If you’re looking to start a home-based business, you need a home that can handle it. Odds are, an apartment or small house just isn’t going to cut it. Fortunately, you can turn to the Cowen Property Group for help finding the perfect house.
Now, when it comes to a home-based business, there’s a lot to consider before deciding on a property. You need enough room for your work, but you also need room to live - and, ideally, enough space for those to happen in different places. Work-life balance is a struggle for anyone, but it’s all the harder when it all happens under one roof. Here’s a look at a few of the things you should keep in mind when searching for your next home:
Before You Start
The first step in any property search should be to take a close look at your finances. Obviously, your financial situation affects what kind of home you’ll be able to buy, but it doesn’t define it. There are a lot of options for people with a relatively small down payment saved up, or a lackluster credit score. For example, if you have existing debt, that may make it harder to save for a downpayment or get a favorable loan. Look into financial relief and debt management answers to get your budget out of the red.
Once you have a sense for what you can afford, you should start taking a look at the local housing market. You’re not necessarily picking houses to look at just yet - instead, simply observe what’s selling at what price points. This helps you manage your expectations and set realistic goals for your property. Going in with a clear idea of what you want (and can afford) makes the process much, much less stressful.
What to Look For
As we mentioned earlier, home-based business owners have to prioritize work-life balance when picking their space. If you feel like you’re always “on” as a business owner, you’re almost certain to burn out. Once you’re at the point in your business where you’re factoring it into property investments, it’s extremely important to set yourself up for success and avoid this kind of burnout.
In that spirit, you should look for properties that offer an area you can turn into an office or workshop that won’t have to serve any other purpose. There’s some wiggle room here - a basement workshop might also be a laundry room, for example - but for the most part, you should keep your life and your work as physically separate as possible.
Touring properties is one of the most exciting and confusing parts of buying a home. You’ll probably see several properties on any given tour day, and by the end of it all, they often blend together. That’s why it’s so important to take good notes and keep everything straight as you go. Bring along a notebook and a phone you can use to take pictures. This way you can remind yourself which features were in which property, and avoid moving forward on the wrong house.
You should also be mindful of what you say on a tour, especially if it’s an open-house type tour where the listing agent is present. Excitement or interest is, unfortunately, a disadvantage for homebuyers. If the sellers get word you’re really motivated, you’ll be in a bad spot when it comes to negotiations. Practice your poker face and stay neutral as you check properties out.
We hope these tips make buying a property for your home-based business less intimidating. You deserve a property that allows you to thrive both on and off the clock, and Cowen Property Group is happy to help you along.
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