December 10, 2020
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Now that you're running a business from home, you need more space and you need it fast. There's just one problem: you don't have a lot to spend. Is it possible to create a fully-functional, attractive home office on a budget, or should you put your home business dreams on hold until you can afford a bigger house? Here’s what Mani Bagga has to say about making space for your home business.
How to buy a bigger home at a price you can afford
You might think you need a big budget to move, but upsizing your house doesn't necessarily mean upsizing your mortgage. Here are three ways homeowners can upsize on a budget:
Make a larger down payment.
The larger the down payment, the smaller the house payment. That's good news for up-sizers who can use the sale proceeds of their previous home to make a sizable down payment. Start by assessing your home's value, then deduct your outstanding mortgage balance and costs of selling to estimate sale proceeds.
Move to a cheaper area.
Remote work gives homeowners geographical flexibility. Relocating to a more affordable neighborhood is one of the best ways to get more house for your money. Pay attention to home prices, property taxes, and auxiliary expenses like transportation, utilities, and childcare when assessing affordability.
Buy a fixer-upper.
Don't want to sacrifice on location? Find your diamond in the rough when you buy a fixer-upper. Just be wary of as-is homes, which are risky if the seller won't allow an inspection contingency. Always perform due diligence when buying property as-is. This includes negotiating for an inspection, hiring specialized inspectors, and examining public records for potential issues.
Creative ways to create space for business at home
Before you start packing up the house, reassess your current space. It may take less square footage than you think to create a functional home office.
Home office solutions for small spaces
A spare room is an obvious pick for a home office, but not every house has an empty room available. Here are five unconventional spaces homeowners can convert into a home office:
● Laundry rooms.
● Nooks under the stairs.
● Ends of hallways.
Floating shelves, bookcases, and compact desks help home business owners make the most of small spaces. Or create a desk anywhere you need with a folding desk or portable workstation that stows away when not in use.
No matter where you put your home office, make it private. Curtains, accordion-style doors, and room dividers create privacy in spaces without a door.
Cheapest ways to build a home office addition
Need more space for your home business? Whether it's room for storage, manufacturing, or employees, remodelling creates the square footage you need. These are the most affordable ways to create more space at home:
● Finish the basement or attic.
● Convert a garage.
● Add a sunroom.
● Build a bump-out addition.
● Build a room over the garage.
Save money on remodelling projects by getting bids from multiple contractors, buying recycled or reused building materials, and DIY-ing small jobs like interior painting.
Don't have cash on hand for a remodel? If you can't afford to delay your home business remodel, a home equity line of credit or cash-out finance can provide the necessary capital for renovations.
Are you ready to move onward and upward? When you're building a business and need more room to grow, Mani Bagga can help you do it at a price you can afford. From getting the highest price for your home to finding the ideal property for building a business, contacting The Bagga Team is the first step on your path to success.