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Currently I have a building outside my home which is licensed for 12 children and I rent. I'm wanting another home to get licensed for 12 more children plus my employee will be living in it. I don't know if I should buy or rent. If I decide to buy, would it be a commercial loan or a regular home loan since someone will be living in it? Has anyone rented or bought another home to get more children? Thanks for your helpful feedback! God Bless!
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We bought a second home just for child care and I lived there during the week ( long story). We had to get a small business loan. -
Check your state, city and zoning laws. Many state's require the license holder to reside in the home.
If it's building licensed for a center, then no one can live there.
But like I said, depends on your state.
I am in MN and have a separate house.
I didn't have to get a business loan at all.
I'd talk to your bank's lending department and see if anyone there can advise you as to the type of loan you might need to move forward.Comment
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