When starting up a new business finding a place to work and get that business off the ground can be expensive. Today, live – work lofts are becoming a popular solution for new entrepreneurs just getting started, and there are many benefits in this solution. Here’s a few of the key advantages that are well worth considering before buying into an expensive office lease.
Keeping Work and Life Separate
You might think that an office loft would make it difficult to keep life and work separate. If you need to interact with your clients bringing them into your home might not appeal either. However, there is an easy way to get around this by creating a separate access for your office loft. Not only will this keep your private area private, it keeps things professional.
Leasing an office is expensive. With an office loft you are not paying two rents. Loft conversions are not cheap either but whether your business thrives or dies, the money you spend is not lost. At worst you have added to the value of your home and have more living space. Plus, even if you have to borrow money on your home to pay for a loft conversion, the amount it will add to your monthly payments will probably be a lot less than renting. Not forgetting, you will not have to pay out for travelling costs, which can be quite significant with the cost of fuel today!
Win – Win Situation
Even the best laid plans as they say. If you opt for converting your loft into an office space and design it so the entrance to it does not invade your private space, at worst you can rent it. If your business does not take off as expected you have the option of renting it out and benefiting from that additional income. If you rent or lease you are stuck with it and it is rare to be able to sub-let. With a conversion you can always finance it by renting out so you are in a win – win situation.
Permissions and Regulations
Not all lofts are suitable for conversion. There are minimum requirements, safety rules and regulations that need to be considered. In the first instance it is a good idea to contact a professional company that can assess properly whether this is even an option for you. That said, many loft conversions can be carried out with basic building approvals from the local government: Particularly if the outside of the house is not going to be changed in any way. All lofts conversions require a window by law. Velux windows and “sun tunnels” can be installed that do not change the roof and so keep building permissions minimal.
A loft conversion is an expense but so is paying out for a lease. At the end of the day whatever you spend on a loft office is never lost – Hence more and more new businesses are opting for this option.