One of the reasons the residential real estate market took-off like it did during the pandemic is because there was a rediscovery of the spaces and the services that once made suburbs so attractive were rediscovered. The commuter culture evaporated, and the work-from-home (WFH) business model emerged.
Home Office Space that Sells a House
Even certain real estate surveys are showing that a home office brings added value to the perceived value of a home on the market.
The pandemic may have subsided but the shift to hybrid work culture is here for good.
The survey conducted by the National Association of Realtors found that “63% of respondents indicated that they plan to buy a new home in light of their ability to work remotely.”
What was even more compelling is the survey found that “listings featuring a home office command a 3.4% price premium and sell nine days faster than listings without one.”
What is making the WFH culture stick even more is the fact that digital platforms are becoming the primary way home buyers initially scope out available listings. The online services such as Zillow, Redfin, Realtor, Trulia and Movoto are more popular than ever.
The home office can become another ‘selling feature’ in that a person’s home office can become a tax deduction. Up to 10% of a home can be deducted for a business expense as the WFH model becomes more prevalent.
A recent study by SHRM showed that 1/3 of the workforce wants to return to the office full time, 1/3 want to WFH full time, and 1/3 want a hybrid or “flex.”
■ When putting together a home office, make sure that employees have a dedicated workspace (preferably with a door).
■ If employees are working from their dining table or bedroom, it is harder to have a clear focus on the job or their personal life.
■ Many people are experiencing burnout and are “Zoomed Out” because they don’t have a regular schedule or are in back-to-back meetings.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.