Things to Remember as You Buy a House and Start a Home Business

A lot goes into buying a home, especially if you wish to join the 50% – 61% of home-based businesses. The buying process will be complex, time-consuming, and full of details that could get you off track. Here are a few things to have in mind.

Location of your Home

Location is the most difficult thing to change about your home, so it cannot be emphasized enough. The area should be convenient. For example, it should have easy access to amenities such as schools, shopping, and entertainment.

Considering your home will be your workplace, you also want a location with easy access to anything related to your work. This may include suppliers, clients, and excellent network coverage, especially if you will be doing much remote communication.

The location may also impact your purchasing price. Ask your realtor to help compare the prices of similar houses in different locations. Also, check out the rates you could get on a house building loan in the area to see which option is more affordable.

Property Size and Number of Rooms

Lots will come in different sizes and shapes. The location of the house on the lot, too, varies. Establish how much space and level of privacy the property will give you. Parking space, driveway, and lawn are equally important. You also want to envision any future improvements you wish to make, including outdoor dining, gazebo, shed, court, swimming pool, etc.

Moreover, check that the number of rooms will suit your future needs, such as having a family or more kids. Remember to envision a dedicated working space completely separate from your living area. You might find yourself less productive if you have to mix these spaces.

Costs – All the Costs

When talking about costs, the house price will be on top of your list. Forget what your mortgage approval says or how much house building loan you can get. Remember that running a business means things might get tight along the way, so you’ll need a lot of cash.

You want to pay as little or get a small home loan as possible. It would also help to keep a very close eye on any hidden charges. Here are some common ones.

Renovations and Maintenance

Factor in the age of the house and its amenities. Can you save on renovations and replacing appliances, or will the deal push you to get a home repair loan? You also want to consider that labor may cost more than the things you will be replacing.

Taxes and Cost of Living

Investigate what you will pay in taxes alongside other living expenses. These payments may include:

• Property taxes
• Utility bills
• Sales taxes
• Homeowners/ automobile insurance
• Funding for your business

You can generally expect to pay higher taxes for a house on a larger plot of land. Also, insurance premiums on homes in risky areas such as a flood zone can be steep.

Negotiate

Are you not a business person? Your purchase or house building loan requires a contract, and contracts are negotiable. Although the papers you will sign look like standard contracts, there is always room for adjustments.

Try to keep the following in mind during your negotiation:

• Go with the market price, not the asking price.
• If the agent is being pushy, you are in a position of power.
• Besides price, you can also negotiate the settlement terms, such as when you want to move in sooner or do the repairs yourself.
• Remember that the agent needs to make a sale to earn, so it isn’t such a bad idea to work with them.
• You can always ditch your realtor or walk away from the deal if you don’t like it.

Conclusion

Buying a house or getting a house making loan while thinking of starting a home business doesn’t make things straightforward. However, it gets easier if you have thought out the steps carefully, know what you are doing, and are ready to take advantage of professional help.