Home Business Owners May Want to Upsize Their Residences, as Their Businesses Grow

February 2021
by Amy Collett
[email protected]
When you start your own home business, you have high hopes but also a lot of uncertainty. No matter how hard you work and how well you plan, there are so many unexpected factors that can throw a wrench into the works. So, when your small business starts to take off, it’s exciting. You are right to feel a sense of pride in your accomplishment. However, one unexpected factor you may not have accounted for is this: as your business grows, it may begin to outgrow your home.
Buying a larger home that will better suit your personal and business needs may seem like an extreme measure, but it can be easier and simpler than trying to remodel, add additions, or rent additional space outside the home. Purchasing a new residence means you can pick and choose according to the precise specifications you have in mind, as well as be particular about location. Realtors such as Ayala Realty Team can assist Southern California business owners if they need to relocate to a larger home. Read on to learn more!
Make a budget.
When budgeting for a relocation, you will need to assess how much you are likely to get for the sale of your existing home, the cost of moving itself, and any hidden fees and charges involved in the actual buying process. Never push your budget to the breaking point. You will want to have adequate finances available after your move, especially given that you never can be perfectly sure what updates or repairs a new house will require.
Get rid of existing debt, if possible.
Especially if you are preparing to take on a new mortgage, it’s a good idea to reduce or eliminate as many other debts as you can. Boosting your credit score by ditching debt can increase your buying power and give you less of a headache when it comes to future financial management. A debt relief specialist may be able to help you find pathways out of debt. There are several different debt reduction solutions available, such as taking out a consolidation loan or executing a debt transfer. A specialist can assist you in implementing whichever option best suits you, based on your income and the size of your debt.
Be clear on needs and wants.
Once you have decided that upsizing is the right choice for you, and that you can afford it, do a complete inventory of everything you will need to take your business to the next level. This includes space, layout, location, parking options, and up-to-date wiring and plumbing. The ideal house will also allow you to keep your business activities separate from your family life. Look for separate entrances and exits, and make sure the structure is equipped with bathrooms for the needs of both your family and your workplace. Another vital consideration is whether the walls are sufficiently soundproof, especially if you have small children, or if your business involves a certain amount of noise. If you have aesthetic or personal preferences — such as for larger windows, or fewer stairs — jot them down too, in the order of their importance.
Pinpoint preferred locations.
It’s not just about finding the perfect house. It’s also about making sure it’s in an area that’s amenable to the growth of your business. Research the general region into which you hope to move and do price comparisons on properties. Check any legal restrictions, such as zoning laws, that could affect your business. Check out which other businesses are in the area. Do you anticipate too much competition? Will surrounding businesses bring in additional customers to your own? It’s not a bad idea to widen your net and survey the housing market in general. This can help you determine whether you are getting a good value on your purchase.
While there may be other solutions available to you for accommodating your business, assess sooner rather than later whether relocation might be your most practical and cost-efficient option. Think about the long term and remember that investments made to support your business now ought to pay off exponentially over time. For guidance in your real estate search, reach out to the Ayala Realty Team or explore our website and resources.
Image via Pixabay
by Amy Collett
[email protected]
When you start your own home business, you have high hopes but also a lot of uncertainty. No matter how hard you work and how well you plan, there are so many unexpected factors that can throw a wrench into the works. So, when your small business starts to take off, it’s exciting. You are right to feel a sense of pride in your accomplishment. However, one unexpected factor you may not have accounted for is this: as your business grows, it may begin to outgrow your home.
Buying a larger home that will better suit your personal and business needs may seem like an extreme measure, but it can be easier and simpler than trying to remodel, add additions, or rent additional space outside the home. Purchasing a new residence means you can pick and choose according to the precise specifications you have in mind, as well as be particular about location. Realtors such as Ayala Realty Team can assist Southern California business owners if they need to relocate to a larger home. Read on to learn more!
Make a budget.
When budgeting for a relocation, you will need to assess how much you are likely to get for the sale of your existing home, the cost of moving itself, and any hidden fees and charges involved in the actual buying process. Never push your budget to the breaking point. You will want to have adequate finances available after your move, especially given that you never can be perfectly sure what updates or repairs a new house will require.
Get rid of existing debt, if possible.
Especially if you are preparing to take on a new mortgage, it’s a good idea to reduce or eliminate as many other debts as you can. Boosting your credit score by ditching debt can increase your buying power and give you less of a headache when it comes to future financial management. A debt relief specialist may be able to help you find pathways out of debt. There are several different debt reduction solutions available, such as taking out a consolidation loan or executing a debt transfer. A specialist can assist you in implementing whichever option best suits you, based on your income and the size of your debt.
Be clear on needs and wants.
Once you have decided that upsizing is the right choice for you, and that you can afford it, do a complete inventory of everything you will need to take your business to the next level. This includes space, layout, location, parking options, and up-to-date wiring and plumbing. The ideal house will also allow you to keep your business activities separate from your family life. Look for separate entrances and exits, and make sure the structure is equipped with bathrooms for the needs of both your family and your workplace. Another vital consideration is whether the walls are sufficiently soundproof, especially if you have small children, or if your business involves a certain amount of noise. If you have aesthetic or personal preferences — such as for larger windows, or fewer stairs — jot them down too, in the order of their importance.
Pinpoint preferred locations.
It’s not just about finding the perfect house. It’s also about making sure it’s in an area that’s amenable to the growth of your business. Research the general region into which you hope to move and do price comparisons on properties. Check any legal restrictions, such as zoning laws, that could affect your business. Check out which other businesses are in the area. Do you anticipate too much competition? Will surrounding businesses bring in additional customers to your own? It’s not a bad idea to widen your net and survey the housing market in general. This can help you determine whether you are getting a good value on your purchase.
While there may be other solutions available to you for accommodating your business, assess sooner rather than later whether relocation might be your most practical and cost-efficient option. Think about the long term and remember that investments made to support your business now ought to pay off exponentially over time. For guidance in your real estate search, reach out to the Ayala Realty Team or explore our website and resources.
Image via Pixabay