Move on Up: Upsizing Your Home to Accommodate Your Growing Business

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This post was contributed by Sarah Bull of EconomyMom.com. Thanks Sarah!

Bigger isn’t always better, but sometimes a bigger home is exactly what you need to build a better business. Upsizing your home to meet the needs of your growing business takes careful planning and consideration to make sure you’re getting what you need at a price you can afford. Here are some things to consider as you start your home search as an entrepreneur.

Find Your New Home

Inform your real estate agent that your primary goal when upsizing your home is to accommodate your business. They can help you find properties suitable for commercial use and advise on local rules and regulations for running a home business.

When looking for a home, explore the surrounding entrepreneurial community and the availability of opportunities to connect with other business owners. Revere, MA has many of these types of resources, including:

•             Revere Chamber of Commerce. This organization offers networking and educational events for local business owners.

•             Greater Boston Chamber of Commerce. A nonprofit serving the regional business community of the Boston metro area.

•             MassDevelopment. An organization providing funding opportunities to businesses in the Boston area.

Since your house is going to double as your place of business, you need to take special features into account, such as parking spaces for customers, handicap accessibility, and a dedicated room for your home office. Additionally, pay attention to the noise level of the neighborhood to make sure you can focus on your work in a distraction-free environment.

Save Up to Move Up

Buying a bigger home is expensive, but fortunately, there are things you can do to mitigate the costs. Start saving up by having a portion of each paycheck deposited into a separate savings account dedicated to funding your home purchase. You can also use financial apps, such as Acorns, that automatically round up transactions and invest the money in the stock market.

Although it may seem counterproductive to spend money to make money, consider completing renovations and upgrades before listing your current home on the market. For example, a finished basement can yield a 75% return on investment in some markets. Even less-intensive home upgrades, such as increasing your home’s curb appeal, can help boost your property value and net you some extra money for your newer, bigger home. Your real estate agent can help you decide if the investment will pay you back when you sell your home.

New Home, New Degree

If you have a growing business, you’ve probably got a good handle on being an entrepreneur. Nonetheless, getting an MBA can help you increase your knowledge and expertise as you lead your business into its next stage. With an online program, you can complete your courses at your own pace, which allows you to still handle the needs of your professional and personal life.

Home Is Where the Business Is

Even with the additional expense of upsizing your home, operating a business out of your house pays off in the long run in lower operational costs and more time with your loved ones.