Does Adding a Home Office Add Value?
Does Adding a Home Office Add Value?
Over the past few years, the trend of working from home has become more common and even more necessary due to the pandemic. As a result, homeowners are now investing in creating home offices to cater to this increasing demand. But the question that arises is, does adding a home office actually add value to your home?
The answer is, it depends.
Factors That Determine Whether An At-Home Office Adds Value
There are several factors that contribute to determining whether your home office adds value to your home or not. Below are some of the main ones.
The Size and Space Availability
The size and availability of space in your home significantly impact the value an at-home office can add. Editors note: A home office that is too small or cramped may not be valuable to a future buyer, even if it looks aesthetically appealing.
For instance, utilizing a closet space for a home office may be trendy, but it won’t add significant value to your home. However, if you have a separate room dedicated to a home office, this could add valuable square footage to your home and be seen as an attractive feature for future buyers.
Location & Neighborhood
Your home’s location and neighborhood can also have an impact on whether adding a home office is deemed valuable. If you live in an urban area where space is at a premium and many people work from home, a home office will likely add great value to your home. However, if you live in an area where almost everyone commutes to work, a home office may not be as valuable.
The Purpose of the Home Office
Another factor that can impact the value of a home office is its purpose. If the home office space is designed and furnished to appeal to a wide audience, such as a potential homebuyer, it can add value. On the other hand, if it has a specific purpose of personal use, like an art studio, it may not add substantial value to a future buyer.
Additionally, an at-home office that is versatile and can double up as a guest room or a hobby room, for example, could add value as it provides extra usable space.
If the home office space is used exclusively for work purposes, you may be eligible for a tax deduction. Although this may not directly increase your home’s value, it could add a monetary incentive for future buyers who work from home.
How to Add Value to Your Home Office
If you are considering adding a home office to your home, to not only enjoy the benefits, but also add value to your home, below are some tips that can help.
Invest in Quality Equipment and Furniture
Investing in quality office equipment and furniture can add to your home’s value. Ergonomic chairs, standing desks, and other high-end equipment may cost more, but they can make the space look more professional and appealing to potential buyers.
Choose the Right Colors and Decor
When designing your home office, it’s essential to choose a color scheme and decor that appeal to a broad audience. Neutral colors like beige, gray, or light blue and simple decor can make the space feel professional and versatile, making it more attractive to potential homebuyers.
Think About Lighting
Good lighting is crucial when setting up any workspace. Consider adding a combination of natural and artificial lighting to the room. One popular option is installing dimmable overhead lighting in combination with a table lamp or desk lamp to provide additional lighting.
Make the Space Versatile
Lastly, when designing your home office, it’s essential to make the space versatile, so it can be used for other purposes as well. Installing a fold-out or Murphy bed can transform the space into a guest bedroom when needed, adding extra functionality and value to the space.
Overall, whether adding a home office adds value to your home depends on several factors. If you live in an urban area where working from home is more common, have available space to dedicate to a home office, and invest in quality equipment, it can be a valuable feature to your home.
On the other hand, if you live in an area where it’s not common to work from home, or the space is too small or limited, a home office may not add significant value. Remember, when considering adding a home office, it’s always best to consult with a professional contractor and weigh the pros and cons to make a sound decision.
Categorised in: Home Office