Two Life Events, One Major Purchase

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Buying

Moving into a new house and starting a business don’t usually go hand-in-hand. But, when you want a home-based business, it may be necessary to rearrange your living accommodations while you launch a new career. It’s intimidating, but you can do it, and the tips below can help you take the first steps towards your new life.

Find the right agent. When you buy with Lighthouse Realty, you have support throughout your journey. Our team knows the area and can help you make a decision based on both your personal and professional needs.

Get to know the city and outlying areas. Your agent will offer advice, but you can also look online for information and insight into the different neighborhoods you might be interested in. In addition to data, such as median home price, you can find crime statistics, school zone information, and travel and tourism data.

Determine your needs. Your personal and professional needs aren’t always aligned. But, you have to fill them both, and that can get tricky. While your agent can certainly offer advice, you’ll be best off if you know in advance the things you can’t compromise on. This might be an extra bedroom to use as a home office or the availability of detached outbuildings. Explain your work and family goals to your agent, and let them know what’s not negotiable.

Research the competition. Competition matters, whether you are buying a home or starting a business. Do your homework, and find out how many buyers are in a certain area in your price range. You can get a feel for this by how quickly homes sell after listing. For your business, look at statistics to help you determine if your idea is viable and if you should move into a new market.

Raise capital. You might be tempted to use your down payment money to start your business and finance a greater portion of your home purchase. If possible, don’t. Remember, the more you finance, the more your monthly payment, and the more you will pay in interest in the long run. Instead, raise separate capital for your business venture. American Express notes that government grants, angel investors, and business loans are just a few options.

Keep your home and business separate. Before you open your business and buy a house, look at the different business structures. An LLC is a smart choice for an entrepreneur as it allows for some asset protection if you're not a financial success. By establishing an LLC, you essentially protect your personal assets, including your new home. You can use a Florida formation service to help you through the state-specific details without the expense of an attorney.

Get to know your new community. Once you are settled into your new home, don’t stay tightly behind closed doors. Get to know the people in your neighborhood, and spend some time out and about in the community. This will help you establish both a personal and professional network, which will enhance your quality of life and bolster your success, respectively.
 
Moving is a big deal and so is starting your business. When these happen at the same time, you’ll have a lot on your plate. But that does not mean it has to be overfilled. Take your time, partner with the right agent, and do what you can to separate the two life events. It’s going to be stressful, but keep your eye on the prize, and know that life in your new career, home, and workspace will come naturally soon enough.
 
Lighthouse Realty is a beacon that will shine a light on the home of your dreams. Call Colleen Rodriguez, REALTOR® today, and make your move to Vero Beach a seamless and satisfying experience. 954-804-6804

Author: Suzie Wilson