3 Things to Do When Upsizing to Allow Your Home-Based Business to Grow

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3 Things to Do When Upsizing to Allow Your Home-Based Business to Grow

Posted July 27, 2021 in Uncategorized

Buying a bigger home to make space for your expanding venture is a huge milestone, one that’s both exciting and intimidating at the same time. It’s exciting because you see your business growing, but it’s unnerving because of the more considerable financial commitment and the stress of the move. To make things only exciting for this new phase of your life, you need to allow the relocation process to go smoothly, and here’s how you can do that.

Plan Your Budget

One of the most important steps when moving is to plan your budget using an online tool like the one from You Need a Budget (YNAB). Start looking at what you can afford, but ensure you have a clear understanding of your financial situation and you are aware of all the costs of purchasing and owning a bigger home. For example, even though upsizing comes with many benefits, it will also bring a lot of spare space, and maintenance expenses will play a significant role in the big picture. Also, if you have big furniture you want to use in the new home, you’ll have to hire a moving company, so make sure to add these costs and all other expenses in the beginning. On the other hand, if you want to get new furniture, calculate your finances in such a way, so you have enough money in your budget for the new items.

Most people need to take out a mortgage when buying a new home, so be sure you qualify and have all the necessary documents. Pay off as much debt as you can, fix credit card reports errors, and improve your score to get pre-approved for a home loan. Another option that most people do not consider is securing a short-term business loan. Similar to home mortgages, there are business loans that will help you handle your finances better.

Know What You Want

Look at your current situation and make a list of things you need in the new place. Include the number of bedrooms, an office, how much space you need, what kind of neighborhood you’d like to live in, which city, and so on. When writing down all these things, it’s essential to consider your business’s expansion and possible family growth.

Once you figure out all these things, research the home prices in the area you want to live in, and calculate how much home you can afford. This means taking an honest look at your annual income and the possible business earnings in the future. And with the budget already sorted, this step should be an easy one. Next, do your research before you make the final decision: you can visit Google Maps and take a walk around the neighborhood you plan on moving to and analyze other aspects of the place, such as proximity to a quality school, a grocery store, etc.

Finally, you shouldn’t do all this research and planning without a real estate agent. Getting help from a professional takes things to another level, which, in this case, means a smooth hunting process and an easy buy. If you’re looking to purchase a home in Henderson, Nevada, Klinger Real Estate Group can help you find the house that best suits your needs and wants, thanks to its extensive skills and expertise.

Handle All Aspects of Your Business

From revisiting your business plan to informing clients you’re moving if you usually see them in your home office, make sure to do these things even before you’re settling in. Once settled, ensure your venture is established legally by choosing a business structure, such as a sole-proprietorship, a corporation model, or an LLC. For most small business owners, the LLC structure is more advantageous than other models. For instance, an LLC offers limited liability in case of a lawsuit, tax deductions, more flexibility than other structures, and less paperwork to handle. You can also file for it yourself or let a formation service like Zen Business deal with the process rather than working with a lawyer, whose costs are higher. Before filing for the LLC, make sure you do your homework regarding the state’s laws.

Bottom Line

Remember that these strategies only provide a starting point; however, every person’s situation is different. You’re the only one who can decide what’s best for you and your business, so make sure your choices benefit you and your venture.

If you’re looking to buy a home in Henderson, NV, Klinger Real Estate Groupcan help you find the house that best suits your needs and requirements. Contact the team via the website or call (702) 509-1446 for more information.

Nevada Desert Realty
Klinger Real Estate Group
NVDRE B.1001526
40 E Horizon Ridge Pkwy, Ste 101
Henderson, NV 89002
(702) 509-1446
(702) 948-4910 fax