So, you have decided to turn part of your home into a working office. Maybe you have an existing business and realise that cost-savings can be made from working from home. Or maybe you are starting up from scratch?
Either way, there are considerations.
Funding an office conversion
If you are fortunate enough to have your own capital reserves that will fund things such as the putting up of partitions and upgrading your technology infrastructure then that’s fine.
If not, you may be faced with one of two options – borrowing money and adding it to your existing mortgage or taking out some form of business loan.
While adding to your mortgage may be perfectly viable, it will of course have the possibly undesirable effect of meaning your loan is effectively repaid over very many years.
On the other hand, you may be worrying that a business loan will involve you in lengthy administrative procedures, applications and visits to your local bank branch.
Innovative ways to fund your office development
If you are looking to borrow a sum of money, your local bank is no longer the sole source of funds.
There are numbers of online providers of business loans who might be only too willing to help. They also might be capable of responding to your request very quickly indeed – and obviously without the need for any personal visits or interviews.
Some people contemplating moving their business activities into their home get a little nervous about the thought of applying for this type of loan. That might be particularly true if you have little previous experience of borrowing money for business purposes.
The good news is that the internet sites of modern loan providers are typically extremely informative. You can get an idea of how they are set out from Everline’s website though there are many others you can also look at in order to get a feel for the characteristics of the marketplace.
These sites with their numerous options are extremely useful and particularly so for those who aren’t immediately familiar with borrowing. It might be well worth your time having an initial look.
It is important though that you keep in mind at all times that borrowing money has cost involved and you should be clear that you understand what that cost is and are sure of your ability to pay it.
If you are a start-up, some funding options will not be available to you, as ideally, at least 2 years’ worth of accounts are usually required by a prospective lender.
Your working environment
Some people make the mistake of simply sticking a desk in the spare cupboard and assuming that the job’s done.
In practice, in terms of your productivity and even your health, this is typically a significant mistake.
So, design a working area that takes into account things like natural light and your own creature comforts. Be prepared to spend money in order to achieve that. After all, you are going to be spending the bulk of your week at your desk!
Be practical but keep economy in mind
Of course, even if you are productively using some business borrowing, it might be unlikely to be the case that you will be fortunate enough to have an unlimited budget.
Surprisingly, some extraordinary transformations of home areas into extremely practical offices can be achieved for relatively small sums of money.
There are plenty of such tips available on the internet and it might be sensible to research them thoroughly.
Take the family with you
One of the biggest sources of family friction can arise when a much used area of the house is suddenly annexed by one person and unilaterally designated as being their office!
It’s obviously important that once your office is set up, your privacy in there and that of your documents/technology is respected.
So, consult your family in advance and try and take them with you on your construction plans.