A Place To Call Home (And Office!)
If you are in the market to buy a new home, but you also need a space to work, buying a property with your business in mind is a smart choice. But there are many things to consider. Keep reading for more information.
Types of businesses
First, it’s important to note that most cities have zoning laws that you’ll have to contend with if you want to run a business from home. Zoning ordinances are put into place to protect the integrity of residential, commercial, and industrial areas. Running a business from home might, for example, invite too many people to drive on roads that were only designed for a certain amount of traffic.
You’ll need to evaluate what you do, and move forward only after you’ve checked local restrictions, which might prohibit you from making too much noise or using hazardous materials in the course of business.
What to buy
The amount of space that you need is dependent on what you do and the number of people in your household. You also want to consider the layout of the property, which is especially important if you need to have quiet during working hours. Look for a house that gives you plenty of options when you want to add a home office. A property with a freestanding garage or spare bedroom away from the kitchen and main corridor may be ideal, or depending on your family’s lifestyle, a generous living room might even accommodate your plan.
You also have to consider your budget. The more space you need, the more money you’ll spend. One exception to this is buying a foreclosed home. You can usually get a better purchase price by investing in a property that the bank needs to offload quickly. But do not go into it blindly, and do make sure to choose a knowledgeable realtor like Iron Gates Realty with experience in the foreclosure arena.
Keep in mind that foreclosures are sold as-is, meaning that getting an inspection is crucial. You’ll also want to have a preapproval letter from your lender ready so that you can make an offer when you find a property that fits your needs.
Update Your Space
If you can’t afford to buy just yet, but you also want to run your business from home, it’s time to reevaluate your current space.
Start by identifying where you have the extra room. This could be anywhere from the garage to the corner of your current bedroom. Fast Company asserts that natural light and lots of storage are important for those working from home.
An important consideration that many overlook, particularly when putting an office in an out-of-the-way spot of the property, is how well the internet works in their chosen location. If the home has thick walls made of brick, concrete, or metal, you may have to go through the added expense of having a separate modem put in. Likewise, having access to a bathroom means that you do not have to walk through your house, and potentially get distracted with domestic duties, when you need to take a quick break.
If you still have questions about how to buy a home with your business in mind, talk to your real estate agent. They will likely have answers to many of the most commonly asked questions about layout, zoning, and even the availability of high-speed internet.
Running a business from home is the fastest path to work/life balance. But when you have to buy to accommodate this desire, it’s always best to go into it knowing what you need and having an agent by her side that can help you get it.