Buying a house requires money, and lots of it. You’ll probably find that you have a little less available for funding your business as you save for your down payment and moving expenses. That’s okay. There are plenty of loans (SBA’s Express Bridge Loan, Main Street Lending Program) that can help you put money aside for your professional expenses. Non-government options are available as well, including angel investors and borrowing money from friends and family. Just make sure to wait until after you purchase your home before pursuing additional loan options!
Before you begin your home search, decide how much it will cost you to start or operate your business from home. Business News Daily asserts that this may be anywhere from $2,000 up to $5,000, but your actual cost will depend on what you do and what equipment you already have. Some businesses have no overhead while others can go well above the $5,000 mark. Make a point to budget for what you need, particularly if you choose to forgo lending options.
Your Space Matters
When your home hunt begins, sit down and figure out exactly how much space you think you need. Keep in mind that you can live with less, but there are a few things that you absolutely have to have. A desk, computer chair, and other equipment necessary to do your job must all fit into the space you choose to buy. Something else you may want to consider during this time is investing in new electronics. While it is an added expense, you can save money on a name brand computer from today’s top manufacturers by scouring the internet for great deals and holiday prices. Having the right equipment handy will ensure you get started on the right foot and know exactly how much room you need to operate.
If a home large enough to fit your workspace is not in the budget, talk to your agent about finding a property with a detached garage. You can convert this space into a functional home office without taking up room in your house. Be mindful, however, that your garage can receive a strong internet signal and that it is already wired for power and plumbing. All three of these are essential to your working environment, and it may be cost prohibitive to add them after the fact.
When you plan to work from where you live, you have to take your buying practice to another level. Talk to experienced agent Jill Giese about what you need, and make a point to separate your personal finances from your business’s bottom line. When it’s time to start your home search, narrow down your options by knowing your needs. Remember, when you buy home, you are usually in it for the long haul, and the homeownership experience will be that much the better if you take the time to plan ahead with your needs in mind.
Let Jill Giese help you find the home and office of your dreams. Whether you need a small space for one or a home with a dedicated space for yourself and employees, Jill has the knowledge and experience to set you on the right track no matter your home-buying budget.