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Buying House for Business
DFudge
Posts: 1 Newbie
I am looking to set up a Dog Daycare business, however ideally I would like to buy a house to run it from. My credit isnt great, however I wondered if I could:
(1) Buy a larger house to accommodate the business through buying the house as a company asset
(2) Improve my chances of getting a mortgage if I buy the house as a company asset
Help Please
Thanks in advance! :j
(1) Buy a larger house to accommodate the business through buying the house as a company asset
(2) Improve my chances of getting a mortgage if I buy the house as a company asset
Help Please
Thanks in advance! :j
0
Comments
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1) A house is for living in, not running a business from, many houses have restrictive covenants against running a business and you may need planning permission or change of use depending on what you intend.
2) What sort of accommodation are you presently living in?
3) Do you have enough for a deposit and would your present salary cover expected mortgage payments. These are far more important factors for lenders than whether the proposed purchase is a company asset or not.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
What money would the company use to buy the house?0
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as Dannyboy says the company will find it impossible to raise finance for a start up business unless there is a personal guarantee from the company director(s) to underwite the risk to the bank. So you are back at square one, can you afford a mortgage or not?0
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what you need is a live-work property.
they are sometimes available because LAs make it easier to get PP for them in marginal locations. They can be more attractively priced because of the restrictions on use.
But I can't help you with how financing them works, as I have no idea0 -
Keep going...You will get there but not with this idea....It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0
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