When you run your business from home, you may start experiencing growing pains as your venture takes off, and you may have to consider new living and working arrangements. But what are the advantages of renovating your existing residence to accommodate your flourishing company, and are they worth the cost? Realty with Rich presents some ideas to help you decide between renovating and relocating.

Adding a Room to Your Existing Home

If space allows, you can build an additional structure attached to your existing house and turn it into a full-fledged office, or add a second story to your home where you can set up your workspace. Adding square footage to your house will increase its value, but it also comes with a hefty price tag, so make sure you get at least three estimates from contractors in your area before settling on one. Remember that major renovation jobs take time, so you may have to move your business out and rent an office space during construction. 

You will also need to secure all necessary building permits from the city, work within the boundaries of your HOA bylaws, and ensure that the whole project is up to code. So if you want to avoid major headaches as you complete your renovation, it’s best to work with licensed professionals.             

Renovating Part of Your Home

If you’re lucky enough to have a spare bedroom in your home, you can turn it into a productive workspace for your business by installing proper lighting, soundproofing the space if you need quiet during your workday, keeping it at a comfortable temperature year-round, and painting the walls a pleasing color to keep you focused and engaged. 

If you don’t have a spare room, consider transforming your attic or garage into an office. Here again, you’ll need to contact your city’s Building Department and check the existing code in your area before starting on your renovation project. Dealing with a space like a garage or an attic will often require installing insulation that will allow you to work comfortably in all seasons. Lighting may also be more of a challenge if there are no existing windows, and you will probably have to add extra electrical outlets to power all your equipment. Additionally, you’ll want to make sure the space is well ventilated to prevent mold and provide good air quality while you work, so you may want to install a new HVAC unit.  

Finding a New Home

If your current home can’t accommodate your growing business’s needs, consider moving to a bigger house, and work with a real estate broker, like Realty with Rich, who will take your specific requirements into account to find you the perfect location: do you need a separate entrance for your office or a large storage area for your inventory? Will you have clients visiting, and are you looking for a safe neighborhood with ample street parking? 

If you plan on relocating to a different state, make sure you file a new LLC to be compliant with the requirements in your new location. Forming an LLC in Florida is pretty straightforward, and you can avoid attorney fees by filing yourself. With an LLC, you’ll enjoy the benefits of pass-through taxation, you’ll have less paperwork to file, and more flexibility in raising capital and finding partners and investors, according to the Edward Lowe Foundation.      

As your business – and possibly your home – continues to grow, you may find it helpful to take some online classes in business to help you gain the skills you’ll need to manage all your business-related functions. With different types of business degreesavailable through online programs, it’s easier than ever to pursue a degree while managing your business. Plus, programs like Business Management, Marketing, and Organizational Psychology can give you a definite advantage in the business world.

Grow Your Business

If you need more space for your growing business, consider home renovations that will raise your property value, such as adding square footage. Consider taking online classes to help you build your business alongside your office space. And if you want to relocate and move into your dream home and office, work with Realty with Rich who knows the ins and outs of real estate. 

Photo Credit: Bench Accounting via Unsplash