Do you prefer real estate wholesaling?

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Buying a Bigger House to Expand Your Home-Based Business? Start Here

Are you an entrepreneur ready to launch a home business? Do you also know that you need a bigger space to accommodate this dream? If so, you are about to embark on a journey that many would consider the American dream. Before you begin, Your Income Forum outlines a few things to think about as you build your business while navigating an ever-changing real estate market.

The Buying Process

By this point, you’ve likely already figured out your financing. That’s great, and getting your money situation straightened out beforehand is one challenge accomplished. However, now you have to think about what you want in your new home.

Ideally, you’ll have enough bedrooms, bathrooms, and living space to accommodate your family and visiting friends. But, you will also need a study, a dedicated office, or a spare bedroom where you can work. Depending on what you do, you may also need to buy a house with a garage. If you would rather think outside the box, look for a property that can accommodate a separate building, such as a YardPod, where you can work without distractions.

If you’re looking to save cash at the beginning of your investment, buying a house “as-is” might be a smart move. However, as the Chicago Tribune points out, a home being sold as-is may have serious defects, such as structural problems, non-functioning systems, or asbestos. Because of this, you’ll also want to spend the extra money here on an attorney, land survey or records examination, and home inspection. This can help you find any red flags that need to be addressed so that you can decide if you want to move forward or move on. You can also save by shopping for a lower mortgage or buying outside of city limits.

Running Your Home Business

Running a home business is a lot like managing any other venture. The primary difference is that you will also be balancing your personal life in tandem with your professional one. This makes it difficult to carve out the time to fully focus on either. Plan to outsource certain tasks, such as housekeeping or lawncare.

Cleanliness isn’t your only concern here, however, and suggests making sure that your home office or workspace is set up efficiently and professionally. This means you want it to be as clean and clutter-free as possible and away from the central hub of activity in your house. Furthermore, it’s best to have a workspace large enough to host meetings and collaborate with your clients. A dedicated bathroom will also help you keep your work and your home separate.

If you plan to have employees on-site, you will also need to confirm with all local governing bodies that you can have non-related workers on your property, even if you’ve already assessed the neighborhood with your real estate agent. According to AllBusiness, this might be a zoning violation and one that your neighbors can report. If on-site employees are permitted, you’ll need to figure out the logistics of parking since it’s generally frowned upon to take up street space for your own personal needs.

Buying a new house and starting a new business at the same time can get stressful. There are lots of challenges to overcome, such as knowing how much space you actually need and making sure that you can have employees on-site if necessary. Thankfully, you have access to information that can help you make the best decision for your family and your business.

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