You’ve outgrown your home office. You’re holding meetings in the living room because you don’t have a dedicated space for entertaining clients. You might even be considering moving your business entirely out of the house because you need more room. But before you commit to a lease on a commercial property, you want to think about expanding your home to make room for your expanding company. It’s not as difficult as you might think, and there are several benefits to keeping your growing business at home.
Make Room for Your Growing Business by Enlarging Your Home
Buying a Larger Home
If you’re interested in up-sizing your home, the first step is to start looking at properties that are on the market. You can work with Nick, Cindy, and Nicholas of Team Davis to help you find the right property for your needs. Once you’ve found a few homes that you’re interested in, it’s time to start thinking about financing. If you don’t have enough cash on hand to pay for the property outright, you’ll need to get a mortgage.
Explore the Market
You’ll also need to determine how much you can afford to spend on a new home. A good rule of thumb is to look up the median sale price of a home in the area where you want to live. This will give you an idea of what kind of property you can expect to get for your budget.
Choosing the Proper Location
Zoning regulations should be considered before choosing a location for a business at home. It is important to check with the local zoning office to see if there are any restrictions on businesses in residential areas. The next step is to consider traffic patterns when choosing a location for a business at home.
Home Warranties and Other Considerations
A home warranty is also important to think about. This will help cover any repairs that need to be made to the property after you move in. You should also take into account any changes that you’ll need to make to the property in order to accommodate your business.
Include a Home Office
One of the biggest benefits of up-sizing your home is that it gives you more space for a dedicated home office. If you’re currently working out of your bedroom or living room, upsizing will give you the opportunity to create a separate space where you can conduct business without distractions. In addition, it may be simpler to keep your personal and work lives separate if you have a dedicated office area.
Home-Based Business Essentials
Depending on the type of business, there are certain things that may be essential for smooth operation outside the home. For example, if you own a catering company, a commercial kitchen may be essential for food preparation. However, if you own a consulting firm, all that may be needed is a laptop and an internet connection. Before making the decision to move into a larger space, it is important to take inventory of what is currently possessed and what may be needed in order to run the business effectively.
Obtain a Business Degree
With a business degree, entrepreneurs can learn about the latest theories and best practices in business management. They can also network with other professionals and gain access to valuable resources. They can receive the credential that will help them stand out from the competition. For these reasons, going back to school is often a wise investment for those who have a business at home. In order to earn your business bachelor’s degree, do an online search and explore online universities’ offerings.
If you’re considering enlarging your home to make room for your growing business, it’s important to take the time to research local zoning regulations and find out if there are any restrictions on businesses in residential areas. It’s also important to consider traffic patterns, purchase a home warranty, and potentially go back to school for a business degree. With these considerations in mind, you can make an informed decision about whether to enlarge your home and create the perfect workspace for your business. Reach out to Team Davis to find your next property today!
Have a questions or concern? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.
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