Right-Size Your Home to Meet Your Retirement Needs
The gig economy has grown steadily over the past few years. As a result, more and more workers have realized the benefits of working from home, especially retirees. The flexibility, time, and money saved when not commuting, as well as positive sustainability and environmental impacts, are factors that drove people to start their own businesses and run these businesses from their homes. But with success, many work-at-home entrepreneurs find that their business soon outgrows their home.
Perhaps your business has a physical product and you need more space for inventory, or the company can now support new hires, or you may need dedicated office space for yourself. For whatever reason, it’s now time to consider rightsizing your home to accommodate your business and retirement needs.
Plan Ahead for Success
Rightsizing your home to accommodate or grow your business takes planning. So think carefully about the size, location, and home office setup that work for your needs before you begin. As you do this reflection, also consider what a satisfying retirement looks like to you. This can include not only what you do with your time, but also where you spend it and with whom.
Determine What You Need
Finding the best space for your living and business needs takes careful planning. Consider these factors before beginning your home search or planning a remodel:
- Square footage
- Number of bedrooms
- Parking
- Separate entrance
- Location
Let’s break these down.
Square Footage
Your home needs to be big enough for comfortable living and provide your business with enough space for efficient daily operations. Also, consider your business needs now and in the future. Room to add on or unfinished space to utilize later should be kept in mind. In addition, for your home and business life to be compatible, is an entirely separate business space needed, such as a wing of the home, a garage, or a basement?
Number of Bedrooms
Bedrooms for your family are a given but ask yourself if clients or business partners need a room for overnight stays. Or even better, a guest house can be an option for private overnight accommodations.
Parking
Additional parking for clients and employees, as well as accessibility for delivery trucks, may be needed. Just make sure business parking is permitted in the neighborhood.
Separate Entrance
Depending on your business, a separate entrance to your office, storage areas, and employee workspaces provides privacy for your family and gives the company a more professional appearance.
Location
Your business model determines the best location for your enterprise. A gig that needs only reliable internet offers options for more affordable home purchases outside city centers. Conversely, if easy access to train, bus, and air transportation, shipping stores, networking opportunities, and accessibility are integral to your business, a centralized location is best.
Understanding Your Taxes
Buying a larger home means increased property taxes. Combined with business taxes, the additional burden could put a strain on many work-at-home businesses. Increases in taxes affect the bottom line and your home buying budget. Consider ways to decrease your tax liability.
Other Considerations
You may plan on occupying much of your time in retirement with entrepreneurial pursuits. One of the best ways to augment those ends is by continuing your business education with a doctoral degree in business administration or management. Finishing a degree online dovetails nicely with working from your rightsized home in retirement.
For some, retirement can evoke notions of a sleepy period in one’s twilight years. But for the entrepreneurial minded, it is just the next opportunity to succeed. Consider what the right working and living space looks like for you, how you will spend your time in that space, and how it will improve your retirement.
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