Thank you to Tina Martin from Ideas Inspired for this guest post! I know many of you may not be looking for a new house but I wanted to include this post because it does include many things that you might want to consider when and if you are going to update a room or use a room for a home office. The link to the Dream Office in the last paragraph has a great step by step for creating a home office on a budget. You can contact Tina at tina.martin@ideaspired.com
If you’re looking for a bigger house to accommodate your home office and get an extra bedroom for the kids, carefully consider what you want in your dream home. Take an honest look at your income and see exactly how much you can afford. Then, find an agent that understands your needs, and get pre-approved for a loan. Search online to understand the market, and don’t hesitate to ask your agent to show you the homes you’ve found. You’ll be in your new home before you know it and ready to make your business thrive.
Evaluate Your Income
When buying a bigger house, you need to think about your expenses beyond the higher mortgage and interest rates. You’ll have a higher property tax, higher utility bills, and the added cost of buying more furniture or spending more on maintenance and repairs. Don’t let this hold you back from buying your dream home; take the time to evaluate your income and calculate the increased cost of the home to make smart decisions about which properties you’ll consider.
Tax Deductions
If you run a business from home, you qualify for tax deductions that will save you money. Study the tax deductions you qualify for, and then use this information to help you in your decision-making process. You can save several thousand dollars per year by understanding what tax deductions you qualify for, which can offset some of your housing expenses.
Location Location Location
Are you buying your dream home? You’re probably planning to stay in this home for many years, grow your business, and even raise your family. Consider the neighborhood, and make sure you’ll be happy living there for many years. Is it close to a good school? Will you have a short commute when meeting clients? The location of your home can make you love or hate the house, so carefully consider where you want to live, and don’t compromise on the location.
Work With a Great Real Estate Agent
When it comes to buying your dream home, you don’t want to take any shortcuts. Finding the right real estate agent will make a huge difference in your search. Of course, realtors are everywhere, but don’t go with the first agent you meet. Instead, take the time to find a real estate agent who understands your needs, and will show you great options with lots of space for your home office. Meet with several agents, and don’t be afraid to ask a lot of questions. Be sure to ask about their availability, and find out if they can dedicate enough time to finding your dream home. Finally, choose an agent who’s an expert in the local market, can easily identify the right time to buy, and will point you to a great deal.
Loan Pre-Approval
If you want to expedite the buying process and buy the home you want, get a loan pre-approval to put you ahead of other buyers on the market. A pre-approval will show sellers you’re serious and can close the sale. You’ll also have the most up-to-date information on how much you can afford and what your interest rates will be. Get a loan pre-approval before you make an offer, but don’t do this too far in advance. Most pre-approvals are only valid between 60 to 90 days.
When you’re ready to move into a bigger home to make space for your growing business, follow these steps to use your time wisely and find the perfect home for your dream office. Carefully consider your budget and what you want in your new home, then find an agent that will help you turn this dream into a reality and help you create a space where your home business will thrive.
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