Working From Home Sparks New Property Trend
It’s amazing how our attitudes have changed since the coronavirus lockdowns began.
The convenience of working from home has been a revelation to many of us – no battling traffic or public transport, fewer distractions from workmates and a much healthier work-life balance.
As agents, we’re now getting inquiries from potential buyers for properties that either offer a designated home/office space, or a commercial property that features private accommodation.
Reduce your payments
The goal of these buyers is to reduce the burden of paying for both a home and a separate commercial space.
Being a buyer in the market can be difficult in these uncertain times. Yet, the smart ones stick around. There are always attractive deals out there and fewer buyers to compete against. And while we’ve seen many vendors retreat until the crisis is over, the market is still transacting.
Buyers are being attracted to spaces that demonstrate how working and living comfortably can be combined.
Tax benefits and low interest rate
Mixed-use buildings also offer tax benefits. If they are of interest, you should seek professional advice on that score. Record-low interest rates also give you a significant advantage over buying when the good times return.
The buildings are attractive to small business owners running e-commerce ventures or service-oriented businesses with low employee numbers.
In some cases, these buyers intend to lease either the commercial or residential part of the building, depending on their own circumstances. Be aware that banks will likely seek commercial loan terms for such an arrangement.
Ideal for the modern professional
Of course, this an age-old concept. Shopkeepers have been living above the store for years. Now, with the impact of Covid-19 and employer acceptance of work-from-home arrangements, this is becoming a trend for modern professionals.
And you can be sure that once this crisis is over, these mixed-use properties will be demanding top-dollar.