Photo via Unsplash
Are you thinking about starting a business? If you’re going to run your business from your own home, you might feel cramped by the lack of space. For some entrepreneurs, relocating can be a boon for business. Once you settle in, you’ll see why investing in a larger home can be beneficial. These tips will help you locate the perfect home for your family and your small business.
Determine Which Features to Prioritize
You’ll definitely need room for a home office in your new house, but you’ll likely want to look for a few other features too. You might need a extra storage space, such as a spacious basement, attic, or garage. If you require any large equipment, make sure you’ll have a place for all the equipment you will need.
Consider Buying Property “As Is”
Once you’ve decided which features you want to look for in a new home, you can begin browsing local listings. It’s important to work out a general budget first. The Simple Dollar recommends spending no more than 28% of your monthly gross income on mortgage payments.
Buying a larger home doesn’t have to mean paying for a ludicrously expensive property. You may want to consider moving to a more rural area for lower home prices, or simply buying a home “as is” and making repairs on your own. However, if you decide to buy a home “as is,” make sure you get good legal advice; obtain a thorough inspection so you know what issues exist; negotiate, if the contract allows, for repairs or a credit for significant issues; and make sure your attorney reviews the title records for red flags.
Zoning Issues
Target the areas you plan to look for homes and determine whether the zoning laws allow home-based businesses. Home-based businesses may be allowed in residential districts, but not all types of businesses, and some limitations may apply. Do your homework. Know the zoning laws in the communities where you are looking. Make sure your kind of business is allowed to operate from a home in a residential district and know what the limitations are.
If you have any questions about the Zoning Code provisions, schedule an appointment or phone call to the local zoning administrator and ask questions. The worst-case scenario is that you find out after you move in that the zoning rules for the property you just bought don’t allow you to operate your business there. Do your homework!
Finding a Real Estate Agent
You do not have to start the house-hunting process all by yourself. Instead, it’s best to find a real estate agent with substantial knowledge of the market in the area where you plan to move. Bob Vila recommends checking the credentials of any potential agents you’re considering. Let your agent know that you’re not just looking for a home where you can live comfortably — you also need to live somewhere that will make it easier to run your business. Ideally, you’ll be able to find an agent who has worked with entrepreneurs before.
Home-Based Business Tools
Once you’ve closed on the ideal property, it’s time to set up a space that makes it easy to work from home. Setting up your home office as soon as you move in will help you get back to your usual work schedule. If your current devices are not operating at full capacity, you’ll want to invest in crucial equipment, like a new desktop computer, laptop, or tablet. By taking advantage of online deals and discounts, you can score great prices on desktops from a wide variety of popular manufacturers.
In addition, you’re going to need furniture that suits the size of your office space. Purchasing a sturdy desk with plenty of storage compartments can help you keep your belongings organized. You will also want to purchase a printer and scanner so that you don’t have to visit the local library to take care of these small tasks.
If you are putting in the effort to get your home-based business off the ground, you may be struggling to find ways to grow with limited space in your home. While moving is a major decision, it could also be the best choice for your business. As an entrepreneur, you’ll find that it’s much easier to run your business from a home with adequate space.
Are you seeking legal advice related to business formation, asset transactions, or other relevant issues for small business owners? Drendel & Jansons provides a wide range of legal services. Call today at 630-523-0543 with your questions.