Owning a home-based business can provide a lot of flexibility. When your business begins booming, however, you may find your business growing right out of your home! The only remedy to this situation is to find some additional space for your thriving business, but that can feel like a challenge. You may need to buy a new home or you may need to upgrade your current one. You could even build a custom home! No matter which of these choices sounds perfect to you, these tips and resources can make achieving your dream easier.
Financing Your New Workspace
Whether you choose to buy or build a new home or renovate your existing one, understanding your financial options is important. If you are thinking of upgrading a home to make space for your business, know that refinancing could be a viable option.
This PennyMac refi guide will take you through the in’s and out’s of refinancing your home, so you will know whether one of these options is right for you. Buying a new home will require you to research home loans in general, and you may also need to come up with a down payment to secure the best rate and monthly payment on your new home. Financing new construction can be a bit more challenging but you may have additional channels to pursue when obtaining this sort of home loan.
Finding Your New Dream Home
If you’re working with real estate agent Blayne Pacelli to find your new home, your planning process should start with an online search for local homes. Be sure to pull up current prices and information on recent sales to get an idea of what you can expect to pay and whether you may have room to negotiate prices.
In the Sherman Oaks area, for example, the average home price over the last month was $1.04M. Blayne can guide the way toward finding your dream home, which can be particularly helpful if you need to find a home with specific features to accommodate your home-based business. Remember, real estate agents have access to the latest listings and can also help you negotiate the absolute best price on your new home. So start with an online search and then be sure to enlist the help of local expert Blayne Pacelli. If you need to sell an existing home, Blayne can make this process a lot easier as well.
Renovating Your Current Home
If you are going to add an office or workspace to your current home, you need to do some planning first. For a simple project, like converting a spare room into a small office, you can likely complete the planning and set up process on your own. For more involved renovations, which can include finishing a basement, think about hiring professionals.
This sort of project can be more difficult to DIY and can really take up a lot of your time. So while you may end up paying a bit more for your renovation, you will be able to dedicate more of your time and energy to other projects that are crucial for growing your home-based business. To find a dependable contractor, try asking for recommendations from trusted friends, family members or even neighbors, but you can also look to review sites to find professionals.
Building Your Custom New Home
Finally, if you want to build a custom home, you should begin by hiring a homebuilder in your area who can help you with everything from planning to financing to completing construction on your dream home.
This is another time when asking for referrals from trusted acquaintances can really pay off, but you also need to do your own research. As part of this research, you want to make sure that any home builders you are considering are fully licensed and insured.
Also, keep in mind that while most home builders can connect you with an architect to design your dream home, it can help to come up with some general ideas on your own. If you’re not sure where to start, there are quite a few architecture tools you can use.
Running a home-based business can be so satisfying, but only if you have enough room in your home for that business to grow and thrive. So decide whether building, buying or staying put is the right move for growing your home-based business, and use this guide to take the next steps.
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