A Fresh Approach to Starting a Business While Moving

There are many benefits of starting a home-based business. Besides the reduced overhead costs, it allows you to build your business steadily. Home-based businesses offer significant flexibility and may allow you some extra time on your hands.

One popular kind of home-based business is the freelance business. Most freelancers have found a way to turn their hobbies and talents into businesses they can run from home. As a freelancer, it may be a great idea to complement your business with an additional degree. A master’s degree will not only increase your expertise but even your earning potential — all the better to fund the perfect new home for your business. 

How to Find the Right House for Your Home-Based Business

• Hire a real estate agent

An experienced real estate agent can save you both time and money. They’ll help you find the ideal home and negotiate the sale on your behalf. To get started, get in touch with some real estate agents who are knowledgeable in the area. In the Chesapeake Bay area, Realty Navigator can help. They can connect you with other professionals you'll need, such as home inspectors and contractors.

• Schedule a home inspection

A home inspection details the mechanical and structural state of the new home. This information will assist you in deciding whether to close on the offer, ask for repairs or forego the offer. Depending on the terms of your contract and the state where the home location is, a home inspection should be between 10 and 14 days after you sign the purchase documents. Ensure that the home inspector is well experienced. You can check online reviews or ask for client references. Have a home inspection checklist to recognize what needs doing.

• Negotiate repairs and credits

A home inspection report highlights major or minor issues to get addressed. As some major issues will need sorting out before your mortgage lender completes your loan application, this is helpful. Some minor problems can hold up till you acquire the new home.

Have your real estate agent negotiate with the seller on repairs. If it’s not possible for them to handle the repairs beforehand, you can ask the seller to extend you a credit at closing. The state of the new house can affect the lender’s decision to approve your loan or mortgage.

• Secure your financing

In general, it takes about 21 to 30 days to finalize the financing process through a financial institution. To get the final loan approved, you need to keep your finances and credit in good shape. Ensure you have all the right documents and submit any additional documents requested by your lender promptly. It could be bank statements, tax returns, proof of income, and written statements to explain any significant deposits into your bank account.

Some activities can harm your credit score and your debt-to-income ratio. It can help to avoid switching jobs before buying a new home. Avoid maximizing credit cards, getting new loans, or deactivating credit accounts. 

• Close on your house

Once you're satisfied with everything and the house has passed the home inspection, you can now close your new home. The lender will clear you to close on your house by approving your loan.

Before the final closing, the lender provides you with a closing disclosure. It contains your loan details like monthly payments, type of loan, loan terms, interest rates, annual percentage rate (APR), and any other charges on the loan. Go through the closing disclosure meticulously. Come up with a comparison to the loan estimate and make sure the closing fees and loan terms are similar.

For sure, the process of buying a home for both life and business is a demanding one. But with the right realtor in your camp, it can be so much easier to navigate. Let Realty Navigator help! 443-600-1986

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The Author: Suzie Wilson has been an interior designer for over 20 years. She created Happier Home as a side project to help everyone she can style their home stress free.

   Realty Navigator is a full-service, independently owned, and operated real estate brokerage with offices in Annapolis and Chester, MD. We provide customized real estate listing services, residential homes, and land for sale from Brandywine, Prince George's County, to Kent Island and in Talbot, Caroline, Queen Anne's County. Trusted and experienced agents are standing by to discuss your real estate transaction. Call or click today at 443-256-3773 or 410-643-3404. If you need to speak to the Broker, Petra Quinn, call 443-600-1986.