If you operate a home-based business, you may soon find that you're outgrowing your current house and need to upsize to accommodate your expanding operation. Part of this should include looking for a space that is viable for your business while also meeting your family's needs. Gino Tozzi of Johnstone & Johnstone Realtors can help you find the ideal spot for growing your company.
Check Your Finances
Before you start searching for a new home, the most important thing to do is to check your credit score and meet with a mortgage lender to get an idea of what you qualify for. This will be based on your income, your debt-to-income ratio, and your funds available for the down payment. Getting preapproved for a loan makes it much easier to go house shopping. You'll know exactly the budget you have to work with and you'll also be able to make an offer much more quickly than someone who has yet to get pre-approved.
Outline Your Needs
Give careful consideration as to what type of expansion you need for your business. For example, if you see clients on-site you might want a property that has a separate casita or mother-in-law's quarters so you can have entirely separate office space. Alternatively, you might want a home that has an entrance to the office separate from the home entrance so you can keep things professional. Are you producing a product? Handling shipping? Do you require significant storage space? Make a list of everything you'll need before you start looking at homes.
Do Your Research
You can start looking at new homes in your price range by searching online. This will give you an idea about how to narrow your focus based on price, amenities, and location. According to Realtor.com, a good real estate agent can help you, particularly when it comes to finding a property that is in line with both your business and personal needs and that features a large private home office space. A realtor can also help you assess the zoning and community rules and regulations to ensure that operating a business from your home is an accepted practice.
Things to Consider
In addition to the space needs, you’ll also want to consider practicality matters, and your family needs. For example, are you looking for a home in a particular school district? How close do you and/or your spouse need to be to your city center or transportation hubs? Will your move accommodate both your business and your family’s long-term needs? Also keep in mind, if you decide to buy a home and make after-the-sale upgrades to your workspace, consider the associated costs. It can be worthwhile to have a general contractor give you an estimate of what changes might run you before you put in an offer so you can manage your financial resources accordingly.
Consider Other Forms Of Growth
As your venture continues to grow, you may find you'd like to sharpen your business skills to better facilitate its long-term success. You could go back to school and earn an MBA, or masters’ of business administration, which could help develop your business knowledge and your ability to strategize and manage others. Most online courses give you the ability to learn at your own pace while still taking care of your professional and life responsibilities. Look for ways you can work this into your existing schedule and consider how this investment in your education is actually an investment in your business.
According to Business News Daily, many people enjoy having a home-based office because it allows them to have a better work-life balance. Also, keep in mind, you'll have expanded office deductions with a larger space, which can theoretically give you a little more wiggle room with regard to how much you’re willing to spend on your mortgage.
Gino Tozzi of Johnstone & Johnstone Realtors is experienced in residential and multifamily real estate in Macomb County, Grosse Pointes, and Detroit Michigan. He's passionate about matching buyers with the properties of their dreams. Visit the site to view listings or reach out for a consultation.