4 Things At-Home Entrepreneurs Can Do To Simplify The Home-Buying Process

Author: Derek Goodman |

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Growing a business from your home is more accessible than ever these days, with so many resources available for entrepreneurs, and while it’s often viewed as easier than buying or renting a storefront, there are still some considerations that come with running an at-home company. First, you’ll need space. Even if your business starts off small, the more you put into it, the more it will grow and require room for inventory, employees, and the tools of your trade. Whether you need a bigger space or are looking to buy your first home, you’ll want to make sure you get the right mortgage to fit your needs, and BG Financial can help you get started. There’s more than one type of home sale, so here are a few tips on how to get started with the process.

Get pre-approved

Even if you have a good credit history, get pre-approved to make the buying process smoother. Once you find out what you can afford, you can start working with a lender on financing options and learn how much your monthly payments will be, which is a crucial part of your business budget. Not only that, it could give you a leg up on any competition if you find a house you love that already has offers. BG Financial is a great place to start when you’re ready.

Prepare your paperwork

If you already have experience as a small business owner, getting a mortgage can be a bit of a longer process than it would for anyone else. You’ll need to provide detailed financial records, including profit and loss statements and tax forms, to show the lender that you can handle monthly payments. Start by getting organized and consider utilizing the services of an accountant who can help you get your files in shape before you get pre-approved.

Consider your options

Once you’re on the right track with a lender, it’s important to start your home search with a little homework so you can find out what types of homes are available in your area. Some are for sale by the owner, while others are placed on the market under foreclosure. Often, these are sold “as-is”, meaning the seller is unwilling or unable to make repairs or updates to the property. While this type of sale can be beneficial price-wise, it’s crucial to make sure you have an inspection done to uncover any major issues, including roofing problems and mold. Consult a lawyer who can help you stay protected and look up property records that might reveal red flags. Keep in mind that “as-is” homes aren’t meant to trick a buyer; often, the seller simply can’t afford to cover repairs, doesn’t know about the problems, or is a family member of the owner who is tasked with selling.

Look for potential

When you’re searching for the perfect home for your business needs, it’s important to remember to look for potential. It can be difficult to find a listing that checks every single item off your list, but a home that has a basement, detached garage, large shed, or attic space that can be utilized for your business could be a winner. Talk to the seller to find out whether they would be willing to negotiate the price for unfinished spaces and think about how you can utilize them for your specific needs.

Finding the perfect home for your business and ironing out the financial details can take some time, so get started as early as possible. This will give you some leeway in the event of a setback and will help to prevent stress as you work to grow your business.

Have a question for BG Financial? Call (905) 409-9775 and get in touch today to start your home-buying journey.