Starting a business and buying a home are both exciting ventures that require a lot of hard work. As challenging as it may sound, a fresh start with a new home and business may be just what is needed, particularly if your current home isn’t suitable for both living and working.
Real estate professional Diane Ives, the owner of United Country Great Lakes Realty & Auction in Atlanta and Unionville, understands the challenges homeowners face when navigating the homebuying process, but you can count on her expertise and guidance to help you every step of the way. In the meantime, consider the following advice as you plan your fresh start.
The process of buying a home requires tenacity and patience. Consider your housing needs, and make a list of must-haves. Do you prefer a multi-story home, or require a certain number of bedrooms? Perhaps your new business requires a location that is within a certain distance from the city to simplify your daily routines for work.
There are endless factors to consider when trying to determine the best options for your new home and business. Creating a must-have list and prioritizing ‘preference’ to ‘necessity’ can help sort through the many houses you will likely encounter on your search.
Buying a new home and starting a business can be an expensive endeavor. There are some practical options to save money along the way and steps to protect your investment of time and money. The US Department of Housing and Urban Development (HUD) offers a range of resources for homebuyers, including cost-saving tips and loan options.
As you peruse real estate websites you will likely encounter homes listed for sale “as-is.”Buying a home in this category can be a smart way to save if you take certain precautions. Home sellers who list a property “as-is” are acknowledging that the home needs work and do not plan to repair it prior to selling.
Because of the need for repairs, buyers can often purchase homes “as is” for a reduced price and this can offer significant savings. Before you make the leap, however, it is important to know what you are getting into.
● Consult a lawyer to ensure that the property is unencumbered by deed restrictions, right-of-way issues or other legal snares.
● Inspect the property for damage to the foundation, roof and main structure of the home. Hiring a professional home inspector can help, as they have a point-by-point inspection system that covers all the bases. Securing a home inspection can keep you safe and offer an “out” on the contract if needed.
● Examine land records for red flags, such as soil contamination, dumping history or indications of pollution. A phase 1 or 2 environmental assessment may be needed to determine pollutants in the area and if you would be responsible for cleanup after purchase.
● Environmental factors such as a contaminated water source or the presence of radon in the home can put your health at risk if left undetected. There are a battery of tests commonly offered as part of the home buying process, however, some may be optional out-of-pocket expenses. It may be worth the additional funds to ensure the safety of your air and water source. Consider the advice of the Consumer Financial Protection Bureau as you shop for properties to protect your rights as a buyer.
Another way to save money on a new home is to consider purchasing a foreclosure, or bank-owned home. Bidding on a foreclosed or short-sale property offers you access to homes that may have been out of your price range if listed on the market in a traditional format.
It is especially necessary to hire an inspector on a foreclosed property, as sometimes these homes need additional work such as a new heating system or structural repair. Buyers with carpentry skills may find that some repairs are DIY, while other projects may require professional involvement.
As you consider your new home options and begin your business, be sure to pause and reassess the process along the way. It can be easy to get swept up in the energy of the moment with real estate and lose track of the end goal: a place where you can have a fresh start in a home that works for you and your new business.
When you’re ready to begin your house-hunting journey in Atlanta, Michigan, turn to real estate expert Diane Ives to help you find the perfect place to call home. Call our toll-free number today to make an appointment! 866-637-8851