At The Good Estate Agent, we know the impact remote working is having on people, households, and the property market. We have engaged buyers and vendors with remote working a regular topic. We also know there is a range of studies being carried out by major organisations, and we will do our best to ensure you remain fully informed at how remote working is shaping the market and people’s behaviour.
In findings provided by Direct Line Insurance, a home office in a dedicated space can add up to £17,500 in value to a property. The study states a home with an office in a dedicated space has a price tag that was 4% higher than similar homes in the same area.
Where are you working these days?
In a study carried out with homeworkers, Direct Line found:
- 10% have a dedicated pre-existing workspace
- 19% are using a desk, table or even an ironing board in their living room
- 19% are using a spare bedroom
- 16% are using their own bedroom
- 10% are using their dining room
- 9% of remote workers are using their kitchen
Direct Line say that the employer survey returns suggest one in seven workers don’t expect to return to the office. An even larger number of respondents believe their time in the office will be reduced drastically.
Dan Simpson of Direct Line’s Home Insurance Division said; “As their home office is likely to become a permanent fixture in their lives, it’s understandable many people are now starting to think about the changes and improvements they could make to their property to make home working more comfortable. Anyone considering building work just needs to remember to inform their insurer before the work is carried out and update them on any additional rooms created so they have the correct level of cover.”
Not every home office space will boost property value
It is interesting to see people are using any space they can to work remotely, but this isn’t going to have a longer-term impact on the market. Anyone looking to capitalise on this new demand in the hope of selling their home for a higher price needs to create a dedicated space.
James Law, of Stacks Property Search, says: “The best workspaces or home offices will be behind closed doors, or even better having their own separate access. Space that other members of the family are walking through, and that can’t be cut off from household noise, are unquestionably compromised. Everyone who’s been on the Zoom circuit for the last three months will know how difficult it is to focus when family life is coming and going, even if they’re doing it with hushed voices.”
James continued by saying; “There’s sometimes a tendency to pick the worst room in the house for a dedicated workspace. But in our view, somebody who’s working regularly in the home should put in a strong bid for a room with plenty of space, lots of light, good windows and an attractive view.”
Whatever your circumstances are, or what move you would like to make next; we are here for you. The Good Estate Agent prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your home, contact us today online or by calling us on 07498539075.