Guest article by Erik Martin and Fairway Independent Mortgage Corporation
8 Min. Read
Guest Writer Amy Collet
Image by Pexels
Not only do you want to buy a new home, but you also want to purchase a property that caters
to your home-based business. Your unique profession brings you a lot of freedom and joy, but it
also comes with unique hurdles when searching for the right place. Here are several tips from
expert RealtorⓇ Jason Gelios for finding the perfect home base for your family and business.
Provide Your Business With Enough Space
Besides space for your clothing, furniture and other personal items, think about how much
room you really need for your business operation. Determining the right home search
parameters helps you narrow down your options and price range. Think about whether you want
storage space for your company, if you require a waiting area for your customers or clients, and
how large your workspace should be in order for you to maintain optimal productivity.
Factor in Potential Renovation Costs
Another reason to think about how much space you need to run your company is so you can
calculate the price of renovations or upgrades. Remodeling a home helps make it your own, but
that comes at a cost. When you gather quotes from contractors, you may discover that it makes
more financial sense to find a home that meets your business requirements without a remodel.
Think About Your Clients
Do you meet a lot of clients or customers in your house? If so, consider buying a home close to
where your clients live, or in an easily accessible area. Living close to your clients can save you
on gas money if you venture out for meetings. And if they come to you, AllTopStartups notes the
right location may also bring in more business, which improves your bottom line.
Work With a Real Estate Professional
With your priorities established and a budget in-hand, you’re ready to dive into house hunting.
“It’s important to partner with the right real estate professional who is familiar with the area
you are looking in,” says Southeast Michigan Realtor Jason Gelios.
Look Into Restrictions
Imagine finding a property that fits your price range in a neighborhood that fits your lifestyle only
to learn the area has restrictions for home-based businesses. According to LendingTree, you
may have to secure business licenses, which cost money, or you may face restrictions against
operating a business out of your home. Research restrictions in zip codes where you may buy a
house. Depending on your findings, you may need to hire a legal professional to help you
understand how to remain compliant, which requires paying fees.
While going over your home-buying budget, think about how your investment affects
commercial finances, and vice versa. You don’t want to budget so closely that you need to
skimp indefinitely in either department, or worse, be unable to pursue your goals. Project how
much income you can expect from your business, tally what you’ll pay yourself, and remember
to include some padding for changes you intend to make to your new home, whether for your
personal or professional needs. Keep in mind that the San Diego Financial Literacy Center
recommends that you don’t max out your budget, since sometimes unexpected expenses can
Plan for Your Office Needs
Your budget planning should also include any necessary equipment you need to purchase for
your new office. Whether it’s a business printer, new office furniture, an additional computer
monitor or even a desk, these are items that need to be factored into what you can afford to
spend. If you shop through retailers like Staples, Office Depot or Best Buy, not only can tap into
business membership savings, but you can get an idea of what you should expect to pay. And if
you dig up Staples coupons or Best Buy promo codes, you can maximize your savings to help
keep your budget on track.
A little foresight can set you up for financial success and happiness as a homeowner and a
business owner. Consider your priorities and budget, and partner with a trusted Realtor to find
the perfect place for building your future.
Amy Collet is the creator of Bizwell.org, a website that helps professionals and entrepreneurs build and
strengthen their personal brand.
I had the pleasure of providing my expertise for this great article about looking for your next dream home and what should be non-negotiable. Special thank you to Laura Woods and GoBankingRates for the feature! This is a great read.
Jason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the book Think like a REALTOR®, Creator of The AskJasonGelios Real Estate Show and an Expert Media Contributor.