If you’ve decided to start a home real estate business, it’s important to have sufficient space in your home for managing it. So, if your home is too small, or inconveniently located, a move to a more appropriate residence might be smart. But is it possible to balance the demands of a business launch with the work that goes into relocating? Not only is it possible, it might also give you a great opportunity to test out your real estate knowledge and skills before you go live.
Should you sell your existing home first?
You should figure out whether it makes more sense for you to sell your home, then purchase a new one – or if you can afford to purchase a new house before you have found a buyer for the old one. Selling your house first gives you more buying power when you purchase your next one, but it can also mean more hassle, including an interim period of having no real housing. On the other hand, while buying first is less stressful, it is also more expensive.
Tips for selling your home.
Do some calculations to see how much you can reasonably expect to make on the sale of your house. If there are affordable upgrades you can make that will increase the home's market value, take care of these as soon as possible. Make sure you stage your home well, when showing it to prospective buyers, too. This will be a useful opportunity for you to hone your realtor skills.
What to look for in a new home.
When shopping for a new residence, have a comprehensive checklist for wants and needs, focusing on your business requirements as well as your personal and family needs. Some important considerations for a home that will host a business include ample parking, enough space to house an office, and a way to separate your work area from your home area. Also, consider location. If you will be having clients come to your house, it should not be difficult to access. It’s probably ideal if your location offers proximity to other businesses, and general amenities, for the sake of your own convenience and to increase customer interest. Reliable internet is also a must. And don’t forget to check zoning laws to make sure you can legally operate your business out of your new home.
If you don’t feel quite ready to start your business.
If you feel you need a little additional knowledge or training, before you can feel confident about your entrepreneurship abilities, you could take the interim period, while you are between homes, to brush up on some of your business or real estate education. While this may sound like just an extra chore on a packed to-do list, keep in mind that you can easily pursue an MBA online, and on your own schedule.
Planning for your move.
Your move will be less stressful if you have a detailed plan for relocation. Set up a timeline for such tasks as hiring movers, beginning your packing, changing addresses, and switching on utilities at your new home. If you are in the process of launching your business during the move, remember to use the address for your new home when you register as an LLC or with the IRS. Find out if there are any licenses or permits you will need to set up your real estate business and try to start your applications as early as possible.
Basic steps that go into a business launch.
Starting a home-based business doesn’t have to be a huge chore. Start by drawing up your business plan, well in advance of your move. You should come up with a business name and structure, then register your business to make it official. Don’t forget to register with the IRS and get a tax ID number. You should also get a good business bank account and purchase insurance for your business.
While it may be a lot of work to relocate while starting your business, it’s worth it to make your launch in a space where you have the amenities you need and can look forward to years of real estate business success. If you need to talk to an expert about selling your house or purchasing a new residence in the Los Angeles area, contact realtor Suzi Farajiani.
Article Contribution by: Teresa Greenhill
Comments