As your business grows, so will the need for space and storage in your home. To adjust to these new requirements, investing in a bigger home will become necessary. This is because, whether you want to have a home office or more storage space, having a larger home will help you run the business efficiently and effectively. Today, Realtor Wendel Douge explores the steps home-based entrepreneurs should take for upsizing while managing a successful business. 

Researching the Current Housing Market Conditions

The past two years have been nothing less of a roller coaster ride in the US real estate industry. In 2020, the Feds cut interest rates to essentially 0%, providing borrowers with almost interest-free credit from banks. Rocket Mortgage notes that this significantly drove up housing prices as buyers were able to quote higher prices to secure properties they liked.

The current trend is the complete opposite. The Fed has consistently increased interest rates, and according to CNBC, will hit a peak of 4.25% in 2023. While this has made borrowing much more expensive than even pre-pandemic levels, it is causing the real estate market to cool off. Hence, if you have ample savings and can cover the majority of expenses without a mortgage, you will find yourself at an advantage in the market.

Choosing a Home with the Right Amenities

More space should be the number one quality to look for when shortlisting properties. Whether you’re planning to buy a family home or an apartment, look for properties with a dedicated home office and plenty of open space. Homes with open floor plans also provide a higher deal of flexibility compared to traditional ones. This is because you can simply add furniture and room dividers to create specific spaces rather than having to tear down walls. Additionally, research the neighborhood in terms of crime rates, connectivity, school district rankings, and walkability scores. 

Financing a Bigger Home

Purchasing a big home is one of the most expensive investments you’ll ever make. Hence it is important to create a sound financial plan which covers all associated costs relating to the home-buying process. This will include the cost of hiring a real estate agent, home inspection costs, monthly mortgage payments, moving expenses, and closing costs, as reported by Investopedia.. 

There are a couple of ways and combinations you can finance these costs, such as using your savings (including the cost of selling the current home), taking a fixed/variable rate mortgage, and housing grants. If you require clarification regarding any of these options, the best choice will be to connect with a financial advisor with a specialty in real estate. 

Running Your Business While Moving

Moving will be a stressful and time-consuming activity during which you will need to step away from the business for at least a few days. But this doesn’t mean everything needs to come to a halt. Rather, by completing business tasks in advance, you’ll be able to maintain smooth operations even while moving. This can be achieved by:

• Applying for permits in your new location at least two weeks before the move.
• Hiring freelancers to manage projects such as social media management and blog posting while you move.
• Delegating transportation and all heavy lifting tasks to movers.
• Informing utility companies well in advance regarding your move and setting up Wi-Fi, cable, and other installations, consult on the day following your moving in.
• Make sure you have the best business structure selected for legal protection and tax purposes! If you aren’t sure how to start an LLC, get help from an online formation service.
• Especially if you’re moving, it’s important to have homeowners insurance. Research your options to find the best deal available. 

Sharpening Your Business Skills

A growing business will bring a host of new challenges and opportunities, making the most of which will require strong business acumen and calculated risk-taking. While your experience as an entrepreneur would have taught you a lot, a great way to improve your skills and expertise is by looking into bachelor's degree business programs. From marketing to product development, a business degree will help you improve your acumen and make it possible to grow the business further and continue being successful. You’ll also pick up on well-rounded principles, economics, finance, marketing, and operations strategies.

By following the above-mentioned steps, upsizing will prove beneficial on both a professional and personal level. Additionally, you can take things a step further by pursuing an online business degree and improving your management skills.

Realtor Wendel Douge of the Scuttina Signature Real Estate Group builds lasting relationships and remains a valuable resource for my clients long after the transaction is complete. Team up with Wendel today by calling (561) 698-3100!