Like many entrepreneurs, you probably started out with small office spaces in your home. However, as your business has grown, you may find that you need to move to a larger office space or even buy a larger home. And moving into a larger home can be a great way to expand your business as long as you plan smart.
If you're considering buying a larger home because you've outgrown your current space, your first step should be to contact an experienced real estate agent in your area. They can help you find the right home in your price range and location, act as a liaison between you and the seller, negotiate on your behalf, and provide expert advice on what to look for when you're inspecting a property. Plus, they will know if there are any zoning laws that might restrict where you can operate your business or what kind of permits you need.
A real estate agent can also help you pre-qualify for a mortgage, so you’ll have a clear picture of how much you’ll be able to spend on your new home. This will also determine the size of the home and the area you can afford to live in.
Real Estate Broker Jake Tasharski has assisted over 1,000 clients across $75M in real estate transactions. His clients value his outgoing personality, laser-focused attention to detail, and commitment to providing lifelong advocacy. Contact Jake here to see what he can do for you!
Measure the room you plan to make your home office, including wall lengths, making notes about where doors and windows are located. Then use this as a guide when buying furniture. If you have more than one person working in the office, then it’s worth considering whether both people will be able to work in the same room at the same time without being too cramped. There are actually apps that can help you do that, saving you the aggravation of buying furniture and other office equipment, only to find it doesn’t fit in your space.
Besides homeowner’s insurance, it’s a good idea to also purchase a home warranty policy. If you wonder whether a home warranty is necessary, remember it will cover the repair or replacement of home systems and appliances that fail due to both age and standard wear and tear, like HVAC systems, electrical, kitchen appliances, plumbing, and washers and dryers which can be very expensive. You should also purchase business property insurance to be insured against loss or damage to the property and equipment that you use in your business.
If your home-based business is growing, then you may need to upgrade to a bigger house to keep up. By making the right decision with your home purchase, you can put all your energy into growing your business bigger, smarter, and more successful.
By: Suzie Wilson