Has Covid-19 changed what future buyers will be looking for in a home?
The phrase “new normal”, in reference to post Covid-19, is something we all hear a lot. It may very well apply to one of the criteria future buyers will be using, in their home search.
It’s a given that brick and mortar work places will pare down. Many companies, struggling with the enormous hit they have taken during Covid-19, will be searching for ways to decrease expenditures and increase their bottom line. Reducing the costs associated with maintenance of work places would appear to be a likely target. Stay at home orders in March and April have forced some companies to modify their employees work place, from their corporate office to a home office. They have found that these workers can effectively work from home and be just as productive.
This could mean that in the “new normal”, the home will serve dual purposes to future employees. Buyers may look for homes with the potential for an office space, away from the noise and activities of the household. Lower levels or basements, which previously were considered as a recreation and storage space, (with lesser value than main and upper levels) will have new appeal for this reason. This could have a negative effect on the value of smaller homes, with no potential for an office space.
Also, proximity from an employee’s corporate office to their home may hold less importance because commuting on a regular basis would not be as much of a factor. Therefore, some buyers may choose a location outside the city or suburb, to somewhere they can also enjoy in their down time (such as acreage, lake front or wooded retreats). My guess is the value of such homes will increase as demand increases.
A Greek philosopher once said "The only constant is change". No truer words after Covid-19.