The remote working trend has grown so much in recent years and impinged upon so many areas of modern life that it hardly seems surprising that it’s also had a pronounced effect on the property market. Remote working as a trend exists in a positive feedback loop with the technology that makes it possible. As remote communication and organizational technology becomes ever-more advanced, the number of people leaving the traditional office increases and, as that happens, the incentive for better and better remote communication technology drives its development –and so it continues on and on.
Remote Working and the Property Market
CityHome Collective, a real estate brokerage out of Salt Lake City, Utah, say that the remote working trend has serious implications for buyers and sellers alike, but not in the same way. You might think that the biggest change has simply been that homes equipped with the facilities for home working are the ones that sell best these days. This is, in one sense, true but the situation is actually a good deal more complicated than that.
The most important thing to remember is that remote working has affected different property markets in different ways. It all depends on where you are either buying or selling a home. To understand this better, it is best to go over each of the distinct effects this growing (and already massive) trend has on the property market, and then consider how they apply to your specific case. Of course, the advice of a top-quality real estate brokerage is also necessary.
The Effects of Remote Working on the Property Market
Although they are diverse, the effects of remote working on the property market all have something in common – they all involve what buyers want. This, in turn, will affect how homes are marketed and sold. Nevertheless, remote working, in terms of the property market, is all about buyer demands. Here are some of them:
Buyers are Flocking to the Suburbs and Rural Areas
You can probably already guess the reason for this one. Remote working means proximity to an actual place of work has become less vital. The importance of this shift can hardly be understated. Good transport connections or proximity to business districts is still important, but nowhere near as crucial as it once was.
Buyers Want Larger Homes
Consider the office worker of days gone by. Depending on how many hours they worked, they would have spent considerably less time at home than modern remote workers do today. For these modern professionals, space and amenities in the home have become more important simply because they spend so much more time there.
Buyers Want Multipurpose Spaces
The “home office” is not just a part of the home used as an office. It is a specific thing. And to create an effective home office, multipurpose spaces are essential. These spaces are used for the home office butcan also be used for other homely activities too. This kindof versatility is much valued today.
Last Word: Remote Working Drives Up Costs
A comfortable space that is entirely owned by you (and can therefore be modified to suit specific working needs) has meant that many more people are actually buying homes than before. If a property is to be your home and your place of work rolled into one, the chances are that you will want to own it. Accordingly, remote working is partially responsible for the most notable property trend in recent years – the seller’s market. Homes are no longer just homes, and that makes them more valuable.