by Suzie Wilson, contributor to my website
Since the beginning of the pandemic, more and more people have begun working from home. It also holds true that startups are also becoming increasingly home-based. Coupled with low interest rates, it’s no wonder that thousands of people each day are either starting the process of launching a business and buying a new home or considering the same.
If you have made the decision to do both at the same time, your friends and family might call you crazy. But here are a few tips from Kelly Property Expert Inc to help get you through the most difficult aspects.
Set your budget.
When starting a new business, you have hopes of profit on your mind. But, when you’re buying a new house, you know that you’re likely to go through your savings. Fortunately, with a little preparation, you can set a budget that helps you do each. Start by understanding business start-up costs. This will include everything from equipment and inventory to insurance and utility expenses. Next, consider the cost of the home that you plan to buy. You may spend a bit more for a property with a dedicated office, but it may be cheaper than renting office space.
You can also save money on advertising by posting promotional images for free on social media platforms like Facebook and Instagram. To avoid hiring a graphic designer, simply create your own promotional image using free logo design templates.
Confirm home business laws for the province where you live or will be moving.
Just because you can have a home business in one location does not mean that you can in another. Aside from confirming home business laws in your state, you’ll also want to check if your neighborhood has restrictions against it. And, if you do have a home business, don’t forget to deduct business expenses at tax time.
Understand the home buying process.
If you’ve never purchased a home before, it pays to understand the fundamentals. For the most part, you’ll want to start by getting pre-qualified for a mortgage. Next, look for a property. If you’re trying to save on your home budget, you can buy a home that needs some work. If you go this route, hire an attorney, and make sure that you have the property fully inspected. Your attorney and property inspector can help you determine any potential hindrances to ownership, and your inspector can point out any material defects that would negate any initial savings.
Make sure you have help.
As an entrepreneur at heart, you’re probably used to doing things on your own. But, there are many moving parts associated with launching a new business and purchasing a new home. Make sure that you have the right help in your corner. Your two most trusted advisors are your realtor and your moving company. Your realtor can help you pick the right house, and movers will make sure that your personal property arrives on time, so that you don’t have to waste time getting your business up and running.
Start early, and start slowly.
Start your home search early, and, if possible, allow yourself to become acclimated to your new business before you start the long and drawn-out process of moving. Even though the real estate market moves quickly, you can take advantage of the internet to look at different types of home and neighborhood that you might be interested in. If you start a few months in advance, you give yourself an idea of how much you can expect to spend to get what you need. With your business, you can start as a part-time job, that way you already have the experience you need to get up and running at full force when your home office is ready to go.
Both moving into a new home, whether you’re doing it for more space for as part of a divorce, marriage, or relocation, and starting the business are major life milestones. But, if you’re not living the life that you want to live, these are two of the best ways to make changes that will benefit you and your family. Remember, start small, and make sure that you have the right helping hands in your corner.
Kelly Property Expert Inc , was created in 2015 and operated part-time from my home in Port Richey, Florida, while I was working as a professor at Pasco-Hernando State College full-time. I moved to Waycross, Georgia, after retiring from my then current full-time teaching position and brought my company with me. Today, my office is located in Jacksonville, Florida, and I live in Waycross, Georgia. At the present time, I am working my real estate business on a full-time basis and no longer teaching. Feel free to contact me today!
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