Considerations for Purchasing a New House for Your Home-Based Business

You’re really attracted to the benefits of running a home-based business. You want the freedom, flexibility, and scalability opportunities that come with it. The only problem is that your current home can’t accommodate your business idea—unless, of course, you compromise the comfort of yourself and others in your household. You don’t want to do that. 

RE/MAX Northland is here with solutions. We’ve listed some tips for getting your business off the ground, navigating the home purchase process, and more: 

Find a Reputable Realtor

When it comes to purchasing a new home, you can’t make a better investment than hiring an experienced real estate agent. Working with a realtor from the RE/MAX Northland TEAM, for instance, will save you time, money, and stress, and it will generally make the entire process go much more smoothly. 

Factor in Every Detail 

There are many factors to consider when purchasing a home for your business. You must take into account the needs of both your business and your household. What does the home need in order to accommodate your work activities? Do you need space to store physical inventory? Do you need a corner of the spare bedroom or a detached office space? Make sure you can work and live comfortably in the home; otherwise, you’ll set yourself up for a poor quality of life. 

Don’t Skip the Essential Steps

Anytime you go through the home buying process, there are some critical steps to take that can save you a lot of time, money, and stress. Don’t overlook these tasks:

• Estimate how much house you can comfortably afford.
• Factor in the costs of repairs, renovations, and maintenance. 
• Study the local housing market to compare homes. 
• Get pre-approved for a mortgage through a local lender. 
• Choose a mortgage that fits your goals for the future. 
• Don’t be afraid to ask to negotiate with the seller. 

Consider Custom Building 

Perhaps you’ve looked and looked for a home on the market that will suit the needs of your business and family, and no viable options have surfaced. All hope is not lost. While many people assume it’s too expensive, building a custom home with WAUSAU HOMES can actually prove to be a cost-effective solution for obtaining your dream home in a Seller’s market where this is very little inventory. 

Depending on what kind of home you design, it could cost slightly more upfront. But the price often evens out when you consider expenses like the maintenance, repairs, and remodeling required for many older homes. Plus, newly-built homes are more energy-efficient, which can save you money in the long run. And, of course, you can tailor the design of your custom home to meet your exact business office needs, which means you won’t need to do any renovations. 

Handle the Business Basics 

There are several things you can do to prepare your business as you search for your new home. For example, you can work on your branding, including your logo and website. You can start putting together a business plan together and researching your funding options (e.g., business loans, grants, investors, etc.). And as long as you have a working brand, you can start marketing on social media. 

Another step to take in the early stages of your business is to establish a legal structure. To receive protection of your assets, tax advantages, flexibility, and other benefits, consider going with an LLC. Though the process can be time-consuming, hiring a formation service is a quick and affordable way to get it done. 

By tackling these types of details ahead of time, you’ll hit the ground running once you’re moved in and settled. 

There’s no getting around it. If you want to start a home-based business and find a new house at the same time, you have your work cut out for you. But if you follow the tips above and keep researching other ways to navigate the challenges, you can lay a stable foundation for a healthy business and home life.

Do you need help buying or selling a home? Contact RE/MAX Northland to learn how we can make the process as easy and stress-free as possible!
Call/text Direct (218) 203-3603

–Compliments of Megan Cooper