During the pandemic, having a home office became a necessity. Most adults had to work remotely as businesses closed down to curb the spread of the novel coronavirus.
And although there are now very effective vaccines against COVID-19, many employers and employees plan to work from home permanently.
The New Normal is Working from Home
In a study conducted by Mercer in May 2021, up to 70 percent of employers plan to switch to a hybrid model, which includes office and homework, after the pandemic. Meanwhile, a Microsoft study found that 66 percent of employees also want the hybrid arrangement.
The pandemic proved that most work does not have to be done at the office. With a laptop and a secure internet connection, everyone can fulfill their professional roles without a problem.
In fact, for many working adults, being called back to the office full-time is a deal-breaker. Another survey conducted by FlexJobs around March and April 2021 revealed that respondents would “absolutely” leave their jobs if they could not work from home. A more recent survey revealed that the sentiments have not changed. Many people are planning to quit or have already quit because they must return to the office.
Moreover, workers are more likely to stick around and be loyal to their employers if they are given a chance to work from home part-time or full-time.
The home office is unlikely to go away anytime soon.
The Rise of the Home Office
As a result, many homeowners are looking into adding a home office or already have a home office.
In the past year, many homeowners already took out mortgage loans or refinanced their current mortgage to renovate their houses. They also used the money they saved up from canceled holidays to fund a major home makeover project.
So, over the past year, businesses involved in home renovation have been very busy. The custom closet franchises were in high demand as homeowners sought extra storage spaces, plumbers were given the task to turn boring bathrooms into home spas, and contractors were building home offices for remote workers.
A poll revealed that, over the past year, three out of four homeowners had started and completed a major project since the beginning of the pandemic. Around the same number of homeowners are currently on the drawing board and planning to start renovation soon.
A home office is now a necessity and a common request. Some people choose to turn a quiet corner in their living room or bedroom into a small home office. They add a small desk and a chair to create a comfortable area where they can sit down and do their work uninterrupted.
Others are transforming an extra bedroom, the attic, the basement, the garage, and the garden shed into a dedicated space for productivity. A dedicated home office is preferable to using the bedroom or the kitchen as a multi-function space because it encourages focus and creates a physical boundary that separates work from personal life.
Any major addition to a real estate property should be given careful consideration. It might be a good idea now because the family needs it and will use it regularly. However, what will happen if the homeowners decide that it is time to move on to a bigger house and sell their current abode?
Home Office Impact on Resale Value
Building a home office can be very expensive, especially if the owners construct an extension. An extra living space generally adds value to the property. But if the owner intends to increase the property’s resale value, then building a dedicated home office might not be worth it.
There is a chance that the potential resale value of the space will be lower than the upfront cost of constructing an extension. You will have to pay a lot of things out-of-pocket, including adequate office equipment and furniture. Some employers are open to reimbursing their employees for a part of the cost of building a home office. But not everyone has a generous employer who cares about their staff.
The pandemic is far from over, but people are putting their foot down and demanding to continue working from home. The adults who are ditching office life to go remote will need a dedicated space at home to work without interruptions.
Some homeowners have already invested their money toward building a home office. If the space will be used or enjoyed for years to come, then a dedicated workspace at home is money well-spent. People who plan to sell their homes shortly should think twice before any major renovation work.