Relocating to a Bigger Home to Accommodate Your New Business?
Updated: Feb 7, 2022
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Here’s what you should consider
Seeking out a bigger home is natural and especially true if you're preparing to start a business and you're still in your starter place. A bigger, more spacious home will provide room for your business and make it an easier transition for you and your family.
Starting a Business and Relocating Simultaneously
You can run a successful business from home and also be there for your spouse and kids. However, before you start your business and relocate, you need to think about how much house you can afford, what is your ideal location, and how big the home should be. Before you purchase your new home and start the business, there are some things to consider.
Your Home's Suitability
If you're moving to a bigger house, but the only space available for your business is in the kitchen or a corner in the garage, it's best to reconsider and look for other options. Since you are basically moving to allow your business to grow, it is important to ensure the space available is big enough to accommodate your startup's and your family's needs. Especially if you're in an industry where clients need to visit you, it is best to think this aspect through. A home-based business will require at least an entire room as the office space, but some venture types (particularly inventory-based businesses) will need even more.
The Home's Appearance
You don't need to live in a mansion to start an at-home business, but the place does need to be appealing so it won't scare away your clients. If you plan to run a startup out of your new home, bring in SBS Designs to create a stylish and cohesive space that you and your clients will love.
When preparing to buy a house, you need to calculate the type of house you can afford, pay your debts to increase your credit score, and apply for a mortgage. If you're unsure about this process, consider working with a real estate agent to make it easier for you. They will guide you toward the homes you can afford, arrange visits to preview them and get the paperwork ready for you to close on the home you eventually choose.
If you cannot afford to buy a more exquisite home, you can save money by getting a loan from multiple lenders, save around 20 percent for a down payment, increase your credit score, or get an “as-is” house. This means that the home needs some work but can end up being a diamond. If you consider this option, it is best to talk to a lawyer, inspect the place, and analyze the land records thoroughly.
In case you just cannot find a property that accommodates your needs, you can get a custom-built one relatively quickly. First, you need to find and buy the homesite and choose a builder. Designing your floor plan can be a fun activity, but make sure you create it in such a way to fit your needs. Next, secure the financing, find a designer like SBS Designs to assist with fixtures and finishes, and start building.
Moving In and Starting the Business
When moving, don't move unnecessary items in your new home. Take this opportunity to declutter and donate things you don't need. Take an inventory of your things and measure the furniture and all the large items to ensure they fit in your new home. Find moving boxes and pack by room well before the moving day to make everything easier.
As you commence on starting your home-based business, you'll need to complete a few tasks. Ensure you have a business plan and choose a structure for your startup. Many business owners choose to file as an LLC for tax advantages, easier paperwork, and asset protection (learn more about the process at georgiallc.org). You should also get the insurance you need, and start advertising your business to attract customers.
Relocating Could Be Your Answer
Starting a business and relocating is no easy task; however, no matter how daunting it may seem, you can do it with good information and a little bit of knowledge. Make sure you consider these tips to get the best of this situation.
Source: S. Martin at tidylifetoday.com