Running a home business can be a great way to find a path to financial freedom. You can operate your business leanly with minimal overhead due to not having business rent to pay. Of course, this can lead to a problem when your business grows. Do you move home or move your business out? The following information will help you navigate the process of upsizing your home as your business gets bigger.
1. Research Real Estate in Your Local Area
Before you start working on upsizing, it is a good idea to do some research on your real estate market. For example, if you live in the Broomfield area, you will want to check out some local listings and market reports. This will help you to determine whether upsizing is a realistic move for you and your business. Seeing the median sale prices ($571,000 in Broomfield) will also help to contextualize your search.
2. Determine a Realistic Budget
Next, you will need to think about your budget. According to finance professionals, this means getting pre-approved for a mortgage. Make sure to check out some of the government loan options that you may be eligible for. These often compare favorably to loans through private lenders, although they may have some unique restrictions.
With the above information in mind, you can start to think more deeply about the homes you may buy. Go back to some of your research and start finding listings that fit your budgetary needs.
3. Identify Your Needs
Once you have a budget, you will also need to start thinking about what you need from your home. This includes both your personal and business needs. When you move, you have a great opportunity to put serious thought into your home office setup. You can design it for maximum productivity with careful positioning, great lighting, and just the right furniture. If your business is growing, you may need space for storage, a larger office to meet with people, and similar upgrades.
However, most homebuyers cannot get everything they want from a home. Learning to prioritize is important. Try listing out your “must haves,” “should haves,” and “nice to haves.”
4. Work With a Realtor to Find the Right Home for You
A good realtor can help you get more of what you want for less money during your search. Realtors work hard to match the right buyers with the right listings. It is worth taking some time to find the right realtor for you. In a lot of cases, this is a personal fit. She can help you narrow down your options based on your budget and needs. Realtors are also often good at helping buyers see the potential of homes that may need an extra bit of attention to make them ready.
5. Make an Offer
Sooner or later, you will find a home that can accommodate you, your business, and your budget. The next step will be to make an offer on the listing. Your realtor can give you some guidance on what you should be offering. Depending on the market and your timeline, this may require exceeding the asking price or negotiating hard for a good deal.
Learn More About Upsizing
Discover more about upsizing your home to accommodate your business today. With the right new base of operations, you will be ready for both personal and professional success.
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