding a brand-new room can cost up to $350 per square foot. This means that you can expect to spend around $35,000 for a ground-level 10 x 10 office. There are plenty of options when it comes to paying for this, including personal savings, a loan, or a home equity line of credit (HELOC). U.S. News & World Report cautions, however, that if you take out a home equity credit line you do risk losing your house — and your new office — if you can’t make the payments.
Minor Updates, Big Results
The least expensive option is to update your existing space. In some cases, all you’ll need to do is re-arrange the furniture. Another idea is to go for a minimalist workspace theme, which is bright, airy, and uncluttered.
If you are one of the many work-at-home moms that have to use your bedroom as an office space, do make a point to separate where you sleep from where you work. Home BNC recommends using floor-to-ceiling drapes, a DIY room divider, or other partitions to clearly identify your work and home zones. You might also consider adding a space-saving desk that can be folded in when it’s not needed. This may be most practical if you only work one or two days per week and only if you operate from a laptop instead of the desktop.
Ultimately, your home office will depend on your budget and needs. Whether you choose to buy a new home to elevate your endeavors or simply clear a corner of your bedroom, you can have your home office your way by prioritizing functionality. Having a well-executed workspace will let you handle your business when needed so that you do not have work looming when family time is your priority.
If you need a realtor, a mortgage lender, an architect, or an interior designer, Women's Networking Alliance has many highly qualified professionals who can help you find or create the perfect home office! Search our member database today!