If you’re a business owner, you already know that moving from your home presents some challenges. You’ll be tied up with the moving process, and you may have to figure out new logistics for your commute. When you own a home-based business, there are a unique set of circumstances that you have to navigate. Here are a few things to consider before you relocate your home and work.
Find an agent that knows the lay of the land.
Choosing the right real estate agent is always important. However, when you have to find a house that can accommodate your personal and professional endeavors, having an experienced realtor by your side is crucial. Coastal Living Properties features a handful of local agents that can help you sidestep some of the more annoying hurdles of the moving process. This might include weeding out homes with contingencies or those in an area where home-based businesses are restricted.
Structure your business to protect your assets.
Even if you already have a business structure in place, now is an excellent opportunity to reevaluate this. And, when you’re moving from out of state, reforming as an Alabama LLC is a smart move. Doing so can help protect your home and personal property if your business is ever sued in the state. It is a relatively simple procedure, which can be handled using a formation service to guide you through the different state-specific regulations. If you are not comfortable handling the paperwork on your own, you can use an attorney, but be aware that this may lengthen the process and can cost thousands of dollars.
Prepare your financial records.
Depending on how your business is structured – if it is a sole proprietorship – you’ll be considered a self-employed buyer. Like any buyer, Bankrate asserts that you’ll have to provide a stable employment history, have good credit, and prove that you have funds available for a down payment. Keep in mind, however, that you may need additional records at your disposal. Among other things, your mortgage lender may ask for financial statements and third-party verification (usually from a client) that you continue to provide services for pay.
Evaluate each option carefully.
Your Coastal Living Properties agent has likely already filtered through potential results, and, by now, they’ve presented you with many wonderful options. But, you still have leg work to do. During each showing, pay careful attention to the home's layout. You will want to ensure that you have a quiet and comfortable workspace or the ability to create one from an attic, garage, or outbuilding. Confirm that your location has access to high-speed internet, particularly if you are looking in a rural area.
Secure a temporary workspace.
Once you find a property, you will need to begin preparing your current home for sale. This should entail everything from fixing structural issues to cleaning and clearing each room so that they are essentially a blank slate. Because you will need to essentially adopt a minimalist mindset, you may be able to sell your home faster if you move into a co-working space during the time between listing and moving into your new home.
Buying a home often presents challenges, and when you’re also buying a new workspace, those may be doubled. But challenges are surmountable if you have the right agent on your side and don’t neglect making preparations, such as collecting your financial documents and knowing where you will work while your home is turned upside down.
Your Alabama Gulf Coast experts at Coastal Living Properties can help you get your slice of heaven right here on Earth. Contact one of our dedicated agents today, and let us take the first steps of your new home journey with you.