Live-work space refers to property that is used for both living and working. The particular property is officially designated to allow one to operate their home-based business. Buyers that need live-work space may be particularly cautious when considering buying a home in master-planned communities because some of these communities have covenants in force that prohibit anyone from conducting business from his or her home. Homeowner’s associations are also known to restrict owners from having a home-based business in standalone communities. If live-work space is a critical requirement for a prospective home, buyers should let their real estate agent know ahead of time. The agent can avoid showing homes in certain areas, subdivisions and communities that disallow home-based businesses. If one currently owns a home and is thinking about conducting business out of their home, it is recommended to review any existing covenants or agreements that owners in the neighborhood will be held to.
