- Erin Reynolds
What to Know About Buying a New House While Launching a Home-Based Business
Updated: Jan 21
Many businesses can be started from home, as long as you’re self-motivated and have a quiet space for an office. Some home-based businesses require nothing more than a desk and laptop, while others need more space for making products by hand, storing inventory, or meeting with clients, patients, and other guests. Your specific home-based business needs will typically depend on the type of company you’re looking to start.
With that being said, it may be necessary to buy a new home that’s suitable for living and doing business — especially if you don’t have an unused bedroom, garage, attic, basement, or shed to convert into a space for a home office. These tips from Jen Bedard Real Estate will tell you everything you need to know about launching a home-based business while simultaneously buying and moving into a new house!
Consider Your Personal and Professional Needs
Since launching a home-based business means you’ll be working and living in the same place, it’s important to consider your personal and business needs before beginning your housing search. If you plan to claim Canada’s home office tax deduction, for instance, you’ll want your office space to meet these requirements — while also meeting the needs of your business.
Several of these needs may include:
● Ample space for creating products, storing inventory, and keeping confidential records.
● A separate home entrance, restroom, and waiting area for guests.
● Room for a desk, office chair, computer, printer, and shelves.
● Adequate privacy, soundproofing, and office lighting.
● Reliable internet connectivity (especially for online businesses).
● Bedrooms, bathrooms, and other living spaces for your household.
Look for Suitable Homes
Once you’ve identified your homebuying needs, realtor Jen Bedard can help you to find Niagara-area homes that suit you and your business. If you own your current home, Jen can also help you to list your property and get the most money from the sale of your home.
When searching for a new home, you’ll also need to consider your financing options and determine whether to work with a mortgage broker; this will be your initial step in the buying process to determine how much of a house you can afford. Ask your realtor for a list of their trusted mortgage experts.
Plan Your Move
After finding the perfect home for living and doing business, you’ll need to start planning your move. The Canadian Association of Movers (CAM) shares many tips and resources to tackle every item on your moving checklist, from hiring a mover and packing your belongings to cleaning your home and moving with pets and children.
Furnish Your Home Office Space
Now that you’ve moved into your new home, it’s time to design your workspace and purchase a few office essentials. Some examples of the office supplies you’ll need when running a business from home include a mouse, webcam, laser printer, desk, coffee maker, and shelving units or filing cabinets.
Launch Your Business
Last but not least, you’ll need to launch your home-based business! You could very well complete this process before buying a new home, but it’s typically best to wait until after you’ve moved if you’re forming a limited liability company (LLC) or corporation. If you choose to launch your business before moving, you’ll need to change your address with the Canada Revenue Agency (CRA) after you’ve moved into your new home.
In addition to registering your business with the CRA, you may wish to look for funding if you need help with your operating expenses and startup costs. Start by writing a business plan and comparing small business grants, as several funding options include the Canada Cultural Spaces Fund (CCSF), Canada Small Business Financing Program (CSBFP), Canada Job Grant, and Strategic Innovation Fund.
Grant funding is competitive, so it’s important to look for opportunities within your industry. Additionally, it’s a good idea to familiarize yourself with the application process and allow plenty of time to submit your grant application or proposal.
Enjoy the Perks of Running a Business from Home
There’s a lot to be done when you’re buying a house, planning a move, and starting a home-based business, but in just a few short months you’ll be enjoying the perks of running a business from home. Just don’t be afraid to enlist some help along the way, whether it’s a real estate agent, moving company, and/or your friends and family!
Are you ready to begin the process of buying and/or selling a home? Contact Jen Bedard Real Estate at 289-213-7031 or by sending an email.