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The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year.
If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years. According to a Harris Poll survey, 28% of homeowners have considered using a rental service to temporarily rent out their home for additional income.
As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling.
There are plenty of good reasons you might be ready to move. No matter your motivations, before you list your current house, you need to consider where you’ll go next.![Homeownership Builds Your Wealth over Time [INFOGRAPHIC] Simplifying The Market](https://files.simplifyingthemarket.com/wp-content/uploads/2023/01/26130054/Homeownership-Builds-Your-Wealth-In-The-Over-Time-KCM-Share.png)
Spring is usually the busiest season in the housing market. Many buyers wait until then to make their move, believing it’s the best time to find a home. However, that isn’t always the case when you factor in the competition you could face with other buyers at that time of year. If you’re ready to buy a home, here’s why it makes sense to move before the spring market picks up.
If you’ve seen recent headlines about foreclosures surging in the housing market, you’re certainly not alone. There’s no doubt, the stories in the media can be pretty confusing right now. They may even make you think twice about buying a home for fear that prices could crash. The reality is, the data shows a foreclosure crisis is not where the market is headed, and understanding what that really means is mission critical if you want to know the truth about what’s happening today. Here’s a deeper look.
If you’ve been following the housing market over the last couple of years, you’ve likely heard about growing affordability challenges. But according to experts, the key factors that determine housing affordability are projected to improve this year. Selma Hepp, Executive, Deputy Chief Economist at CoreLogic, shares:
If your home-based business has grown at an exponential rate, then you might be wondering how to expand your current home so that you can cater to the needs of your current business. More often than not, you probably won’t be able to do the necessary adjustments in terms of space and cost, so it may just be better to look for bigger premises instead. Here’s a guide on how to settle on your next bigger and better home quicker.
If your home-based business has grown at an exponential rate, then you might be wondering how to expand your current home so that you can cater to the needs of your current business. More often than not, you probably won’t be able to do the necessary adjustments in terms of space and cost, so it may just be better to look for bigger premises instead. Here’s a guide on how to settle on your next bigger and better home quicker.
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Of course, a big component of being able to afford a bigger property is how much profit you’ll be able to get from your existing property. Furthermore, this could determine how much of a down payment you’ll be able to put down on the property of your dreams, and in turn, affect what your mortgage repayments will be. Moreover, the more money you are able to save the better, especially if you plan to reinvest it into the further growth of your business.
Once you have a reasonable estimate of your budget for your new home, it’s time to begin your home search. It’s wise to assess local market conditions before searching for a home. You want to understand factors beyond home price such as local schools and climate to make the best choice possible.
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Here the emphasis is on moving because there will be a lot of variables to consider and plan for from when the moving process starts to the little steps in between to get your home office move-in ready and then continuing on as your business grows from strength to strength. From a moving budget perspective, you’ll need to take into account moving expenses, decor expenses, hiring someone to help set up your home office for you as well as the cost of disruption associated with moving your current business over to your new property.
As you work through your move, you may decide that you want to improve your business savvy. As you are looking at the options available you may decide that pursuing a business degree is worth your while. Fortunately, that’s easier than ever for a business owner with the aid of flexible scheduling online. You can work toward a degree in accounting, management, or marketing when it’s amenable to your schedule, even as you continue to operate your business.
Assuming you are moving across state lines with your business, you’ll need to ensure you comply with all requirements for operating a business in your new state. Fortunately, it’s easy to start an LLC with the help of a formation service. They can walk you through all the major steps to getting set up, including all the filing requirements. Best of all, they can even file all the paperwork for you, making the process affordable, simple, and straightforward.
Be sure that you’ve planned your insurance coverage appropriately for your new home. It’s important to investigate different plans and coverage offerings to ensure that both your home and business are adequately insured. You can compare various home insurance offerings if you’re looking for options. Read up on each policy’s details to find out what is and isn’t covered.
As far as your dream office goes, you’ll need to ensure that it meets your minimum requirements, especially if you are going to be doing the bulk of your business there. Besides having the right equipment and office furniture in there, you’ll also want to ensure it’s inspiring at the very least.
Therefore, don’t hesitate to incorporate a bit of personality into the room if you don’t want your typical standard office look by staying away from the more traditional corporate color scheme. Also, make sure the home office is big enough for all that’s required of it as well as what’s to come, such as for example a larger space to store inventory to be able to fulfill expected demand or a separate space that serves as an archive of sorts to store excess paperwork and important documents, etc. You’ll also want to ensure your new office space has enough electrical outlets, is compatible with Wi-Fi, has ample natural light coming through, etc.
Perhaps you’ve always envied the look of customized wallpaper and think it would make a great addition to your new office. If this is the case, you could find custom wallpaper easily online. For example, the peel-and-stick option is excellent if you want the option of moving it around if the first try at positioning it doesn’t work out the first time.
In summary, upsizing your home to cater to your growing business is super exciting as essentially you’ll be getting a bigger home as a result of your booming business — which is a definite win-win any day!
Working with experienced real estate agent Eileen Kedersha saves time finding the perfect property and earns you a better sales price on your current home.
Explore the home listings offered by Eileen Kedersha, a Broker Associate with ONE Sotheby’s International Realty, Let’s Connect: 954-462-3600 | https://www.sfloridaluxuryhomes.com/ | EKedersha@OneSothebysRealty.com.