Running your own business from home can be both rewarding and stressful. To ease your stress, you need to ensure that you have the perfect environment to maximize your productivity. Follow these five easy tips from DiGioia Realty to ensure your home supports both your personal and professional life.
1. Be Realistic About Your Options
Are you considering a new property to better suit your work and your home life? Think realistically about the type of home you are able to afford, and give yourself a refresher on the process. Even if you anticipate an increase in income in the future, you still want to use your past income. Lenders care about what you can afford right now. Once you know what you can realistically afford, you can apply for a home loan and begin your real estate search.
To approve you for a home loan, an underwriter analyzes several criteria. He or she looks at your ability to repay the loan. For most lenders, if you have a debt-to-income ratio over 36%, they may not lend to you. Because your past payments towards your residence, credit cards and other debt affect your credit score, underwriters also use that calculation to determine whether you are trustworthy.
Once you are pre-approved, working with a real estate agent can help ensure you find the place you and your business need. Realtors may have more access to and knowledge of properties and are often used to assisting home business owners.
2. Design an Environment You Love
Studies show that the quality of your environment affects your personal well-being, explains the Guardian. Nature tends to reduce stress and pleasant scenery may increase your mood. Boosted moods are more conducive to productivity. When choosing a spot for work, consider the view, both outside and inside.
Custom windows are one way to improve the aesthetic of a home, enhance the lighting in your workspace, and brighten your mood. Choose between a variety of window design options to create the office that you envision. Well-chosen upgrades offer the bonus of improving home value; your real estate agent can help you with these decisions, too.
3. Keep a Separate Office
When your office is in your home, it is not uncommon to feel like there are few personal versus professional boundaries. F&B Report points out a lack of boundaries can make it difficult to adhere to traditional professionalism, but you need to stay dedicated to your work.
Your office area should be separate from the rest of your home. Do not allow your family into your office, particularly during work hours. When you designate a time to work on your business, ask your family to respect it.
4. Focus on Business
Proper business choices extend beyond your real estate. Remember to focus your efforts on the business as well. If you have not already chosen a business formation, think about what would best suit your company. For instance, limited liability companies tend to have tax advantages and less paperwork than other formations. To form an LLC, you may want to use a formation service to avoid lawyer fees.
While deciding the specifics of your business, narrow down the type of business that you want. Don’t try to tackle too many projects at once. Solid business ideas may include opening an online store, catering business, travel planning company, or graphic design. What you do will influence your workspace in terms of space for storage or clients, production, and so forth.
5. Stay Organized
Choosing a custom home could solve organizational problems. A home business often requires a lot of storage space. While furniture may offer extra storage, built-in storage provides you with even more space. Keep your files organized, such as with color-coded file folders and printed labels, and invest in some cabinetry if needed. Remember that organization extends to your computer files as well.
When you have a home business, it can completely change what you need from a new home or your current home. When buying new real estate or making home upgrades, work with DiGioia Realty to ensure you have the best piece of real estate for your family and your business.