I'm using my work laptop at home. If I try to save a Word doc as a .dotm, then I get an error, because the default custom template location is on the server at work (which I can't access from home). I've simply saved it on a location of my C: drive, and that seems to be working. I'm just wondering if I should be aware of any negative consequences of this. I know that Word can not "see" the template if I go to New > then search templates. Also, I realize that I need to make periodic backups in case my laptop dies. Other than that, are there any negative ramifications that I should be aware of?

This is a macro-enabled template, though the macros are pretty simple (save to folder on computer, make/read custom document properties, find and replace text).

Also, in the future I'll probably share it with coworkers.

Thanks All.

EDIT: Not sure if it matters, but Office was recently updated. It now has blocky Minecraft icons and says it's Office 365, though it seems to still be Office 2016. Or maybe it's 2019... I'm not sure.

There is no problem with using a custom location.
You may want to also set the same folder as your user templates folder. It will then contain your Normal.dotm file.
File New Variations in the Versions of Word

Thanks Charles!

You are welcome.