The Covid-19 pandemic has altered our daily lives in many ways creating a major shift in where people spend their time. With families now functioning primarily at home, it has shed light on the importance and need for reconfiguring our home space. As a result, home buyers’ interest in specialty rooms such as home offices and exercise rooms, will likely continue to increase...at least for the near future.
In a realtor.com® survey this summer, 63% of those responding said that they plan to buy a new home because of our ability and success working remotely, with 31% wanting a home with an office.
The top challenges of a sudden shift to working from home include:
♦ Finding a private or quiet location away from high-traffic living areas (30%)
♦ Securing a computer with a strong Wi-Fi connection (25%)
♦ Creating a comfortable workspace (25%)
Source: Houzz Survey
Source: National Association of Realtors
Homes with Offices Sell Faster and for More
Homes on the market featuring a home office command an average 3.4% price premium and are selling nine days faster than homes without one, according to Realtor.com data. So, if you’re not one of the 55% of homeowners who say they already have a designated workspace, should you convert a bedroom, large closet or unfinished attic space into a home office?
Home Office Remodel
No doubt one of the most desirable home improvement projects in a post-COVID world is a home office. The national average remodel cost is about $10,526, with an average resale value one year later of $5,723, or 54% ROI, according to Remodeling Magazine. If a home office is a priority and adds function and value to your quality of life, then it may be worth the cost. Compare the ROI for other popular home improvement projects:
The bottom line...if you can comfortably convert unused space into a home office, then it may make sense. But if you’re already cramped for space, now may be the time to find a larger home.
Feel free to reach out to me to see if now might be the right time to Buy, Sell, or Invest in a new property. Contact Me
Mobile: 919-675-5366
E-Mail: Jean.Scott@kw.com
Two Locations to Better Serve You:
Raleigh: 4700 Homewood Ct., Suite 200, Raleigh, NC 27609
Wake Forest: 1744 Heritage Center Dr., Suite 201, Wake Forest, NC 27587
