December 03, 2020 at 7:18am | Preferred Advisors Team

Working at home can feel like both a privilege and a tricky challenge. By decking out your home office, you can create a professional space that gets you in the right frame of mind for serious business. Plus, you can tuck your work away behind closed doors when the day ends.
But what if you’re working with limited resources to outfit your office area? You need to achieve the perfect home office space that suits your needs – here’s how.

Need a New Office Building? Move on Up.

The beauty of running a business from your home is that you have the freedom to work how you want. Of course, living in a cramped rental or paying a steep mortgage isn’t an ideal way to run a company.
If your office needs relocation help, consider buying a new home that covers your personal and professional needs — you could even opt for a foreclosed home to help you save money (just make sure you know what you’re getting into before jumping in). First-time homebuyers should do their research and seek expert advice to make the best purchasing decision possible.
The good news is that now is an excellent time to secure a low mortgage rate – as CNN reports, mortgage rates are at yet another all-timelow. And, you can even find first-time homebuyer programs that make homeownershipeven more affordable.
Of course, building onto your home is also an option. From loft areas to stow inventory to a backyard shed you can find professional peace in, plenty of pandemic-inspired office spaces are popping up.

Struggling with Inefficient Equipment? Buy Used.

Shopping for new office equipment can result in a receipt that’s longer than you are tall. But there are ways to cut costs so you can have the home office you and your company deserve.
When it comes to office furniture shopping, the recession means you’ll have plenty of good-quality used pieces to choose from. Buying used can be  eco-friendly, but you’ll also want to shop smart. Check out each piece and examine desks and chairs for missing hardware or structural problems.
Spending less up-front also allows you to get your office set up without overspending. And if you want to upgrade later, donating a used desk or chair won’t hurt your wallet as much as ditching a brand-new piece. Save your receipts, too; the IRS allows deductions for many of your at-home  operational expenses.

Strapped for Cash? Try These Tips.

Outfitting your home-based business can get pricey when you have equipment to buy and remodeling to do. Fortunately, there are programs that can help you fund nearly any facet of your business.
Both government and non-government loan types, for example, can help you finance big business expenditures. From SBA Express Bridge Loans to the Main Street Business Lending Program and even traditional SBA loans, you have good options.
Another option is to refinance your home to free up cash for business needs. In some cases, current homeowners may opt for a cash-out refinance to make their home’s value available as a liquid resource. However, there are pros and cons to this option, notes Market Watch, so speaking to a trusted professional is a smart first step.
Ultimately, you might determine that your expenses aren’t so high that you need a loan to cover them. Perhaps a business credit card – paid on time – will help you finance the company perks you need at a rate you can afford. Bonus: many business cards offer cash back rewards so you can save on must-haves.
From buying a new home to house your office space to freeing up cash so you can afford more company perks, these resources can help you reach your small business goals. In no time, you’ll be settled in and working hard in your new at-home workspace. But if you’re ready to start shopping for a new home base plus company headquarters, contact the Preferred Advisors Team for expert real estate advice today.
Photo via Unsplash

Tina Martin of Ideaspired.
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