Running a business from home can be challenging, especially if you have a family. In order to stay productive while working from home, it is recommended that you have a space designated for working, otherwise known as a home office.
Home offices are becoming an increasing requirement for many homeowners, and fulfilling this need can be quite challenging when you’re a parent too. It means having to find the perfect balance between satisfying your business’ needs and your family’s needs.
Here are some things you should consider when buying a home for family and business:
1. Research the neighbourhood
Start by figuring out which neighbourhood you would like to live in. Knowing the neighbourhood means having an idea of what the property value in the area is.
This is important because you’ll need to have a budget in mind for what you can spend. Added to this, it’ll give your estate agent an idea of the type of area or house you’d like to live in.
Researching possible areas to live in also means taking into account factors like crime, which are of utmost importance when you run a home business.
2. Figure out your business and familial needs
Finding a house that caters to both your business and familial needs is important.
The type of business you own will determine your requirements such as; the amount of space you need for parking, where you’ll meet with clients, storage space needed for products, etc.
A babysitting or daycare business will have different needs to an e-commerce business. Evaluating your business needs will help you seek a property that can successfully meet these needs.
Factoring in what your family needs from the house is also important. Consider how many rooms you’ll need to live comfortably, whether you need sufficient yard space, how you will handle issues of privacy, etc.
3. Make sure your business has the necessary licenses
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Is your business registered, tax compliant and do you have the necessary licenses to be running it from home?
Different industries have different regulations and taking this into account, as well as doing your due diligence before committing to buying a property is of utmost importance.
4. Find an estate agent and have a budget in mind
Finding an estate agent to help you look for a house that’s suitable for you makes the task that much easier.
They are experienced and know how to navigate the legal and financial aspects of purchasing a property. They can also help negotiate the best deal for all parties involved.
Giving your estate agent an idea of how much you’re willing to spend on your new home, as well as the type of home you’re looking for will set you off in the right direction, allowing the estate agent to find a few suitable matches for you to view.
5. The location of the home office
You’re in the viewing phase of your house hunt. This is where you need to consider the location of your home office. Can you picture yourself working here?
The location of the home office is particularly important when you have kids, because you don’t want your office too close to your children’s rooms if you prefer not to be disturbed or; maybe you prefer having your home office as close to your children’s rooms as possible, so that you can keep an eye on them.
If you have clients coming in the house, you need to consider how you will separate your business space from your family space. Privacy is important.
It’s all up to you. By figuring out what your needs are, you can buy a house that’s the best possible fit.
6. Factor in other costs
Buying the house might not be the only cost involved. Running a home business may often mean renovating certain parts of your home to suit your business needs. Factor in the upgrades your home will need, as well as equipment needed to run your business successfully.
Although balancing your business and family needs can be challenging, finding the middle ground is possible when all factors are taken into consideration.
