Given the world we live in, it’s no surprise that the home office has made a comeback – but did you know that having one might just lift your property value too?
Once upon a time, millions of Australians woke up, got dressed, had breakfast, and made their way into the office – every day. However, this employment landscape abruptly ended almost overnight thanks to the arrival of the pandemic, with almost our entire nation confined to their homes indefinitely as a public health measure.
Two years on, and things are finally starting to return to normal. We’re now permitted to window shop at the nearest Westfield, head to our local pub on a Friday night, and can go almost anywhere we please across state and international borders. Apart from a new affinity for hand sanitiser and wearing face masks, there is one other lingering trend that is set to carry over into the years ahead: the rise of the home office.
Does A Home Office Influence Property Value?
If you’re one of the many Aussies still using the kitchen bench as a workspace, you’re not alone. In fact, 41% of those working from home confessed they still don’t have a proper home office desk space. As such, it should come as no surprise that the humble home office is fast becoming one of the “must haves” amongst home buyers, with several factors indicating that the addition of one could even lift the value of your property.
To help explain the demand, it’s worth noting one survey conducted by Australian architecture and interiors firm, Bates Smart. After commissioning a report of more than one thousand Australians, the data showed that 74% of respondents felt more productive working from home than they did in the office. Even more interesting, only 12% indicated that they were willing to return to the office full time.
While not everyone has the desire to work remotely as a permanent agreement, Australians seem to value flexibility and the choice to choose where and how they work, and are walking away from jobs that refuse this in record numbers. Inevitably, this has been reflected in how buyers are buying property, with a home office – or at least, space for one – being high on the list of “must haves”.
For sellers, this shift is worth paying attention to. Considering the fact that research conducted by Domain indicated that the addition of a home office can add as much as 10% to a property’s value, it’s not an area of a home that can be ignored any longer.
While a large, luxurious and well thought out standalone room is the gold standard, sellers can also make the effort of transforming a portion of a larger space like the lounge room into a home office or study nook. With clever cabinetry and the addition of shelving, the reality is that adding a home office doesn’t necessarily have to mean removing a bedroom. In fact, some sellers have even opted to add standalone granny flat style cabins on larger properties, which can also double as an extra room and attract even more potential buyers.
Regardless of your preference, budget or space limitations, making a conscious effort to showcase your home’s potential home office can go a long way with generating buyer buzz. The aim of the game is to encourage a prospective buyer to truly envision themselves living and working in your home, so have a chat with your property stylist to make sure you’re on the same page, and work together to ensure your home has the potential for a stylish home office.
Should you be looking to sell your home or purchase a new one, enlisting the services of a free property advisor like ESPA can often be a game changer. As an example, your advisor would likely research the property, local agents, check the zoning, evaluate market conditions, and communicate clearly with you regarding all of your options – but where do you find one?
Take The Stress Out Of Selling Property
As a completely free service, Emergency Services Property Advisors provide property advisor services to Police, Fire, Ambulance and S.E.S personnel and their families right across Victoria.
Luke and the team at ESPA are passionate about providing support to some of Australia’s most valued public servants. Along with key industry insights, ESPA also works with a broad range of service providers linked to the real estate industry such as conveyancers, trades, legal practitioners and mortgage brokers.
If you are an emergency services worker looking to potentially buy or sell property in the future, please get in touch with Emergency Services Property Advisors today to discuss how we can turn your real estate dreams into reality, or call Luke directly on 0414 757 705.
