Moving
into a Bigger Home
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Has
your home business outgrown the size of your house? If you’re thinking about
upsizing to support your growing business, you’ve come to the right place!
There’s a lot to consider when it comes to upsizing, especially when you have a
thriving business to manage. We’re here to help make the process a little
easier. Let’s explore a few of the most important steps involved in upsizing
your home to accommodate your growing business.
Get Professional Buying Help
An
experienced real estate agent like Antonio
Ortega LLC can help you find the perfect new home for your family
and your business. Make sure your real estate agent knows the area inside and
out! They’ll be able to recommend hidden gems and up-and-coming neighborhoods
where you can afford a larger home without breaking the budget. And if you’re
looking for specific features—a detached garage that you can turn into a
workshop, for example—your real estate agent will know just the place.
Determine Your Buying Budget
When
it comes to upsizing, it’s important to stick to a budget. Buying more home
than you can afford will put a strain on your finances and leave little cash
leftover for your business. Money Under 30 explains that the rule of thumb is to keep your housing costs at
no more than 28% of your gross household income. After insurance, association
fees, and property taxes, your total housing costs should not exceed 32% of
your income. On top of this, your total monthly debt payments should not exceed
40% of your income. Remember that your moneylender will evaluate your debt-to-income ratio when determining your
eligibility for the mortgage you want!
Insure Your New Home
When
you run a business from home, it’s important to have the right insurance to
protect your business property from damage. Because regular home insurance only
covers damage to your home’s structure or the theft of your belongings, you may
want to get a home warranty to cover your home's systems and appliances. Home warranty coverage
defined—a home warranty is an annually renewable contract that
covers damage and breakdowns to HVAC, electrical systems, plumbing, and
appliances. The Balance Small Business also suggests getting special home-based
business insurance to cover claims arising
from your business activities.
Make Home Business Upgrades
After
moving into your new home, think about making a few upgrades that will
accommodate your business a little better. For example, you might want to
install a solid core door in your home office to block
exterior sounds. You could even replace your home office windows if they’re
letting in a lot of street noise. If you buy a home with a garage or basement,
consider converting this storage area into a home office. Garages and basements
make great home offices because they’re situated far away from the rest of the
household, meaning fewer distractions throughout the day. These home office conversions are also ideal if you
need to install a separate entrance for visiting clients.
Set Up a Home Office
Once you’ve decided on the perfect location in your home for your new business space, it’s time to turn it into a functioning office. Remember that your wifi router might be further away in a bigger home, so you may want to get a wi-fi extender to ensure you have a fast connection for work. Install a few functional storage pieces to keep clutter from building up around your office. If your new office is fairly large, consider using furniture and decor to create different zones within the room. For example, you could position a few comfortable chairs in one corner as a casual place to hold meetings with clients.
If your business is quickly outgrowing the confines of your home, you must be doing something right! Upsizing into a bigger space will give your business some breathing room to grow even bigger. Take the time to find the perfect space and adjust accommodate your specific business needs.
Looking for a home in Fort Lauderdale? Antonio Ortega LLC can help!
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