Having a designated space in your home that’s large enough to accommodate a growing home-based business is crucial to your company's success. If your current home doesn’t fit the specifications you need, it may be time to move to a more suitable place. There are several factors to consider and steps to take when moving and starting a home-based business at the same time, a few of which are explored below courtesy of Daren Cullen Central Oregon Premier Realtor.
Buying a New Home
Looking for and purchasing a new home is a long and involved process—even for those who aren't planning to open a home-based business. Here are some ways to make it easier.
To qualify for a home mortgage when you’re just starting out, Rocket Homes notes you’ll have to provide proof of a stable income. Most mortgage lenders want to see two years of steady income, so it’s a good idea to keep your current nine-to-five until you’ve secured a lender. You’ll also need a good credit score and a sizable down payment. Zillow points out that minimum down payments and credit scores depend on the lender and type of loan. For example, for an FHA loan, you need 3.5% down and a minimum credit score of 580.
Understanding these processes and necessary expenses makes it easier to save money when you're buying a new home. Other ways you can save include finding a reputable real estate agent, buying during the winter months, choosing a short-term mortgage, and purchasing a home as-is instead of expecting the current homeowner to foot the costs, which can drive up the price of the property. If you do opt for buying as-is, be sure to first check areas that may need major repairs, such as the roof.
Sellers list a home as-is when they don’t want to pay for costly repairs. While this can save money, if you find major problems after closing, you’ll be responsible for fixing them. As-is sellers must still meet minimum federal and state disclosure statements. To avoid unexpected costs when buying a house sold as-is, consult with an attorney, who'll examine land records for liens and hire an inspector.
Things to Consider When Starting a Home-Based Business
Just because you’re operating a home-based business doesn’t mean you should forego opportunities to venture out and network when you can. Having business cards on hand when you make new contacts is helpful for building relationships. Any time that you find yourself out, have some cards available to help market your business.
To protect your assets, including your new home, you may want to register your home-based business as a limited liability company (LLC). This structure can be formed by one or more individuals and prevents the loss of personal assets if the company gets sued or files bankruptcy. An LLC also protects the identity of the members of the business, which can keep creditors from harassing you at home if you owe money.
As an LLC owner, you can choose the way your business is taxed, reduce the amount of paperwork you need to do, and create a more professional image for your home-based business. To save money, it’s possible to form an LLC on your own or with a formation company. Different states have different requirements for forming an LLC, so it’s important to research the specifics for Oregon.
Once you have your business established, you’ll need to choose accounting software along with some other business management software. There are great options online for managing your payroll services, many of which include direct deposit, tax penalty protection, and 24/7 support services. You can even automate your payroll, which can help you free up some time for other tasks related to your business and your move.
Changing Life’s Direction with a New Business in a New Home
Purchasing a home is a major investment. This is especially true if you plan on starting and maintaining your business from the location. Research to understand how much you can afford, what you need to be approved, and how you need to structure your company in order to get the most for your money.
If you are looking to buy or sell in Bend, OR, Daren would love to help with your real estate needs. With her help, you can focus more on your business during the transition. Contact Daren today!
Photo Credit: Andrea Piacquadio via Pexels
The changing colors and cool autumn air serve as reminders that it is time to start thinking about fall and winter home maintenance. These little projects can prevent bigger more expensive problems and headaches down the road. The tips below will help prepare you for the cold months ahead.
This tip can save you time and money if it is taken care of before the cold weather arrives. No one wants to be in a freezing cold house with no heat. It is recommended that you have your furnace serviced every year. If there are any problems, it is better to find out about them now when the repair service is less likely to have a waiting list.
Clean Your Fireplace & Chimney
One of the best things about winter is cozying up next to a nice warm fireplace. But before you do, you need to make sure that the residue from last year's fires is gone. This is really important because the residue from the smoke is flammable. It is also important to make sure that there are no obstructions from debris, sticks, or leaves that might prevent the fumes from venting out of the chimney properly. A professional Chimney Sweep can help you with this. They will also look for any damage that might cause problems or malfunctions.
Check Batteries In Smoke & Carbon Monoxide Detectors
It is always important to be sure that your smoke and carbon monoxide detectors are working properly but it is especially important at this time of the year. Carbon Monoxide is caused by fuels not burning completely, including wood, gasoline, coal, propane, natural gas, gasoline, and heating oil. This can come from clothes dryers, water heaters, ovens, ranges, or a fireplace. Fall and winter are the seasons that we are using our fireplaces and space heaters. These detectors are your first line of defense so you want to make sure that
they are working.
Re-Caulk Windows & Door Casings
This is a simple DYI project that can save you up to 20% on your heating bills. Leaks from doors and windows let the cold air in and your warm air out. This project is quick, easy, and definitely worth it!
Fix Cracks In Your Driveway & Walkways
When water gets into cracks and freezes, it expands. This can make the crack bigger and even crumble eventually creating a pothole. You can prevent this with a concrete crack sealer.
Clean Your Gutters
The falling leaves of autumn are inevitable. As the trees in your yard drop their leaves, your gutters will get clogged up with dead foliage. Clogged gutters won’t funnel rainwater away from your house as they are designed to do. It is important to clean them out to prevent water from overflowing and damaging your home’s foundation, exterior, or interior. If you have a lot of trees, you will have a lot of dead leaves, so you may need to clean your gutters a couple of times throughout the season.
Rake The Leaves
Removing fallen leaves from the lawn helps to keep your grass healthy. A thick layer of leaves can deprive the grass of oxygen and sunlight, weakening it and possibly killing it. A few leaves won't hurt because when you cut the grass the lawnmower will chop them up and actually provide nutrients to the grass when they decompose. And with that thought, why not start a compost pile with the leaves you rake up? They will provide rich organic nutrients that you can sprinkle on your lawn and garden next year.
Plant Bulbs For Spring Blooms
Speaking of next year's garden, there is nothing like seeing spring flowers in your yard after a long cold winter. It can be hard to think of tulips, daffodils, and hyacinths at this time of the year but when spring comes, you will be so glad you did! The bulbs need several months of cool temperatures to bloom so now is the time to do it.
Make Sure Outdoor Water Is Off
Water left in your exterior faucets and pipes can freeze and burst the pipes. To prevent this from happening, make sure that your outdoor water valves and sprinkler system are off. Also, any residual water in your garden hoses will freeze and split the hose. To save yourself from having to purchase new hoses next year, drain them and store them indoors.
Photo via Pexels