7 Key Steps to Buying a New Home for Your Small Business
7 Key Steps to Buying a New Home for Your Small Business
Advue Consulting has helped countless entrepreneurs figure out what their businesses need to thrive. If you run a business out of your home though, you may need a bigger home with enough workspace to continue growing your success.
We understand that buying a home can be a daunting process, but the following steps can help minimize your stress and maximize your efforts.
Organize Your To-Do List
Whether you’re buying a new home for a growing business or a growing family, the process is very much the same. Since there are so many small but important steps, you’ll want to make a checklist to keep yourself organized; this home buyer guide from Redfin will help you out. Keep on reading for more resources to guide you through each of these ten essential steps.
Check Out Your Credit Reports
Click on the Redfin link above and you will see that different types of lenders require different credit scores to ensure your approval for a home loan. The minimum credit score is usually around 620, although some lenders prefer a score of 700 or above. If your current score doesn’t meet these requirements, there are some simple ways to boost it. These handy tricks include making payments twice a month and paying down balances on cards with lower limits.
Decide on Your New Home Budget
At this stage in the process, you should also determine how much you can afford to spend on your mortgage. There are plenty of mortgage calculators available online, and you can simply plug in your income and expenses in order to come up with an affordable home price and payment amount. Be sure to include any expected expenses for your home-based business.
Get Pre-Approved for Your Mortgage
This is such an important step for buyers, particularly for those who are self-employed. It’s not necessarily harder to be approved if you work for yourself, but there may be more paperwork or steps involved. You may need to submit more documents as proof of your income. If your business is a recent startup, keep in mind that getting a home loan can be challenging.
Find Your Perfect Real Estate Agent
Like any journey, it helps to have the right guide when buying a home. This is why you should do your homework and ask plenty of questions before you hire a realtor. If you're savvy enough, you could buy a new home sans an agent, but doing so can be a full-time job. You may not have the time to take on this added responsibility if you’re already busy growing your business.
Have a Plan for Your New Workspace
The next step in this process is to start your home search. If you haven’t done so already, sit down and decide what type of workspace you will need beforehand. Working with a consulting service like Advue can save you a lot of time when it comes to figuring out your plans. You can use the time you save to plan and design a functional and productive new workspace.
Organize Your Moving Checklist
After you have found the perfect home, made an offer, and completed the closing process, it’s time to start planning your move. Since you’ll also be managing a growing business, you may want to hire movers to take care of most of the hard work. The average expenses for a full-service local move will vary depending on the size of your home and the weight of your belongings. This may add to your budget but the time and stress savings will be worthwhile.
Buying a new home is such a major step for your small business. If you use these checklists and resources, you can ensure a smooth process from start to finish. If you need guidance creating plans for the growth of your home business, Advue Consulting is available to help.
Photo Credit: Pixabay
Written by Marcus Lansky
