Article by Courtney Rosenfeld 

Starting a new home-based business and buying a house at the same time is tricky but doable. To free up as much of your finances as possible for the business, you’ll want to try to save on the home purchase and get a good deal. There are a few things you can do to ensure higher chances of success for both the property purchase and the new business.

Hire a Real Estate Agent

Hire a good real estate agent to learn about the process of buying a house and maximize your chance of getting a good deal. The agent will be able to explain the real estate buying process, including searching for the property and comparing different lots. They can advise you on securing funding and how to spot the best deals and save the most money.

Get the Best Deal on a House

There are a few things you can do to save big on a house purchase. One strategy is to buy a house “as is.” This means buying it in its current condition. With this strategy, you can potentially cut the price down because the seller won’t have to spend nearly as much time and money getting the property ready for sale.

To successfully buy a house “as is,” keep these things in mind:

• Get legal advice. Have a lawyer look over the records to make sure the seller has a clear
• Examine the records. Look at public property records for any red flags such as liens.
• Inspect the property. Take a tour of the property and make note of any damages or potentially expensive improvements needed. Make sure you can handle all the repairs.
• You will need to pay for repairs, so make sure your offer reflects those anticipated expenses.

If you can negotiate an offer that will leave you with enough in your budget for repairs and improvements, then make the deal and plan on moving.

Plan the Business

Now that you’ve hopefully found your dream home, it’s time to start working on ideas for your home-based business. The best way to brainstorm ideas for a business is to write a business plan. This plan should have details about your business such as a description of your offering, ideas for funding, and a projection of expenses and profit. You can use this plan to show investors or banks, in detail, how you plan on making a successful business.

Make the Purchase and Move In

Once you’ve found the house you want and written your business plan, it’s time to buy the property and move in. Your agent will help you make the offer and close the deal once the offer is accepted. Then you can make your move, unpack, and get your home office set up to start getting customers as soon as you can.

Find a Great Deal and Get Started With Your Business

Take the steps above to buy a home and start your new business after settling in. For the best advice and tips about purchasing a property in the Toronto area or beyond, contact realtor Sloan Van Mierlo today.

Shout out to the Author of this article Courtney Rosenfeld

Sources:

Town and Country Real Estate:

https://towneandcountryrealestate.com/how-to-buy-a-home-and-launch-a-business-simultaneously/

Canada Financial Consumer Agency:

https://www.canada.ca/en/financial-consumer-agency/services/buying-home.html

Realtor

https://www.realtor.com/advice/buy/10-step-guide-for-first-time-home-buyers/

Redfin

https://www.redfin.com/resources/should-you-buy-a-house-as-is

property records Realty Hop

https://www.realtyhop.com/blog/how-to-search-public-property-records/

TD

https://www.td.com/ca/en/business-banking/small-business/starting-your-business/create-a-business-plan/

Go Fund Me

https://www.gofundme.com/c/fundraising-ideas/business

Property search

http://sloanvanmierlo.exprealty.com