You’ve made the smart decision to start a home business, but your current home doesn’t have what it takes to support your entrepreneurial dreams. To better serve your goals, you’re moving to a new home that can meet all your home business needs, but you’re not sure how to get the ball rolling.
No need to worry! The process is as easy as one, two, three. Read on for some terrific tips!
1. Get Your Finances in Order
When buying a home, it's important to know how much you can afford going in. This is simply a matter of calculating your streams of income and outgoing expenses to see how much you have left over for a down payment and mortgage. You can even use one of the many helpful online calculators designed specifically to show you what you can afford.
Once you know that, begin applying for loan pre-approval. If you don’t have a bank you are established with, it may be worthwhile to research banks online. Bankrate notes some mortgage lenders have streamlined the entire process to be completed almost entirely over the internet, so location is no longer a barrier.
2. Make Your List of Must-Haves
Knowing what you and your business need in a home makes finding that home infinitely easier. Decide what kind of space you’ll need first. Does your business require storing inventory in your home? Do you need a workshop? Will you need a space to meet with clients? Think through your home business setup carefully to design an ideal space.
It’s possible you’ll only need an extra bedroom to suit your business, but some may prefer larger spaces like basements, attached garages, or even separate buildings on the property. Consider what you envision your business looking like a few years down the line. How much space will you need to accommodate it later?
Space isn’t your only concern, though others will vary from business to business. Additional common considerations are things like broadband availability, security, and location accessibility. Determine through your research what someone running a business like yours needs most and finalize your list.
3. Engage Great Help
A great real estate agent can make the entire home-buying process smoother, quicker, and less costly, saving you time and energy you could be investing in your business. Share your must-have list with your real estate agent and be clear about your vision for your home business. Their job is knowing the market that you want to buy in, and they know what properties and areas are hot. Agents also have connections to the many professionals you need in the home-
buying process: inspectors, appraisers, lawyers, and even lenders.
Don’t forget professionals who can help you with other aspects of your transition, too. For instance, contractors might be needed to renovate your new home to match your vision, and professional movers can help you with the physical aspects of your move. A professional organizer can assist with organizing your business before, during and after your transition, and
an engineer can help you with major structural changes should your new property require them.
Lastly, take your business acumen to the next level with an MBA degree. By completing an MBA degree, you’ll learn about marketing, financial management, leadership, communication, and much more. With online programs, you can complete the coursework on your own schedule so you can keep running your business as you learn.
Big ambitions are accomplished with small steps. Knowing the ones you need to take to get you and your home business settled in the perfect home is half the battle. Get your finances ready, make your list, and connect with some reliable professionals, and you and your business should be on your way to new-home happiness in no time.