Megan CooperDanish Modern San Diego is pleased to welcome Guest Blogger Megan Cooper from Real Life Home https://reallifehome.net/  Image Credit: Pixabay How to Relocate While Starting a Home BusinessStarting a home business can be a relatively simple and inexpensive project - unless, of course, your existing home is too small or too impractical to host a business. If this is the case, the prospect of starting a home business may look like a lot more work and stress. That does not mean you need to abandon your dream of running a home business. You may be able to solve the problem by relocating to a new home. What to Look for in a New Home for Business Choosing what you need in a property for a new business means asking yourself what was not working in the old one. If your existing home is too small to sustain a business, determine how much space you will require. If your home is in a poor location for business, ask why that is. Is your home an inconvenient location for clients? Is vehicle parking an issue? Is your home or neighborhood zoned for business? Review everything that is inadequate for conducting business in your present home so that you know what to look for in a new location. Then consider other questions such as personal taste, what kind of layout will work for your family, proximity to amenities you value, and so forth. How to Save Money on a Home Purchase If you’ve traded up in terms of housing, you may be concerned about expenses. Find out what financing options are available to you. Another possibility is purchasing a home that is sold as-is. When a house is offered in as-is condition this does not necessarily mean there is anything seriously wrong with it and it may just need cosmetic upgrades. When a house is being offered for sale as-is it does mean that the seller will not make any changes or offer any credits based on repairs needed. A house sold as-is may have structural problems and have issues such as mold, pests, or asbestos, so do not purchase without scheduling a home inspection, consulting an attorney, and looking over property records. Your due diligence will save you from expensive repairs and updates. How to Prepare for Your MoveIf you want to keep your move as low-stress as possible, the key is to plan well in advance. Months before moving day, start sorting through your belongings, downsizing, and begin packing. Research movers and choose a moving company you know is trustworthy. Arrange for utilities to be shut off at your old home and turned on in your new one. Make a schedule of tasks for such things as submitting address changes, switching schools, and securing licenses and permits you will need to operate your business from your new home. The Fundamentals of Starting a BusinessNow that you have a business idea and a location, you can start setting up your business:
When choosing a business structure consider forming a corporation. Registering as a corporation gives you advantages like liability protection and easier access to funding. The simplest way to incorporate is to use a formation service. A memorable logo for branding your business should accent the launch of your website and media platforms. You can hire a professional designer, or you can use online tools for your logo design. Accounting for Additional Business ExpensesWhile you are planning the financial part of your business, do not forget to budget for additional expenses, including the cost of moving. You will need to account for the costs of required licenses and permits, taxes, inventory, and technology for your home office. You may also need to purchase software for web hosting, cybersecurity, time tracking, project management, and data storage. Relocating while simultaneously launching a business takes extra effort that can result in gaining profits and a better quality of life. It is better to make the move for your business as early as possible in the business planning stages so you may launch your business from a suitable location. This article is brought to you by Danish Modern San Diego, Importers, Restorers, Sellers of European Vintage Mid-Century Modern Furniture since 1996.
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Suzie WilsonDanish Modern San Diego welcomes back guest blogger Suzie Wilson!  Beautiful blue and yellow painted wooden 18th century house of the Moravian community in Salem, North Carolina. Image Source: Unsplash Upsizing Your House For Business ExpansionThere's never been a home buying market quite like this one. The pandemic has made this year an exceptional time to become a homeowner, which is especially advantageous for you if you are looking for a larger place to reside as your home-based business expands. Danish Modern San Diego presents a few things you need to consider when looking to upsize because of your growing start-up. Review Your FinancesThe first aspect to consider before buying a bigger house is whether you can afford it. You can lose your sense of financial security if the monthly payment is too high and your business, although expanding, cannot help in paying for the greater expense. On the other hand, you should also foresee the future of the financial status of your enterprise and consider it when upsizing. As a rule of thumb, lenders usually require you to earn a minimum of three times the monthly payment on a new house. The amount typically includes mortgage principal, property taxes, interest, and owner insurance; still, it might also cover mortgage insurance if you put less than 20 percent of the down payment, as well as special tax assessments and association dues. So, how much down payment do you need? Expect to put down at least 3 percent to 3.5 percent of the sale price of the home. You also need to budget for closing fees, which usually add 2 percent to 5 percent of the purchase costs to your upfront fees. Keep in mind that mortgage loans with less than 20 percent down payment typically charge private mortgage insurance, adding to your monthly bill. Get Pre-Approved for a Mortgage LoanThe second step toward purchasing a house has not changed, although the pandemic has significantly altered how we do certain things. Potential home buyers should still start the purchase process by getting pre-approved for a home loan. A pre-approval letter doesn't guarantee that a lender will work with you, as they will analyze your finances more closely during the formal application process. However, the pre-approval does give you a sense of whether you will qualify for financing and how much in loans you might be able to get. Not only does this help you stay focused in your house-hunting process on properties you can afford, but it also tells your realtor and the sellers that you will likely finalize the purchase once you have made an offer. When venturing into this process, it is best to work with a real estate agent who knows the ins and outs of the industry and can show you the best options. Consider Home Features and AmenitiesRather than purchasing a bigger house without considering your needs and wants, analyze the home's features to ensure it fits your requirements. For instance, a property with no extra space like a garage or a basement might not be a practical choice if you want to move because your business is growing, or the home's layout poses issues that are costly to remedy or add. Another consideration are the needs of your family members, which may include separate living and working areas. For your business, the space should have an office and perhaps a garage or extra room to store products and materials. There is also the option to buy a less expensive house that you renovate or modify according to your needs. Think about what changes you would need to make and write them down. Include modifications for creating a home office, living space, and other areas that need changes to comply with your business needs. When planning your office, consider painting the walls in neutral colors and using wallpaper to make the space inviting, but still elegant, when meeting your clients or having virtual conferences. Wallpaper can also be customized — meaning you can always order more — and is more durable than paint. Peel-and-stick wallpaper is a great choice as it can easily be removed and re-attached. Of course, you will need to make all these decisions while you are operating your business. This includes everything from registering your business with the state to deciding whether you would like to pursue further education to expand your skill set toward improving your business. This may include in-person and online courses. Make sure you have a plan in place that can help you balance all these tasks. The Bottom LineReal estate presents a fantastic opportunity right now. If you are thinking of taking advantage of the circumstances to buy a bigger home to accommodate your expanding venture, it could be a brilliant move. Just make sure you do this with awareness and consider all the aspects that come with this move while planning.
Danish Modern San Diego is pleased to welcome back guest blogger Lisa Walker. |
AuthorDawn Torres-Reyes: writer of published articles, blog entries, and poetry. Past author of the national blog "Pieces of the Past". To submit a question or subject for the blog, email [email protected] Categories
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