I am the mother of two children under 5, so I really need to be near home. I love having a home-based business, but my business is outgrowing our current house. (For those of you that don`t know, I make and sell a humorous line of seasoning blends, specifically for making party dips.) I talked to my husband and we are thinking about purchasing a house in a business-zone. It would either be:
a) an older home with an attached barn or garage that could be converted into a commercial kitchen and retail area. (That`s fairly popular here in NH.)
b) a multi-family where we could convert the downstairs area for the business and live upstairs. (Might be good since plumbing, wiring and walls would all be in place.)
c) a small house on land and we`d build a place for the business.
I believe this would benefit us in many ways. I could be with the kids more and they wouldn`t be cooped up in the corner of some warehouse. I`d be paying rent towards our own equity. I`d save on shipping since we`d be in a commercial area, and would also have pick up. Also, customers could actually come in and shop - which they can`t at my current house. I know that this will bring in a lot more money because people are always asking where my retail store is.
So, I guess my question is, what is the best way to finance something like this? I don`t think we can do it with just a mortgage based on our current income. My sales have steadily been increasing and having a retail space will definitely have an impact on sales. The mortgage broker probably won`t care about that, but the business lender would. Is there a way to get a mortgage for the space we`d use as a living area and a business loan for the space we`d use for the business? I`m not good with finance unfortunately. I`m great with creative stuff but I`m awful with numbers.
Also, do my reasons for moving to a business zone and paying toward my own house instead of to a landlord make sense? I haven`t had much time to research this yet because it`s something we just recently thought about. I`m sure there are things that I`m not thinking about.
Thanks so much!