How to Pick the Best Home to House Your Growing Business

Maybe your home business has reached the stage where it's expanding quicker than you thought it would, and you now need more room to house your growing business. Here's how to decide if you need to upsize your existing home or if you need to look for bigger premises to accommodate these changes. Reach out to Team Stiles for assistance either way!

Determining how much your current home will sell for

It's all fine and well to think about selling up and moving to a bigger space. But first, you’ll need to determine how much your current home will sell for and how much of a profit you’re likely to make or if you’ll just end up breaking even, in which case is it even worth packing up and moving in the first place? Of course, the best starting point will be contacting a realtor to find out the appraisal value for you, or you could look online to find out what the rough estimate would be yourself.  

Create a moving budget

Budgets are an important element of financial planning because they’re there to ensure that you spend within limits. Sticking to a budget is even more important if you want to save the additional money to put towards setting up your new home-based business.

Therefore, be sure to include all the additional expenses you're likely to incur when upsizing your home such as moving and/or storage expenses,  the costs involved in selling your old house such as closing costs, etc., the extra costs involved in purchasing your new home such as homeowners insurance and what the minimum down payment should be, as well the unforeseen expenses that may arise from disruptions within your business while you move premises.

Also, you’ll have to factor in rising interest rates and what effect this will have on the purchase price of the home you have your eye on, especially if you take out a variable mortgage to do so. And you might weigh the two according to which is more worth it - paying higher for a property than expected due to it being a seller’s market, or paying more simply because the interest rate is too high.

Designing your dream home office

Of course, you’ll want to select a home that has the space you require to set up a home office. Perhaps you desire a room with a view and this is a big non-negotiable for you. Or maybe you just need space (and lots of it) to accommodate your home office equipment, furniture, and additional space for storing inventory should you require it. Or it could just be the walls in your new home could do with a fresh, new coat of paint.

Here, peel-and-stick wallpaper is a great addition to any home office because of its easy to apply and easy to peel off adhesive backing that makes repositioning it a dream if you no longer like the look of it in a certain place. Moreover, customizable wallpaper will transform your walls as a result of its versatility, especially if you order it on-demand only. This way, you can also be assured that you’ll never run out of stock of your favorite personalized design.

In summary, upsizing your home is exciting no matter the occasion, but perhaps it is all the more so if it is because your business is expanding in all the right ways. Furthermore, things could look even more promising if you’ve made all the right decisions along the way when it comes to deciding on a property that is your new business's perfect match!

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