For many people, working from home is a brand new experience that happened very suddenly. For some it may be temporary while for others they might actually continue this new transition for many years to come. What does this mean for real estate in the future?
As more people are now working from their homes, housing priorities have changed, increasing the demand for certain types of housing. Working inside the home means that you will be spending more of your time there than ever before.
The following are five ways in which working from home can impact real estate.
1. Expanding the geographical location of home searches
Since working from home allows you to do your job from just about anywhere it is no longer necessary to live within a particular distance to your workplace. Not everyone will be able to work from home ever day. It's just not possible in certain occupations and some employers will want their team in the workplace more frequently than not. If you are thinking about purchasing a home that better suits your current needs the Help to Buy ownership scheme can help you achieve this.
2. Flexibility
Working flexibly might mean being able o get outside during the day. It could also allow more family time together. Visiting parks, taking a walk, or having a picnic can all be done while not affecting their work productivity.
3. Interior design
Working from home means that there is more of a need for office space. At the moment those working in their home without an already built in office may have had to become flexible in using a spare bedroom or sharing the living room space. While this might work for some, it can be difficult for those with children at home. Going forward, housing developers will need to consider adding an office to their building plans. People are also looking for a more comfortable surroundings such as natural light, floor finishes, and a balcony outside their office.
4. Connectivity
Internet speed is vital. Fast and reliable internet is a top priority and a vital amenity to for the majority of those renting or buying. Developers need to ensure that their properties are fitted with the very latest and fastest internet cables. Previously this would have been considered at a later stage in the building's design process but it is fast becoming a top priority for buyers.
5. Permanent housing
Cities are centers of employment and drivers of economic growth. Urban lifestyles are popular but are becoming increasingly unaffordable, especially in London. House prices are rising well above earnings, even in cities outside of London. Pressures of cost combined with ideas of a better quality of life, mean that the possibility of working from home may change your preferences of where you want to settle permanently. A mortgage calculator can help in finding a home that best suits your needs, whether or not you work from home.
How do you think working from home can impact real estate?
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