How to Find and Buy a Home to Launch Your Business

If you’re planning to start your own home-based business, one of the first things you should do is look into buying that perfect home to launch your new venture. A home-based business can be successful if you have the right setup, especially if you know how to find and buy a home that works well for both living and working. Below are some tips for finding the ideal location, determining which amenities are most important, and ensuring the property has everything you need to keep your business running smoothly.

Set Up Office in a Spare Room

If you currently live in an apartment, you might be able to set up your office in a spare room. If you’re renting, talk with your landlord about whether you can build out that unused room. At any rate, don’t underestimate how useful it is to have some space separate from your living quarters where you can focus on work.

Consider Where You Want to Live

Depending on your business, there may be some geographic considerations. And if you’re looking for a home to live and work in, it’s worthwhile to think about whether that business will support your move. For example, if you want to start a dog-walking service, you’ll likely need space for dogs — maybe even a large kennel space.

Purchase a Home

The first step in figuring out if you can afford to buy a home is to check your finances. Can you put down 20%? Do you have an emergency fund big enough for at least six months worth of living expenses? Is your credit score high enough for you not to worry about getting a mortgage? Get these numbers in order before searching for homes.

Get Pre-Approved for a Mortgage 

When you start house hunting, you want to be ready — that is, fully pre-approved for a mortgage. Obtaining pre-approval will help you weed out homes that aren’t within your price range. Before shopping for real estate, figure out how much house you can afford.

Search for Homes Online

Use your local housing market data as a starting point to understand how much houses in your area cost. The price will vary by location and other factors, but it’s important to know what you can expect in terms of cost. So spend some time online to learn about the market and look up prices of homes comparable to yours. These will give you an idea about what you can afford. 

When you visit Realty Navigator, you’ll be able to narrow down your search by price, the number of bedrooms/bathrooms, and size. The ideal Chesapeake Bay-area home is out there — you just need to do some legwork.

Register Your Business

Once you’ve found a home that can accommodate your business, you’ll need to choose a business structure for your company. A limited liability company (LLC) is a structure that has tax advantages and reduced paperwork and will protect your personal assets in case litigation is brought against your business. Keep in mind that forming an LLC in Maryland requires five steps, including appointing a resident agent, creating an operating agreement, and applying for an EIN.

If you’re ready to start your own business but can’t find a suitable space in your current home, now may be the time to buy a new place. Deciding where you want to buy your new home is another challenge — whether it’s in your hometown or near potential clients.

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The Author: Suzie Wilson has been an interior designer for over 20 years. She created Happier Home as a side project to help everyone she can style their home stress-free.

  Realty Navigator is a full-service, independently owned, and operated real estate brokerage with offices in Annapolis and Chester, MD. We provide customized real estate listing services, residential homes, and land for sale from Brandywine, Prince George's County, to Kent Island and in Talbot, Caroline, and Queen Anne's County. Trusted and experienced agents are standing by to discuss your real estate transaction. Call or click today at 443-256-3773 or 410-643-3404. If you need to speak to the Broker, Petra Quinn, call 443-600-1986.