The Essential Guide to Property Hunting for a Home-Based Business
Deciding to run a business out of your home is an exciting process, but it comes with a big to-do list. One of the most urgent items on the list: Finding the right home! Unless you happen to already live in the ideal space, you’ll probably want to search for a property where you and your business can both thrive. McNabb & Company will be a great ally when it comes to finding the right property. As you begin your search, here are some tips for a successful house hunt:
Planning and Research
First, sit down and think about exactly what you want in a home. For the home-based business owner, this means thinking about your personal needs as well as your professional needs – and, ideally, some way to keep them separate. Consider your workspace and your living spaces entirely different zones, and limit overlap between these zones as much as possible. This is your best bet for establishing work-life balance.
Next, research your local housing market. Although you aren’t ready to start looking in earnest until you’ve secured funding, early research has its place. It’s best to have realistic expectations about what sort of properties are available at your price point from the jump. This way you can think critically about what you can afford, what you should prioritize, and where you may have to compromise. Your McNabb & Company agent can help you get an early sense of what types of homes will be a good match for your needs and budget.
Secure Funding
Your next step is to secure funding. You need to be pre-approved before you can start house hunting in earnest. Even if sellers were open to accepting an offer without preapproval at all, (which, generally speaking, they aren’t) you still wouldn’t be as competitive as a similar offer that’s already approved. Reach out to your lender – they’ll take you through the process of figuring out what size and type of loan is best for your situation.
You can also look into small business funding to get your workspace set up once you’ve moved in. This is especially useful if you know you’ll have a lot of startup costs, such as buying equipment or materials. There are a lot of funding options out there for small businesses, including some you won’t have to pay back down the road.
Finding Your Home
In essence, your home hunt will be relatively similar to any buyer’s search, you just might have more to keep in mind. For example, if you need a workshop, it might be wise to bring a tape measure along so you can measure potential rooms and make sure they have the space you need. You should also figure out exactly how many outlets you’ll need for your workspace and what kind of electrical capacity they’ll require. Many older homes aren’t wired for professional equipment – you can upgrade if necessary, but you should know that’s what you’re getting into.
If you see a lot of homes, especially all in one day, it’s easy to get them jumbled up. You don’t want to inadvertently move forward on the wrong property! To avoid this, take plenty of notes and pictures whenever you tour a property, and use them to organize your thoughts and impressions afterward. Always reflect after going on house tours, and focus on the practicalities rather than how a home made you feel. Getting too emotionally invested is a recipe for heartache, anyway.
Finding the right property for your home-based business is a process, but it’s made all the easier with a road map and a guide. Work with a real estate expert at McNabb & Company and keep your priorities in order through your search. Soon you’ll find the property where you can achieve your dreams.
Author: Tina Martin
Photo Credit: Pexels