During the pandemic of COVID-19, another significant event took place – all around the world, people massively turned to remote work options. Change in the lifestyle of many people always has a considerable impact on the real estate market. Buyers’ preferences change, and so do home values. If you want to know will a home office add value to your home or not – stay tuned.
There’s been a major change
Besides having a noticeable impact on the healthcare system as well as on individuals, pandemics also changed how we view work. Yes, freelancers were not so uncommon even before. However, remote work used to be more the exception than the norm for many different types of workers. People were accustomed to making their way to the workplace or some other place of employment, which sometimes required a considerable journey. However, the global coronavirus epidemic has fundamentally altered the way that so many of us think about working remotely.
As a result of the tiring time of social isolation, a significant number of people are now conducting their work from the comfort of their own homes using online meeting tools. As none of us haven’t actually planned such an outcome, there are not many homes or apartments designed with a home office ready to be used in an emergency. Before the pandemic, a home office did not, in fact, increase the value of your home (like some kitchen renovations or similar high-value modifications). However, as the people’s perspectives changed, some things changed in the market too.
What does increase the value of your home?
There’s a lot of debate about what actually increases the value of one’s home. However, when you look at the numbers, there’s something interesting to see. Check this list out:
- smart technology
- a nice view
- a good location
- a pool and a hot tub
Do you see what these all have in common? Not a single one of these things is crucial for living in the house. However, every single one of them increases the value of a home. Why is that? Most of us dream about a nice view and a good location. When many buyers want something, the bidding on it tends to go higher. The higher the buyers’ will to bid – the higher the value.
People will bid on home office
A home office was not something that people had to bid too much on. However, things have changed with so many new people in the remote workforce. Looking at it psychologically, buyers desire a personal space and will pay for it more. You’d want to isolate yourself from all the fuss while you work, wouldn’t you? If you look at the numbers, you’ll see that the number of remote workers has increased by 159 percent. Not all of them will become buyers, and not all prioritize home office as a feature of a potential home. But still, including a home office space in your property increases the value of your home by about 10 percent.
The home office is a permanent benefit
Numbers seem nice, but you wouldn’t pay more for a house with a home office just to work in it for a short period. That’s where the catch is. Because of lockdowns, social distance, and other such measures, it is unlikely that the usual working conditions that prevailed before the virus outbreak will be restored in the next maybe even years. As experts at movesafari.com suggest, people are sick of making impromptu arrangements to work remotely and want a dedicated place inside their house to function as an office. As a result, the value of any property with this characteristic has significantly increased.
It will last long after COVID-19
Even with the pandemic, a home office will still be considered a fantastic refreshment in a home by many prospective purchasers, which helps improve your house’s value. This is simply because it contributes to the functionality of your home.
Do you have to invest a lot of money in it?
It’s all great on paper, but it’s understandable if you as a seller still have some concerns when investing your money. Let’s be clear – everything that increases the value needs some investment first. However, it doesn’t have to be a huge one. If you have the means, you can build a home office from scratch, which will undoubtedly cost more. But, if you have any additional space in the house, with a bit of creativity, it can be a great home office that will bring you profit. Additionally, ensure that the office space is as far away from the designated area where the kids are supposed to play. Trust us; a remote working parent will thank you for it.
It needs just a little rearranging
You’d be surprised to see your guest bedroom become a great working space. All it takes is some rearranging and smart usage of furniture. However, be careful with this part. Moving heavy furniture around the property can be a big bite to swallow. So, it would be best to contact professional movers to help you with it.
So, will a home office add value to your home or not?
If you’re still wondering will a home office add value to your home or not, the answer is – yes, it will. However, we can’t tell you how much. It’s up to you and how well you play your cards. Make sure to properly evaluate your property’s features and make a custom plan according to it. See what works best for you and go in that direction. It is a serious decision, but when done right, it can be an excellent business choice that will bring you quite a profit.