Tips for Buying a House for Your Home Business
Buying a house comes with plenty of hurdles, but operating a business out of a home adds more variables to the homeownership equation. It’s easier than ever to operate a business inside a home, but some industries require more space and specifications than others. Hopeful homeowners must understand what to look for in a potential property to decide if it’s a viable option to serve as a home office base.
Create a Business Plan Before Looking
It is good to have a well-thought-out business plan before starting a home search. That plan must include strategies for running the business from home long term. Conducting a babysitting, writing, auto repair, tutoring or graphic design company from a residential property may seem easy enough, but each business comes with unique needs and requirements. Laying out a solid plan and working with reputable realtors like those at M4 Real Estate Group can narrow down options and save a lot of time.
With a business plan in place, the next step is visualizing how to lay out the business inside the home. Entrepreneurs must think about lighting, which either helps or hampers productivity. What’s more, it’s important to have organizational space, which Inc. notes helps reduce clutter and adds to an office’s visual appeal. And lastly, an often overlooked feature is even flooring, which is an essential productivity factor.
Don’t Forget the Basics
Whether a homebuyer is starting a company from a living space or just wants a place to live, some home-buying strategies remain the same. For example, anyone in the market for a house must develop a realistic idea of how much home she or he can afford, receive mortgage pre-approval and work with a reputable and knowledgeable real estate agent. Paying for a home inspection and saving up at least 20% for a down payment are two additional fundamental tasks to add to the list.
Think About Shifting Costs
An existing home may require a few modifications to satisfy a business person’s desires. As with any home remodeling project, these modifications do not come free—although as MoneyTalksNews points out, there are ways to keep costs down, like avoiding custom sizing and sticking to lower cost materials.
Buyers must work with reputable contractors to get a solid estimate of how much changes add to the home’s final costs. Even if a remodeling estimate is high, the price could be worth it if the home-based business becomes a success because of the space it’s in.
Pinpoint Possible Restrictions
No matter if a business exists inside a residential property or within a traditional commercial property, restrictions may limit a business owner’s possibilities. Home-based business owners must research potential prohibitions related to operating a business inside a residential space. For instance, zoning restrictions or laws may limit business services and capabilities, and an owner may need to secure a proper business license before getting the company up and running.
Examples of specific restrictions include:
- Restricted use of dangerous materials
- Forbidden from renovating a home for commercial use
- Restricted odors and noises
- Restricted parking
- Forbidden signage
To understand the most current and applicable restrictions in their area, hopeful business owners should consult with an attorney familiar with working with clients who run companies from residential spaces.
Think About Privacy
Depending on the operation, a business owner may need a higher degree of privacy than a closed door. Family members may want separation from the business, such as a long hallway dividing the workspace from living space. Clients may need to come in through an entrance separate from the back or front door. Keeping private business documents in a separate storage space could also be a requirement.
Running a business from home offers several benefits, and entrepreneurs can maximize those advantages when they know how to shop for the right home with the help of M4 Real Estate Group. Find your perfect property by connecting with us today!