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.
Cutting Costs
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.
To Summarise
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.
