29 Jun Working Remotely? Invest in Your Home with These Types of Smart Properties
What are the best types of properties to invest in to work remotely? Before COVID-19, only 3-4% of the US workforce worked fully remote from home. The future of those working full time remotely is expected to increase to an estimated 25-30%. This does not account for many others who split their time from the office and home. The sudden changes in our way of living and working have prompted real estate buyers to look outside of urban areas. These potential buyers are looking for a second home, or plan to relocate since they are not tied to the urban core. If you are working from home, let’s take a look at some property types that will increase the value in your property while adding long-term rental potential.
Single Family Home with a Detached ADU
In 2019, zoning laws changed in Seattle to allow more ADU’s on lots in and around Seattle. This opened up the opportunity to add a “second unit” to your property. The second unit can be used as a rental, office, or mother-in-law law suite. Make sure to check your zoning and permit requirements before you buy.
Split-level Single Family Home
Constructing a separate entrance and splitting up your home to accommodate an office for your remote work can help you use this space as a potential rental in the future.
Tiny Home
In the Seattle area there are many home choices with a few acres of land. You can use the land to add a tiny home office or rental. These properties can be found within an hour commute.
Multi-Use Property
Finding a commercially zoned property that has retail space on the bottom and living space above, could be a great investment for the entrepreneur or small business owner that likes a short commute!
Other Pros of Residential Investing
There are many lifestyle and tax advantages of investing in a property with a great remote office environment. For example, an office of up to 300 sq feet, you can get a tax advantages of about $5 a sq foot. The deduction will require a separate space for the office. Relocating to property with more space, or adding an ADU is an attractive option.
The shift in working remotely is dramatically increasing and becoming the norm. When looking for your next home, investing can help bring you a long and short term investment benefits.
Sources Cited: https://globalworkplaceanalytics.com/work-at-home-after-covid-19-our-forecast