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According to research, there's a link between hyperactive behaviors and entrepreneurial impulses. This is unsurprising — hyperactive people often juggle multiple activities simultaneously, and entrepreneurs can have a similar proclivity for multitasking. It makes sense, then, that you might consider buying a house and starting a company at the same time. If you intend to tackle these two tasks in tandem, consider this guide for finding a home that’s suited to your new business.
Look for a Home With Plenty of Space
There are plenty of features that you should look for in your new home — recently replaced roofing, a solid foundation, and natural light are just a few. The most important feature of all, though, is the amount of space that a home can offer. When you’re buying a home with plans to start a business, you need room to expand — so bigger is definitely better.
Once you’ve found a perfectly spacious place, you need to understand what the home buying process will entail. Unless you are a cash buyer, you will need to secure funding from a mortgage lender. A loan officer will consider many criteria when they are reviewing your application, but some of the most important qualifications are a steady source of income, a healthy debt-to-income ratio, and a favorable credit score.
You should also make a strategy for moving. Moving is never something that you want to take a “wing it” approach with, so formulating a plan is the best way to minimize mishaps. Include details about your budget for moving, whether you’ll hire professionals to assist with the job, and what kind of timeline you anticipate for the entire process. This will substantially minimize the stress of moving.
Optimize Your Current Home’s Resale Value
You will likely need to sell your current home before you can buy a new one. You can boost resale value by investing in selective upgrades before you put it on the market. Some upgrades will have a greater return on investment than others, so it’s wise to research what kind of home improvements are the most valuable.
Create a Plan for Launching Your New Business
Creating a plan for your business is the first step to getting it off the ground. You can start by considering the core concept behind your brand — what you want to accomplish and why you’re different than your competitors. Build on this to establish your marketing strategy and identify your target demographic.
Your plan should also detail the funding and structure that you plan to implement in your business. You should also invest in a dedicated home office space in your new home that will allow you to comfortably live and work without interruption. When it’s time to launch your home-based business, follow the steps laid out in your business plan.
Live Your Life and Launch Your Business
If you’re tired of commuting, working for somebody else, and dealing with the drama of work, starting a business may be the solution. It’s even better if you can invest in a house that provides the space you need to run your business from home. Invest in upgrades that will help you sell your current home, and search for the right spot to launch your new company.