Working from home is something the majority of us have gotten used to over the past year. With the pandemic seemingly not nearing an end, it looks like we’ll be wearing our pajamas to work for a bit longer. However, even though the percentage of home-based employees has abruptly increased due to Covid-19, the trend has also been slowly gaining in popularity even before our current situation. Regardless of whether you are one of the ”forced” remote workers or you’ve been one even before the crisis, now is the ideal time to think about incorporating a home office into your personal space. But, how much does a home office add to the value of your property? Let’s find out!
How Coronavirus Shaped Our Opinions on Having a Home Office
A year and a half ago, everyone was out and about doing business straight from the company headquarters. Now and at least 50% of those people have switched their fancy offices with a laptop and a dining table. Such working arrangements can prove practical for some time, but they certainly aren’t suitable in the long run. At one point, enough is enough! Considering the uncertainty of the pandemic and the fact that using your table as a working station isn’t the most comfortable of solutions, making adjustments has become a must for many.
Homebuyers have begun turning to properties that already include offices. On the other hand, homeowners have started transforming the layouts of their existing homes to fit a fully functional workspace. And it’s no wonder! Having an area dedicated solely to home-based business truly makes it easier to operate!
Do Work-Dedicated Spaces Affect the Value of Your Property?
Thousand times, yes! As we’ve already mentioned, there is an increased demand for homes with offices. If we look back, even before the virus, having a house equipped with one was considered an advantage in the real estate world.
Recent research suggests that adding a home office to your property can increase its worth by as much as 10%! With the national average home price standing at $400,000, we’re potentially looking at $40,000 of added value. Not a bad investment, don’t you think?
What Makes Home Offices So Appealing to Buyers?
New York is full of properties featuring secluded areas designed solely for the purpose of working from home. Homebuyers that decide upon purchasing one of those shouldn’t worry about making a long-distance move. Relocation to any part of the state without an ounce of worry is entirely possible with the right professionals by your side. Let’s see what exactly makes the notion of home offices so attractive to buyers even before they decide to move.
- A personal office serves as a one-for-all place for your work essentials. Those include a computer, different supplies, paperwork, files, etc.
- Having an area separated from the rest of the house can make it easier to concentrate on tasks at hand.
- An office can also function as a study room for adults and children alike. Scholars can finish their work without having to worry about others disturbing their peace.
- With a home-based workstation, your household members interrupting an important Zoom or Skype meeting is a thing of the past.
- In some instances, adding an office space can increase the size of your home. It could be counted as an additional bedroom, thus, directly impacting the value of your property.
An often-overlooked advantage of having a home office is that, ultimately, it helps us deal with work equipment and documents cluttering the rest of our houses. We can incorporate desks, shelving, and cabinetry into our custom workspaces to store the items we use regularly. Of course, it’s also possible to get unused stuff out of the way by transferring it elsewhere, for example, into a storage unit.
How to Create an Office Space That Adds Value to Your Home?
How much does a home office add to the value of your property? Depends on how you create it. There are three options to choose from. Here, we’ll take a closer look into all of them.
Repurposing the Existing Areas
Do you happen to have a spare room that can be converted into a dedicated work area? No? Well, then perhaps you’ve got an empty attic or a garage that can be repurposed instead? Whatever the case, transforming the existing parts of your home is the cheapest way to yield results when it comes to increasing your property’s worth. The only things you’ll potentially have to pay for are the furniture and other job-related essentials you deem necessary. Provided you don’t already own them, of course. You could probably get away with spending less than $1,000 to get it all done.
However, take this with a grain of salt. While your property will undoubtedly gain value by repurposing other rooms into a home office, it’s unclear just how significant the change will be. Typically, garage conversions are the ones that bring the least profit, with attic conversions being those with the highest return on investment.
Adding an Extension
Extending your home outside its current boundaries to add an office is the most expensive and the most complicated option. Depending on regional regulations, there’s a chance you’ll need to contact the local government and submit a request for approval before construction can take place. Still, if you arm yourself with patience and have the money necessary to fund the undertaking, building an extension can, in the end, prove most profitable of all.
Making Use of a Garden Dwelling
If the land your property is on happens to include a barn or a shed, you may very well use it as a workspace. This would be a reasonably inexpensive conversion. However, if you don’t own a garden dwelling, purchasing a pre-built one is also an option. Of course, bear in mind that these can range from fairly affordable to overly expensive. With that said, if spending the least amount of money possible is the goal, make sure to research your choices before buying.
Regardless of what kind of home office you end up incorporating, a certain ROI is anticipated. If you decide to sell your property, that is. Once you do, however, don’t expect it to stay on the market for too long. With more and more people working from the comfort of their homes and needing a dedicated space for doing business, homes with built-in offices are highly sought after. So, how much does a home office add to the value of your property? Potentially, a lot.