Bernard Klein is co-founder of Blooming Sky, a network of real estate professionals that focus on identifying good investments across NYC for their clients. Bernard has covered finances for a multi-billion dollar real estate portfolio, but is currently an avid real estate investor in Brooklyn.
With so many individuals starting their own businesses, finding spaces that can support and sustain the start of a new venture is becoming increasingly more important. To fill this growing need, collaborative workspaces for creatives are sprouting up from coast to coast, enabling entrepreneurs to reap the benefits of an office environment without the setup costs and commitment of a true office space. But what if you need more than a simple desk and laptop setup? What if you’re in the business of designing and producing products and really need that extra space and still want to avoid the massive overhead?
There’s an increasingly popular solution for this quandary, and it involves finding a space in which you can both live and work. This is your ultimate guide to finding the ideal property that satisfies your living needs, while also providing the space that you need to grow your business.
Identify the Right Property for Your Needs
Figuring out which property type is right for you will be your first order of business. A lot of your choices will be based on whether you live in a big city or the suburbs, so let’s take a look at some of your options.
1. Apartment with Home Office
Live in a city like New York or San Francisco? You know that space comes with a fairly high premium, but if you have the choice between renting out extra office space or getting a slightly larger apartment with a home office, you may want to chose the latter. In many cases, you’ll come across apartments that have rooms with no window exposure. While some may choose to jam a roommate into this space, it can also be the perfect workspace. Just spruce it up with the right lighting and decorations, and you’ll have yourself the ideal workspace just steps away from your couch.
2. Apartment with Work Loft
If you’re living in the big city, apartments with work lofts are exceptionally unique and will allow you to completely separate your personal life from your work life. The work loft will be separated by a staircase, which means you’ll be living in a duplex. With a fancy term like duplex, you may also be likely to incur a higher cost than an apartment that simply has a home office.
3. House with Finished Basement
Living in the suburbs and need additional space to spread out and build your business? Consider getting a house with a finished basement. Instead of turning it into your media room, use that space to scale up your venture. Walking into your basement to crank out some work will be much simpler than taking the car out to the office.
Is it Right for You?
The allure of multi-purpose space is that it enables you to blur the lines between living and working from the same location. It also requires significant discipline to ensure that you’re able to live without consistently thinking about work as well as also being able to put in the work without consistently getting too comfortable and distracted. Getting distracted too easily can be the downfall of such a setup, as your home comforts will prevent you from getting work done.
Additionally, you need to consider at what stage your business is currently in. Do you have business partners or employees? Do you expect to be interacting significantly in a face to face setting with your clients? A home office or work loft might not be appropriate for these types of scenarios, or it might be just right. You may still opt to have meetings in coffee shops or even rent out co-working space for client meetings. You’ll be the best judge here.
Beyond convenience, a multipurpose live and work space also has positive financial implications. Chances are that being able to supplement such a space for the cost of an actual office is significantly cheaper. Home office deductions on tax returns are also of great value for anybody considering this setup. These deductions enable you to benefit from tax write-offs.
So there you have it, the ultimate guide to finding multipurpose space for living and working. If you’ve been curious about this setup, you’re now armed with valuable information to help you get closer to making that decision. Find a good real estate broker and be precise about your criteria, and you’ll be able to start previewing properties in no time.
For More Tips on Finding the Right Office:
- How to Find Office & Studio Space on a Budget
- Budget Friendly Tips For Designing Your Home Office
- Types of Insurance Entrepreneurs Need
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