Finding the Right Fit: How to Upsize Your Home for a Growing Business
As a home-based business owner, it’s always exciting to watch your business grow and expand. But as your business grows, you may find that your home is no longer sufficient to support your needs. Whether you need more space for inventory, a dedicated home office, or a professional place to meet with clients, upsizing your home might be the solution you need. Moving into a bigger home is a major decision, so it’s important to plan your upgrade carefully. Check out the following tips to ensure your upsizing process goes as smoothly as possible.
Earn a Business Degree
Going back to school and earning a business degree can strengthen your decision-making skills. A business degree will help you make informed decisions about expanding your business, including the financial considerations and tax implications that come with upsizing your home. Whether you earn a degree in accounting, business, or management, you’ll learn the skills you need to create stable and sustainable business growth. Consider this option for online school so you can continue running your business while learning.
Decide on a Location
The location of your home is one of the most important factors to consider because it will determine the accessibility of your business and the potential for client visits. You’ll also need to think about the home’s proximity to transportation, parking availability, and the local business and real estate climate (Houston homes have sold for a median price of $312K). Remember to check zoning laws as well!
Once you’ve chosen a location, the experienced and knowledgeable real estate professionals at Pride Street Realty can help you find the perfect Houston-area home for you and your family!
Consider Size and Layout
You know you need a bigger home, but how much bigger? Buying a home that’s too big for your needs will only add unnecessary costs and maintenance requirements. List out the specific requirements for your business. For example, if you plan to have clients visit your home, Families.com suggests an office space with a separate entrance or reception area. Be sure to also consider how many rooms you need for your business, such as an office, a workshop space, and a room for storing inventory.
Prepare Your Financial Records
As someone who is self-employed, you will need to be very organized when applying for a mortgage. Get your financial records in order so you’re ready to provide proof of your income and financial stability. According to The Balance Money, lenders typically want to see tax returns and business financial statements from self-employed individuals.
Keep in mind that you may have to pay a higher interest rate on your mortgage or offer a larger down payment amount to qualify for your loan. Shop around and compare rates from different lenders so you can find the best deal!
Minimize Disruptions to Your Business
It won’t be easy keeping your home-based business running smoothly during your move. However, you can take steps to minimize disruptions and ensure your cash flow remains as consistent as possible. Notify your customers or clients early and let them know the timeline for your move. This will help you avoid customer complaints.
If possible, set up a temporary workspace so you can continue working while your new home-based workspace is being set up. You could rent a coworking space, set up a temporary workspace at a friend or family member’s house, or use coffee shops and libraries to get your work done. If you need a place to store inventory, equipment, and supplies, you may want to consider renting a storage unit. Some storage facilities even allow you to work out of your storage unit, which could be a viable option if you need a space to fulfill orders.
Upsizing your home can be a smart decision if you need to make room for a growing business. Just be sure to carefully consider your options and prepare for your living space upgrade well in advance. Plan how you’re going to keep making progress on your business during your move, such as earning a business degree online instead of taking in-person classes. Keep your personal and business goals in mind and you’ll make the right decision!
Are you looking for a location for your business in the Texas or Illinois? Pride Street Realty can help! Contact us at 713-201-5257.
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