How to Find a New Home for Your Family and Your Business

 By Suzie Wilson

Starting a business is full of challenges, but it’s one of the most rewarding things you can do for your future and your lifestyle. It gives you more flexibility and puts you in control of how and where you work. If you are just starting your business, you likely have realized one thing: you need more space. Juggling personal and professional obligations is always easier with elbow room and boundaries.

Moving while working from home is difficult but doable. Here are a few tips from Team Renick to find the right house for your family and your business.

Choose the Right Location

When you’re able to run your business from home, you don’t have to be tied to any one location. This means you’re able to wherever best suits your business’s needs. Use this to your advantage and research different locations before you start looking at properties.

Look at the average home prices, the demographics in the area, the crime rates and the tax incentives offered by different communities. Remember, the goal is to find a location that will help you grow your business without forcing you to rent an overpriced office space or put strain on your home buying budget. For example, studio homes in Sarasota typically sell for around $217K, while one bedroom homes sell for $325K. If an area is too expensive, rule it out. The last thing you want to do is take out a larger mortgage when you don’t have to.

Pay attention to the amenities and activities the new area provides. You’re moving there to establish a business, yes, but you’re also going to be living in the area for the foreseeable future. You need to choose a location that you enjoy, not just one that works for your business’s needs. When you find the right location for the right price, you can even take advantage of a convenient virtual buying process. The time you save on traveling to various home tours and offices can be applied toward getting your business’s ducks in a row.

Separate Your Business From Personal Finances

One of the biggest problems new entrepreneurs face is co-mingling their personal and business finances. Fortune Builders explains this doesn’t just hurt your business at tax season; it also puts your personal finances and property in jeopardy. Open separate accounts and keep both sets of finances well-defined and well-documented.

Also consider a business structure that protects your family’s finances. The Houston Chronicle explains forming an LLC reduces the risk of your personal assets getting seized if your business experiences a lawsuit or has financial trouble. You can do this on your own or use an LLC formation and registration service and don't worry about dealing with high-priced attorneys.

Prioritize a Dedicated Workspace

When looking at different properties, keep in mind the needs of both your family and your business. Look for homes that give your loved ones spaces to feel comfortable while also providing you with a dedicated workspace where you can run your business. Without that workspace, you’ll struggle to stay focused and won’t be able to grow your business at the rate that it deserves.

Don’t hesitate to communicate those needs to your real estate agent as you start looking at properties. The more real estate agents understand what you’re looking for and how you’ll use the home, the easier it will be for them to find suitable homes. You may find it helpful to draw up a list of features you need or want in the property both for personal and business purposes. Give your agent that list as soon as possible, and be sure to highlight the items that are non-negotiable.

Moving while you’re starting a business is always a challenge. Keep these tips in mind and you’ll be able to simplify the process and find the home of your dreams in no time. And be sure to connect with Team Renick for professional advice and assistance in finding the right place for building your family’s and business’s future.

Lead picture courtesy: Image via Pexels