As an entrepreneur, you must do what is best for your business. If you work from home, however, you may be able to create the perfect environment for both your work and private life. The growth of your business may have compelled you to start thinking about buying a new house and moving into a larger workspace. But there is no reason you cannot combine the two in a new and larger house.
The question then becomes: should you buy a home or build one? Each choice has its pros and cons.
Buying a Home
The primary advantage of buying an existing home is that it can be more convenient to do so and less costly, especially if you are relocating to a different state or country. For example, if you’re heading out West, you may want to look for Rancho Santa Fe Realtors, such as those at Berkshire Hathaway, to help you find a place that fits your business and personal needs. All you need to do is select one with a good reputation and solid credentials, get the loan you need from your bank, and make an offer on a home that meets as many of your needs as possible. You will be able to move in quickly once you have closed, which will allow you to keep your energies and attention attuned to your business rather than home construction.
It can also be more cost-effective to buy an existing home. You can purchase a relatively inexpensive house and do the needed renovation and refurbishment work later. Even with these later expenses added, you may still be able to keep within your budget.
The downside of buying an existing home, as an entrepreneur, is that you do not get exactly what you want. If you intend to create a home-office environment for a rapidly growing business, it might be better for you to design and construct a home from the ground up: one that meets the present requirements and anticipates the future needs of your company.
Building a Home
Building your own home may seem daunting financially. But once you start breaking down it down things become more manageable.
You will first need to buy the land. Even if you plan to build a rather large house, you can do so on less than an acre. You do not have to come up with the cash for this purchase all at once. It is possible to take out a land loan, or you can take out a construction loan, which provides you with capital to purchase the land and materials for home construction.
If you’re a busy entrepreneur, it’s unlikely that you will be able to build the house yourself. You will need to bring in professionals to do the job. You will need a range of planning permits and other documents. You will also need to purchase the raw material for the exterior and interior of the house. You will need to install a septic tank, a heating and electric system, and other such items. To maximize the energy efficiency of your home and reduce your carbon footprint you may consider having solar panels, composting toilets, and generators installed.
According to the most recent and reliable construction estimating software, you should expect to spend between $178,010 and $466,493 for a solid build. However, if you plan to work and live in your new house, then you should consider this an investment. In most instances, you will reap an enormous tax benefit by having your house double as an office space. In the long term, you may be able to get back much of the money you spent to build the house.