What To Do When Your At-Home Business Outgrows Your Home
The popularity of running a business from home is easy to understand. Not only does it save you money, but it also allows you to skip the commute, providing you with extra time to grow your business. As your company expands, what happens if it outgrows your current home?
The last thing you want is for your house’s limitations to get in the way of your achievements. To ensure you have the right place for your personal and professional growth, read on for some tips courtesy of Frontgate Real Estate.
Should You Consider Moving?
If you purchased your home before launching your company, you probably weren't thinking about whether the space was suitable for a business.
Now that your house needs to do double duty, you might be learning that it falls short. For example, if you are running your business in a home without a quiet office space, you might wish you had more privacy and fewer distractions. Similarly, you might be yearning for a dedicated workshop because your product's assembly process has completely overtaken your kitchen. If you feel cramped and find yourself daydreaming about your ideal business space, it's time to investigate your options.
What Are the Best Steps To Take Before Purchasing?
The first step is to determine your priorities:
• How much extra square footage do you need?
• Do you need a private space for an office?
• Will you need to accommodate customer parking?
• What kind of storage space do you need?
• Should you buy extra space for future expansion?
• Does your business need a separate entrance?
Next, get prepared financially. Learn what your housing market looks like so you can determine your direction. Then figure out a general budget to help direct your property search and determine how much cash you can comfortably spend. Then try to get mortgage pre-approval because it allows you to act quickly and puts you in a better position for negotiating.
If you’re in considerable debt, you’ll want to hold off on buying a new home. Instead, consult with a debt relief specialist who can get you back on track. Solutions will depend on your current employment, how much you owe, and likelihood you can pay off your debt. Once you have your debt under control, you can find the right home for your family and business.
How Do You Proceed With the Search?
With finances established, you’re ready to contact a skilled agent from Frontline Real Estate to help you with your search. These professionals can tell you about the market in your area and give you an idea of what you can reasonably expect within your price range. They work side-by-side with you through all phases of the home buying process, including the search, price negotiations and closing.
Once you find a home that checks all the right boxes, make sure it truly falls within your budget by looking at the whole picture. Kiplinger warns that if this is a new process to you, you might find there are surprise expenses involved, like closing costs and the appraisal fee. Don’t forget some seed money for any changes you’ve identified to suit your venture, like extra parking for customers or a storage shed for supplies. If you feel comfortable after considering all these things, your real estate professional can use your pre-approval to move quickly to help you secure the house of your dreams!
The most successful entrepreneurs are continually reassessing their process and making changes based on their assessment. If you feel like your business has outgrown your current space, finding a more suitable option may help you move your company to the next level.
Connect with a dedicated real estate professional from Frontgate Real Estate today to find the property that allows you to embrace a prosperous future.
** Written By Tina Martin at Ideaspired