Your home business is thriving, but your current home is unable to keep up with the demands of your quickly growing business. You need a place that can facilitate your success, not limit it. If you’re open to buying or building a residence that combines your personal and professional space, these steps from Coastal Premier Properties can help you get started.
What kind of amenities does your ideal home have? Where is it located? How many bedrooms do you and your family need to live comfortably and host guests? These questions are important to any person looking for a new home, and the answers to them will factor into your search. Kiplinger notes most homeowners put features like a patio, eat-in kitchen and hardwood floors on their list.
As a business owner, though, you have some extra factors to take into account, the most pressing probably being space. Home business owners have to consider home office space, but for many, that isn’t the only concern. You may also need storage space for your inventory, a workshop for you to create in, or a room where you can host clients.
Though space is often one of the costliest aspects of a home, it doesn’t have to be prohibitive. Be sure to do your research on home prices in the area you’re interested in to see what kind of space you will be able to get in your budget. For example, studio spaces in Destin average $171K, while one bedroom homes average $321K.
Determining how much you can afford to pay toward a mortgage each month is a major consideration. Calculate a budget on your own or use one of the many tools on the internet designed expressly for this purpose.
Once you know how much you can afford, Consumer Financial Protection Bureau explains you can apply for a loan pre-approval. If you have a bank you prefer to work with, great. If not, there are several excellent options available online, many of which take mere minutes to get pre-approval from.
If your business is already a limited liability company, you may be able to apply for a mortgage through your LLC. That isn’t the only benefit to an LLC, though. By forming one, you’re protecting your personal assets in case of issues with your company, and there are tax benefits, too. Plus, it’s never been easier to form an LLC; you can even do it yourself online using an LLC filing service and save yourself the cost of lawyer’s fees. Check your state’s regulations to move ahead with confidence.
Consulting a real estate agent about exactly what you determined you and your business need in a home is a wonderful way to save money, energy, and time. Among the many benefits of hiring a real estate agent is that they can find properties that allow you the space you and your business need at a price you can afford. They work in the market every day, so they are familiar with what is available to someone in your position.
They also have connections to the network of professionals you will need to get you into your new home, including home appraisers and inspectors and the lawyers you will need for closing. Some real estate offices, such as Coastal Premier Properties, even offer in-house legal services and construction development should you decide to build instead of buy.
Getting into the perfect place for you and your business doesn’t need to be difficult. Decide what you and your business need and get your finances in order. Coastal Premier Properties is passionate about making their client’s dreams come true. Share your vision with them, and together you’ll find your dream home in no time flat.