Advice for Buying a House as an Entrepreneur

Buying a House as an Entrepreneur

About 15 million home-based businesses operate in the United States. If you’re ready to start your own company from home, this is an excellent time to do it, but what if you’re buying a house as an entrepreneur? Technology makes it more accessible than ever for entrepreneurs to build successful ventures from a home office, and new tools that benefit remote work are constantly hitting the market. 

With that said, you must have a home that facilitates both your work needs and your family life. And if your current home doesn’t fit the bill, you will need to start looking for a place with the proper square footage and layout. While this requires a lot of work, we’ve provided some practical advice to help you prepare for a smooth process!

Preparing Your Business              

It’s never too early to lay the groundwork for a home business. Before you even start the process of buying a house as an entrepreneur, make a list of all the tasks you need to knock out so that you can keep your startup moving forward. 

For example, if you already have a business idea, conduct market research in the area, you wish to live in to confirm demand. If you are relying primarily on the global market, be sure to research the specific industry or niche you will be targeting.

Once you have validated your business idea, it is time to write a plan. Your business plan will help you make critical decisions in the coming months, but the process of writing it will also give you clarity on what you will be doing through your company. Plus, it will help you secure small business financing if you ever need it. 

After creating a business plan, you will need to handle legal and financial tasks. You must choose a legal structure (e.g., sole proprietorship, LLC, corporation, etc.) and apply for an Employer Identification Number (EIN). 

Then, you will need to establish a business bank account to keep your company and personal finances separate. It’s also worth looking into getting business income and general liability insurance; you might have many options to choose from, so start researching providers now.

Conducting the Home Search      

Once you are confident in the foundation you’ve built for your business, start thinking about what kind of home you will need. Remember that the most crucial factor in buying a house as an entrepreneur is that your new house can accommodate a growing company and family. As you begin your home search, you will need to take many steps to ensure a smooth process. 

Start by determining what kind of house you can comfortably afford. Use an online calculator that considers your current and expected income, debts, and expenditures, and remember to leave room for startup costs and unexpected expenses. 

Ideally, you will purchase a less expensive home than you can afford. You will also want to get pre-approved for a loan, which will give you a more accurate idea of what kind of mortgage you can qualify for and work to your advantage if you get into a bidding war with other buyers. 

Moreover, start looking for an experienced real estate agent to guide you through the home search and purchase process. As you scout potential properties, here are some key characteristics to keep in mind:

  • Square footage
  • Floor plan/layout
  • Whether or not there is a garage
  • Proximity to nearby necessities (e.g., grocery stores, pharmacies, schools, etc.)
  • Neighborhood safety
  • Size of the backyard (especially if you will have kids or pets playing)

At every turn, consider your business and your company. The last thing you want to do is buy a home that doesn’t end up providing what you and your family need.

Making the Move     

Once you have found a home, it’s time to prepare and execute your relocation. Be sure to transfer or set up your utilities in the new house and change your address with USPS, your banks, and any subscriptions you wish to continue. 

You will also need to find professional movers to transport your belongings, and it’s best to organize this six weeks ahead of time if possible. Furthermore, be sure to get any packing and moving supplies you will need.

When it comes to packing, pack one room at a time, and label each box so that it is clear where each one will go when you unpack it in the new home. Ideally, you will start packing a couple of weeks before your moving date to reduce stress and allow time for unexpected incidents.

In the days leading up to your move, confirm times with the movers, and run through their process with them to ensure you are on the same page. This is also an excellent time to find child or pet care if you need to keep your children or pets occupied as you load your belongings onto the truck and make the trip to your new home. With that said, if your kids are old enough, consider including them in the process by giving them age-appropriate tasks.

Setting Up in the New Home       

Lastly, when you arrive in your new home, unpack the bedrooms first so that every family member has a comfortable place to rest at night. Also, unpack your kitchen essentials and any entertainment devices you will need to relax during the first few days. As you unpack, go one room at a time and organize your items as you go.

And, of course, it’s best to start setting up your home office as soon as possible. Put your chair, desk, and other equipment in their proper places, and start painting, decorating, putting in lights, and making any other changes necessary to promote comfort and productivity in your workspace. 

If you’re going to reap the benefits of running a home-based business, you must live somewhere that accommodates all your needs; And buying a house as an entrepreneur is no easy task. Start laying a foundation for your company now, and look for a home that will work well for your business and family. Consider the tips above as you prepare and execute the transition into your new house.

Would you like to read more helpful content or learn about our small business online solutions? We’re constantly adding more tips and tricks for small business owners.