Upsizing your home to start a new business can be both an exciting and financially rewarding decision, but it’s important to carry out your due diligence before making the leap. Here are some tips to help get you started.

Requirements

Before you begin your research, the first thing to consider is what your new home will require to successfully facilitate your business and personal lives.

• Business type: Consider the type of business you are starting and what type of space and amenities you will need. For example, if you are starting an e-commerce business, you will likely need a dedicated space for storing inventory and packing orders. 

• Home office: Depending on your preferences, you may want to think about lighting, ergonomics, and storage when choosing a property with a home office. If you are starting a consulting business, you may also need a separate space for meetings with clients. Make a list of the features you need in your new home to ensure that it meets the needs of your business.

• Maintenance: When you’re upsizing for work, it may be worth seeking out a property that is low-maintenanceand doesn’t need repairs. This will allow you to focus on running your business instead of constantly dealing with repairs and maintenance issues. Look for a home that has been well-maintained and is in good condition.

Research

As with any property-related decision, upsizing requires plenty of research and due diligence before you can be confident of proceeding.

• Location: Factors such as the local economy, the availability of talented employees, and the proximity to suppliers and customers can all affect your quality of life and the appreciation of the home.

• Zoning laws: Don’t forget to also research zoning laws and potential restrictions for home businesses in your target area. These laws can vary significantly from one location to another, so it’s important to understand what is and is not allowed before you commit.

• Pricing: Having a clear idea of ideal pricing will help expedite your purchasing efforts. Start by laying out a clear budget (which should include realtor fees, moving costs and more). In addition to home-buying costs, you may also want to factor in business startup costs such as marketing, equipment, and supplies.

Business Actions

In addition to property and location factors, you may find there are some considerations for your business itself – here are a few to think about.

• Business structure: If you’re moving across state lines, it may be necessary to form or reform a Limited Liability Company (LLC). To do this, you can use a formation service and save on lawyer fees. Just bear in mind that many states have different regulations, which should be checked in advance.

• Website: If you haven’t already, a change in locale provides the perfect reason to create a website for your business. To help build assets, check this out – free templates allow you to customize content for your site by adding your own text, colors, background, and design elements.

• Digital tools: Many of the technologies available online are free to use and can help you to slash startup costs. Check out inventory management solutions, marketing tools, and more.

Upsizing a home is rarely straightforward, and when you throw in a new business, things can get even more complicated. If you want to ensure a smooth transition and a successful outcome, you’ll need to research, prepare, and manage work elements simultaneously.

We’re Realty With Rich, the premiere real estate solutions company in the area helping homeowners and improving communities. Sell/buy a home, or seek advice with us at: www.realtywithrich.com

Image by Pexels