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Dominion LenDing Centres OUR HOUSE FALL 2017 >> 25 (4) Jeremy DeutsCh Starting a home-based business like Leah LaVanway's can be an appealing way to make a living, but there are a few things you need to consider if you're about to take out a mortgage on the property. Nancy Ingram, a DLC mortgage specialist in Guelph, Ont., notes that lenders will be looking at the sustainability of the business and whether the borrower can repay the mortgage. Lenders will also be looking at the history of the business for things like regular deposits. If it's brand new, lenders will be considering whether the business venture is viable. "They would really look at the whole scenario to make sure they're protecting themselves and their investors' money to ensure they [borrower] can pay it back," Ingram says. Contact a DLC mortgage specialist near you if you have further questions. LaVanway also noted some pretty big advantages to having a home-based business, including offering a flexibility in her schedule. But the spa isn't some little office space. she's transformed nearly her entire home to give it a true spa feel. Walking through the front door, you wouldn't know it was a residence too. A grand entrance leads into the studio space on the house's main floor. the studio is completely separate from the living space. And since there are no children in the home, there are no toys or other items strewn about. over the years LaVanway has changed the entire front entrance, adding parking, a waiting area and an outdoor fire table. the first piece of advice she would give anyone looking to start a home business is to make sure it's as separate from the living area as possible. if you have clients coming to the house, she recommends spending a little extra money. "Just so when they come in [to your home], you're proud to show your home and to welcome them," she says. there isn't a better time to start a home-based business, LaVanway believes, and the statistics back her up. According to the Business Development Bank of Canada (BDC), there are 1.1 million small businesses in the country. Another 2.7 million people are self-employed. "in my opinion, this is one of the best times to have a business at home because it's so flexible, interest rates are great, and our lives are getting busier… it can change and build how you planned to have your dream life to supplement your income by having something else at home. it's definitely the time to do it," LaVanway says. Before committing to starting a business in your home, check with your municipality regarding rules and bylaws governing such businesses. While very few cities and towns ban home businesses outright any more, they may not permit signage or customer visits, for example. Condominium and townhouse dwellers will need to confirm what their building's regulations will allow too. Financing a Home with a Business The key to running a business out of your home is keeping the living and working areas separate, LaVanway says. Be prepared to spend some money making the space look professional and inviting. That includes outdoor spaces (below).

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