Last year, in the midst of the pandemic, a GALLUP poll found just under 60 percent of respondents wanted to “work remotely as much as possible” after closures are lifted. Americans are gravitating towards working-from-home for the long-term and this reflects in real estate figures. The question is, how can a buyer transition successfully to a work-friendly home in this chaotic pandemic marketplace?
Finding the Right Property
As the shift to remote working has reduced the importance of workplace proximity, prospective buyers can now reconfigure their criteria to include otherwise impractical rural areas, neighboring states, even homesteading properties. The flip side is your home now needs to provide the same utilities that your old office used to – this includes broadband, storage space, and working space, as well as other basic necessities. You may also want to consider the closeness of your location to clients and partner businesses (although the importance is diminished, central business districts still represent value).
It was estimated that over 15.9 million Americans moved home during the first six months of the pandemic, and the vast majority of these went from densely populated areas to smaller cities in less expensive states. Safe to say, the real estate goalposts have moved. A property that was in high demand five years ago may now struggle to find an offer. Staying up to date with buying trends is key to ensuring that you both sell and buy for a credible price.
Securing a Purchase
Even when you’re buying in a seller’s market, there’s no guarantee that, in the coming years, house prices will come down rather than go up. It’s almost impossible to gauge when the ‘right’ time is to buy. Therefore, it helps instead to focus on more transparent variables that can be controlled. For example, the location where you’re buying is still the key factor when it comes to rising property values, or the length of time you plan to stay in your new property – 5 years is normally long enough to offset closing costs.
When it comes to actually securing a home in this competitive market, it’s important to distinguish yourself as a reliable party. It will help, for example, if you are pre-approved for a mortgage. Sellers are typically more willing to accept offers from someone who’s pre-approved as this all but guarantees they’ll receive full payment. You may also have to offer more earnest money to signify your intent.
Preparing for Business
It’s important, before you arrive at your new home, to pre-plan so that you can hit the ground running. If you’re an entrepreneur, a good start is to thoroughly understand everything about what’s required of small business owners. Although it may seem black-and-white on paper, Zenbusiness points out that there are many guidelines that you must follow, such as the maximum number of employees you’re allowed to have. Before moving forward, make sure you have all of the paperwork and documentation needed to register your business.
The last and perhaps most exciting step is to assemble the home office itself. There really are no hard and fast rules when it comes to designing a workspace – you can go as far as your imagination takes you. Maybe you’ve always dreamt of having an office aquarium or a desk beer tap. Just remember, even though you’ve time for a virtual coffee break, the work itself still has to get done!
The pandemic has changed the business landscape permanently. Thriving in a post-COVID world means staying alert to change, adapting quickly, and thinking outside of the box to create a lifestyle that is conducive to both happiness and profit.