Investing in a roof over your head is a big investment, whether it’s the place you will live out your day or the place that you will have as a home to your business. You need to consider some things before you invest. In fact, even renting is an investment (and sometimes a far bigger one).
Your building preferences start with where you want to live. Buying a house? You’ll want to find a safe area if you have children or an area that is home to many up and coming businesses if you plan to start a business. When investing in a building for a business you also want to look at location.
Here are a few things to consider when you start thinking about buying your new home or your new business location.
Condos vs. Houses
There are pros and cons to both condo ownership and home ownership. Many condos are laid out similar to apartments, making one of the possible cons having neighbors above, below, or on either side of you. However, on a plus side, your condo is a fancy place, that has likely been built in the last decade or two, and you will have no lawn to contend with. Condos can be a big investment, but they also allow you to find a great home in the middle of it all if you look for one in your favorite big city.
You’re still responsible for fixing things when they break down, but that’s part of the joys of home ownership/. You are far more able to pick your pain options and carpet options when it comes to owning a home or condo. No need to settle because you’re renting.
Leaving The Renting Game Behind
Renting can be a good game to play when you are younger, but adulthood always comes with more responsibility and one of those responsibilities should be owning your own home. No more noisy neighbors pounding on your walls, and no more waiting for maintenance to fix your toilet on Monday when it broke down on Friday.
If you compared the math for how much you spend each year on rent to how much a home would cost you’ll find that buying a place to live will save you a ton of money. You may have costly repairs from time to time, but they are often few and far between.
A Building For Your Business
You could run a business out of your own home, depending on the type of business you have and the rules in the city you live in. Think about what it means to work at home, even if you work online. Will you have the quiet time, uninterrupted, in order to get your work done?
Consider buying or renting an office space, even for the smallest entrepreneurship. If your business will be bigger, you want to pick the right area, the right sized space, and make sure it is the perfect home for whatever type of business you have. Consider the amount of electricity you’ll need, if you need wifi, and more.