by Paul Denikin
Are you ready for a major change? If so, moving to a new home may have crossed your mind. Something else that you might have considered: starting your own business. When you get the idea for these two things at the same time, you’ve got your work cut out for you. But, opportunity only knocks so often, and it’s fully within your power to answer the call, even if it’s intimidating.
Here are a few tips from the Huntley
Owen Team on navigating both major life changes at once so that you
don’t miss your chance to reimagine your reality.
Mastering Your Domain
Before you start looking at new houses, take a closer look at your budget. If you’re planning to start a new business, you may need a larger home to accommodate your professional activities. Because of this, you’ll need to look ahead at the area where you plan to move to get a good idea of the average square foot price. If you find that you can’t quite afford the extra home office space, you still have options. One is to buy a home “as is.” This is a property that might need a bit of elbow grease, but you can save money by doing some work on your own. A word of caution here: make sure the property is fully inspected before closing. This should include a full examination of land records and the title, which should be done by a licensed attorney.
Even if you plan to buy a less expensive house, if you’ve already launched your home business, you may have to jump through a few more hoops to obtain financing. According to The Mortgage Reports, the vast majority of lenders need at least two years’ worth of self-employment documentation. But, if you have a high enough credit score, at least one year of working for yourself, and enough savings for a reasonable down payment, your lender may allow it.
Skipping ahead, once you have found a house
and set a moving date, you’ll have to navigate both running your business and
moving at the same time. A few great tips here are to hire a virtual assistant
to handle daily tasks while you get your new
home/office set up or to utilize a local co-working space (which WeWork notes
can help with structure and balance) so that you will not
experience any interruptions to your business while you move.
Business Basics
Now is the perfect time to take a look at a few business basics if you haven’t launched already. Tasks that you will need to complete here are to register your business, get ahead with branding, and, just as importantly, confirm that you can run a home business in your future new house.
Registering your business often means incorporating as an LLC, which you can easily handle through a formation service like ZenBusiness.com. Of course, you’ll have to choose a business name. Once you’ve done so, you can then establish a DBA, which is valuable if your preferred domain is not available or if you wish to add different branches under different names. Think of your official name as a parent company and your DBAs as offshoots.
Finally, talk to your realtor before you submit an offer on a home. Let them know that your goal is to run a business. You may need to avoid homes in certain geographic locations due to zoning restrictions or those that have a homeowner association that prohibits home businesses.
While the above is certainly not a comprehensive guide to moving and starting a business at the same time, the tips contained here can help you make the most out of your plans. Once you understand the moving and the business formation processes, you can handle both, even if you have to do them at the same time.
Are you looking to upsize your Alaska home? Then turn to
the real estate experts at the Huntley
Owen Team to find the perfect property for your
needs. Reach out today to get started! (907) 830-3555
