If you dream of starting a new company and running it out of your home, you may be on to something. The at-home business arrangement has been used successfully by many of today’s most innovative firms, including top companies such as Amazon and Google! This type of arrangement is flexible and convenient, but more importantly, it saves you money. Not only can you avoid paying rent or an extra mortgage payment, but you also save money on overhead expenses such as utilities.
If your current home isn’t large enough to accommodate your company, don’t despair. Instead, consider these options to find a solution that will work for both your company and your family.
Consider the Options
The first step in finding a solution is determining how much and what kind of space you need for your business. Ask yourself these questions:
- Do you need a private room for focused work?
- Do you need facilities to produce your product?
- Do you need space to meet with clients?
- What kind and size of storage facilities are needed?
- How much do you predict your company will grow over the next few years?
- Will you need parking or a separate entrance for customers?
Once you have completed this assessment, you should examine your home and list which needs can’t be met by your current space. Then, explore whether you can remedy the issues through remodeling or renovation. If the necessary changes to your house are impossible or the costs of such renovations are prohibitive, consider purchasing a new home that can more easily meet your needs.
Make a Budget
Knowing what you are looking for is only part of the puzzle. You also need to know how much you can afford to spend. To determine a reasonable price range, use a mortgage calculator to calculate your mortgage, as well as other expected expenses, such as mortgage insurance, property taxes, and any other costs you expect to incur.
You may also want to visit a few financial institutions to determine how much you will qualify for. Shop around because loan terms can vary. It’s also helpful to get pre-approved for a mortgage, so ask the lender about this.
Start Your Search
The next step is to contact a reputable realtor, such as real estate professional in Montgomery, Texas, Bill Starkey. A good realtor can educate you on the market, filter the search to your price range, and help you envision the potential of each home. Keep in mind that to satisfy both your needs and your price range, you may need to stay flexible and think outside the box:
- Look in neighborhoods that offer more budget-friendly prices
- Consider properties that don’t immediately meet each need but have the potential to do so with modest renovations
- Look into channels that can help you get a good deal, such as foreclosures and short sales
With an open mind and qualified real estate client, you are sure to find a property that accommodates both your family and your new venture.
Being an entrepreneur comes with its own challenges, but you can set yourself up for success by having a suitable space for your business. By considering your needs and budget and hiring a qualified realtor, you can be well on your way to success.