Business owners have a lot on their plates. If you are the head of a small brand, especially one that you built from the ground up, the future of the business takes up a lot of your head space. You are constantly thinking about the challenges the brand faces and how to guide your team toward long-term success.
Now imagine you are trying to buy a home in the midst of those other stressful thoughts. It can be a little overwhelming since home purchases are complicated enough on their own. Though these two areas of your life may seem relatively unrelated, there is a way to reconcile the two.
Looking for a home to purchase in Phoenix while keeping your small business in mind is entirely possible. While it may seem easier to compartmentalize the two and keep your work life and private life separate, all your decisions affect one another. Let’s discuss how you can purchase a home while keeping your small business in mind.
Homes cost money, and so does running a business. If you are a rather new entrepreneur, then you have probably dedicated a lot of your resources to this venture. This is why financing becomes so important for a home purchase when you are a small business owner.
Conventional loans in Phoenix give buyers the ability to pay for a home without putting down the entire cost upfront. Instead, they can pay it back in monthly installments plus interest for the loan term, which could be 15, 20, or 30 years. This lowers the initial cost of the purchase so that you can maintain some assets for small business expenses. Conventional mortgages are the most common type of home loan given out, so chances are you can qualify for this program with a decent credit score and average income.
Many small business owners work on location, but there are times when remote work needs to be done. Rather than trying to hunker down in your bedroom or travel to a coffee shop to get some work done, you can buy a home with the space needed for a home office.
An unused extra bedroom is the perfect spot for your private workspace. It is secluded from the main areas of the house, which means less noise and fewer distractions. You can also furnish and decorate it however you want to foster a productive environment for the home office. Consider splurging on a nice chair, desk, and some houseplants.
Since you are in the market for a new home, you can figure out where the best place to live is. Maybe your small business has a storefront in town that you would like to be closer to. As you search for residential properties, look around where the storefront is so that you can have a shorter commute or even walk to work.
On the other hand, maybe you want to live a little further out from your company’s base to separate your private life and work life with physical distance. Buying a new home gives you the chance to do that.
Life moves quickly for entrepreneurs and they are often on the go. Sometimes, having the right amenities at home can either support or detract from that lifestyle. As you search for your new home, consider what amenities would make your small business management easier.
A kitchen with a larger freezer could encourage meal prep routines for busy entrepreneurs. Smart thermostats can help you manage the temperature in your home remotely. This can be helpful when your hours change suddenly and you have to be in the office longer than you thought. Thus, helping to save on utilities. Search for home features that make your life easier as a small business leader so your management is more effective.
One of the greatest benefits of owning a Phoenix home is that it can be customized to suit your needs. A home is meant to be a retreat from the rest of the world where you can relax and unwind after a busy day.
Small business leaders often work very long and stressful hours. When you have a comfortable home to come back to, it can help you recharge. Thus, be a more effective leader the next day.
You may have never realized the difference that your living situation can make in terms of running a small business. Owning a home is a long-term investment that can save you money in the future with the help of a conventional home loan. This, in turn, can be invested in your business. A space for a home office can help you work remotely for a better work-life balance. Moving closer to your company’s operations can ease the morning rush with a shorter commute. A home that is comfortable and has specific amenities can accommodate your entrepreneurial lifestyle. Furthermore, it can provide a retreat after a busy day.
Consider the benefits of buying a home in Phoenix for yourself, but don’t forget about how it can benefit your small business leadership as well.