Suppose you've decided that this is the year to achieve your business dreams from your home because you realize all the benefits that come with doing what you do best as and when you see fit. But there's one glaringly obvious problem - your current home is too small. Here's how to make the necessary changes, so you can accommodate both. 

If you're looking for a new home in the Reno/Sparks area, visit our Reno Property Management website. 

Check if it is allowed
Before you even decide on a home where you can run your business, you'll first have to check if it is allowed. This would entail checking the rules of business zoning in your area to see if you can operate your business from your home premises. Furthermore, you may have to apply for a special license or permit depending on the type of industry you're in. So best to have these all checked out before you even resume operations so that you don't end up entangled in all sorts of red tape before you even begin. 

Check your budget
Your budget will also have to be tailored to take into account your move, what with all the extra expenses that will be involved in moving your business and its belongings over with you. For example, you may need to take out extra insurance depending on the coverage provided by your moving company if the coverage they do provide is insufficient. Also, your budget is going to have to cover all the extra expenses associated with moving and if you're moving to a new state then the additional cost of living expenses will need to be taken into account too. 

Finding a property that will meet all your requirements
Finding a property that is going to meet all your requirements is going to be something else to think about too. After all, it's going to have to be big enough to cater to both your business and your family. Furthermore, it may have to have additional rooms for a home office, for example, and it may also need to have ample parking space or access to ample parking space if you are going to have clients visiting every now and again. 

Make sure you have all the basics covered 
If you are planning on going full steam ahead with your business operations as soon as you're settled in, then you'll want to make sure you have all the basics covered as far as equipment and furniture goes. When thinking of choosing the right furniture for your home office, you should combine practicality with style to ensure that you are as productive as possible in your home office. 

Then, you'll want to think about investing in the necessary software to run your business smoothly. You will require an easy to use bookkeeping system to ensure your accounting efforts are up-to-date at all times. Here, we're referring to accounting software that allows you to store and organize your receipts adequately so that you can benefit from tax savings down the line whilst adhering to the applicable tax legislation. It should also provide you with the tools to manage your cash flow better so that you stay on top of incoming and outgoing expenses.

These are just a few of the major deliberations that need to be had before you think about up and moving everything somewhere new. But it's vital that you do to ensure you have the wherewithal to not only cope but thrive during this new transition. 
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​If you are fortunate enough to find yourself in a position where you think you can afford to own property, you then have to deal with making the biggest and most complicated purchase of your life. For some, adding to the complication of a major renovation seems like madness. But for others, fixer-upper homes are the most achievable way to get the house of their dreams. If you have been considering joining the fixer-upper club, here’s what you’ll need to think about.
 
The Buying Process
The first thing you need to do is determine your budget. In the case of a fixer-upper, this has to include both the price of the house and the renovation costs, but it is easier for you to think of them together for the time being. Good indicators to establish a budget include your annual income, money saved for a down payment, monthly spending, loan type, and current average APR. Don’t forget that there are plenty of hidden ongoing costs to owning a home, so you also need to take things like insurance, taxes, and maintenance into account.
 
The next step for most homeowners is to get to know their local market and see what kind of home they can buy in the area with said budget. Nolo.com suggests that the best way to know how much to offer on a fixer-upper is to figure out the value of the home if it was fixed, calculating the cost of the work, and then subtracting one from the other.
 
Once you find the fixer-upper of your dreams (and budget), there are a few additional steps you need to cover before making an offer. Get a full home inspection, which will highlight any repair work you may have missed during your visit, and re-adjust your offer accordingly. If a house you love has severe structural issues that would cost a fortune to repair, it may not be worth it.
 
As you look into financing your purchase, research the types of loans that will work best for your situation. For example, if you’re a veteran with so-so credit and not a lot socked away, you are eligible for a VA loan, which can help when it comes to finding decent interest rates, plus there won’t be any mortgage insurance. On the other hand, if the home needs serious work, you can look into an FHA 203(k) loan. These loans provide funding for the home and the necessary renovations, in addition for funding that covers the time you can’t live in the home.


The Renovation
When it comes to renovating your new home, planning is the most important thing you can do. It may be tempting to throw yourself headfirst into the first DIY project you can think of, but this is not the most efficient way to proceed.
 
Make a full list of everything that needs to be done, and sort tasks by priority. At the top, place anything that is necessary to make the house livable, such as electrical work, plumbing, or structural issues. Then address changes needed to make the house attractive. Finally, finishing decorative touches go last.
 
A full renovation schedule is important, but it is by no means the only thing you need to consider. Real Homes has a detailed checklist of things you need to do before you start renovating, covering everything from securing the building site to learning about your home’s architectural features. And if you haven’t already, invest some cash into some quality power tools such as drills or saws to make those DIY projects a little easier.
 
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The Resale
There is an accepted idea in society that your first house is a “starter home” and that you will eventually trade up to a bigger and better one. National statistics say the average first-time buyer stays in that house for 11 years before moving on to another home. However, there is also evidence that many first-time buyers, particularly young millennials, are skipping the starter home altogether. Instead, they are choosing to wait longer and put in more effort to buy a home that is right for them for the long haul.
 
Whether you choose to re-sell your fixer-upper will ultimately depend on two factors: firstly, whether you bought the house with the long-term in mind, and secondly, how much value you have added through your renovations. Do bear in mind, however, that experts recommend living in a home for a minimum of five years before selling.
 
Buying a fixer-upper for your first home doesn’t have to be a terrifying and intimidating prospect. As long as you are reasonable with your budget and expectations and do your homework, your fixer-upper can either end up being your dream home or a great first step on your way up the property ladder.