There are many advantages to running a home-based business, from having your own work schedule to getting a place just for yourself. Lately, more people are launching their own startups and enjoying the freedoms of being their own bosses. Obviously, as your home-based business expands, it may need more inventory, employees, and space. It's definitely a good issue to have, but when your venture reaches a point where it outgrows your place's size, working from home can become a bit challenging.

Relocating to Accommodate Your Growing Business

If your home no longer fits your office, growing inventory, or new hires, there's an option to think about: upsizing. Moving to a bigger place could quickly resolve these issues, but you should approach this the right way so that you can set your enterprise for success while living comfortably in your new home. Here are some tips for upsizing your house to accommodate your expanding business:

What to Look For

Start by thinking about your situation thoroughly and evaluating what you might need in a new home. Of course, the main aspect to consider when house hunting is for the home to be sufficiently sized for you to live and work in for the following years, but you also need to regard your business' growth in the future. How big of a place you need? What kind of neighborhood? How big should the office be? Do you need a garage? Urban or rural? What city?

These are just the basic questions you need to ask yourself to choose the right home for you and your business. Once you have the answers, get the ball rolling on your house hunting (and selling, where applicable) by working with Nurture Realty.

Understand Your Taxes

Checking and planning for your taxes is an important step that you shouldn't skip when looking for a bigger house. Some tax concerns come with selling and buying a home. Being a business owner also comes with tax considerations, as well. Combine the two, and you might end up biting more than you can — if you’re not careful.

Take a second look at your business structure. Some, like an LLC, are more tax-friendly than others. As such, you also enjoy limited liability and less paperwork. It’s definitely worth looking into LLC registration for your business and how you benefit. Work with a service like OregonLLC.net to skip the hefty attorney’s fees and the legwork of doing it yourself.

Financing Options

Because we aren't made of money, it's essential to look for available options for financing your new place. Waiting until you can save up the 20 percent down payment will sometimes not even be an option when you're operating a business that is increasingly expanding and outgrowing your home. There are numerous mortgages you can consider, as well as business loans. Like home loans, there are business loan calculators to help you figure out your budget for what your monthly payment might be. It's essential to start budgeting as early as possible and have a realistic outlook regarding what you can afford.

In a Nutshell

If you use all these tips when looking for a new home to accommodate your expanding business, you'll have an easier time choosing the right property. Besides, you can have greater confidence that the place you choose fits your needs and your startup's requirements. Connect with Nurture Realty and start house hunting today! Call 503-389-0016.

By Kelli Brewer