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The Effects of Work from Home on Real Estate

work from home

Work from home used to be an unusual work setup—until the COVID-19 pandemic struck. As a solution for work to continue despite lockdowns, businesses began integrating work from home as an option. People thought this would only be a temporary setup, and things will go back to normal once lockdowns are lifted.

However, businesses saw the potential of work from home. Some employees loved it as well. As a result, some businesses made this setup a permanent option for their employees. A survey found that 77% of employees that work from home would make them happier even after the pandemic. Others would even take a 10% pay cut to be able to work from home.

The importance of having a work-from-home option for companies has become glaringly important today. Half of the employees report that they will not go back to work unless they have a work-from-home option. 44% of employees also expect a salary increase if companies force them to work in the office.

These statistics mean one thing: work from home is here to stay. Because of this, more people find the need to have a home office to minimize distractions while working from home. The absence of travel time also benefits people who want to live in the suburbs. Consequently, work from home does not only affect businesses or work, but it also has an impact on real estate.

A New Perspective on Home Ownership

The pandemic, in general, has shifted people’s views on rent. People struggled to pay rent, as their sources of income were threatened by the economic shutdown at the start of 2020. As a result, renters demand a joint and several liability covers as well as more protection for them in terms of renting a property.

Moreover, homeownership is starting to have more benefits, as work from home becomes a new normal. One of these benefits is the safety that homes provide, as social distancing measures remain in place during the COVID-19 pandemic. When people are encouraged to stay at home, their homes should be comfortable, and they should move around as well.

More People to Live Far from Downtown

Before work from home became normal, employees needed to be near their workplace. They needed to travel every day, taking into account traffic and travel time. To make their lives more convenient, they wanted to be the closest to supermarkets, their work, restaurants, and other places that they frequent.

Now, employees don’t need to think about these. They can be detached from the bustling city life without sacrificing convenience. People have more options for the location of their homes because they don’t need to be near an office. They can explore places outside of the downtown area or cities where employment rates are high.

Employees can wake up and go to work in their pajamas without ever leaving the house. Mobile apps also allow them to order food and groceries to have these delivered to their doorstep. Therefore, those who have always dreamed of living in the suburbs will be searching for real estate services focusing on suburban living like

Home Preferences: A Home Office

work from home

A lot of distractions are present at home. From chores to noisy housemates, these factors can disrupt a person’s workflow and productivity. To avoid these, employees need a designated space that they can turn into a home office.

As a result, home buyers are looking for work-from-home-friendly houses. Homes need to have an extra room that can be converted into a home office. In the same token, workspaces at home should be secluded from the rest of the house. This is to minimize the distractions at home, especially noises from neighbors or housemates. These designated spaces should also be big enough for desks, equipment, and storage.

Apartment complexes also have to keep up with this change. Those who are looking for apartments look for work-from-home-friendly spaces as well. This may include co-working space within the building, especially when individual units cannot house a home office space.

The Takeaway

The COVID-19 pandemic has brought a lot of sudden changes, and real estate is one of them. The growing preference for work from home has driven people to rethink how they see homeownership. Furthermore, those who are searching for real estate have a new list of requirements for their homes. The most important of these requirements is a designated space for a home office. As the world moves forward, the real estate industry is most likely to see more changes.

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