Buying a Home That Fits Your Growing Business
Running a company from your home can be a great way to minimize expenses. If your company is outgrowing your space, then buying a new home may be the right solution. Purchasing a home is a big decision, and you should make sure that you know exactly what you need to successfully run your company while enjoying a comfortable living space. Consider these valuable tips.
Research the Buying and Selling Process
Many factors dictate what you need to do when buying and selling homes. Your credit history, the size of the down payment, and the size and age of your company can all play a role in determining your available financing options. Research market trends to get an idea of current home prices to determine how much to save for a down payment. The local median sales prices in the neighborhood can give you a good idea of what to expect. Check your credit score and resolve any discrepancies before applying for a mortgage.
Consider the Necessary Features
Think about how the features of a home can make your life easier. For example, if you work long hours, then finding a home with a small yard can reduce the time spent maintaining the lawn and garden area. If you enjoy remodeling projects, then a fixer-upper can be a great option. However, if you need to move quickly with minimal disruptions, then you may need to find a house that is in move-in condition. When viewing a home, look for signs of disrepair. According to the Centers for Disease Control and Prevention, mold can cause health problems, so try to avoid houses with signs of water damage unless you are sure that the problem has been solved.
Envision the Future Workspace
Measure your current workspace and determine the area you need to run your business from home on an ongoing basis. If you want to hire employees in the future, then set aside adequate space for them. If you create products from home, then a large garage, shed, or basement can serve as a workspace or storage area. Set up your new office to accommodate your needs, as well as visiting customers or vendors.
Evaluate the Location
The neighborhood you live in can affect your business. Make sure that the area has sufficient infrastructure in place to support your company. If the region has poor internet access or is too far away from a shipping hub, it may not be the best choice. Prices in the housing market can rise or fall quickly, depending on a variety of circumstances.
However, the neighborhoods and housing types tend to remain steady. Research the demographics and the neighborhood’s proximity to desired amenities. Determine if the area is prone to natural disasters, such as floods, fires, or storms.
Prepare Legal Paperwork
Moving to a new location means filling out paperwork to legally change your dwelling space and the location of your company. If you are moving out of state, the laws regulating your company may change. Consider forming an LLC because the tax breaks are available in most areas. The limited liability offered by an LLC protects you and your company in the event of a lawsuit. You can file the paperwork for an LLC yourself, or you may choose to use a formation service to walk you through how to start a business in Virginia under an LLC structure without lawyer fees. Buying a new house isn’t always simple, and when you run a home business, it can become more complicated. However, proper research and preparation can facilitate the process and make your move easier.