For many homeowners, 2024 will be the year of home improvement. With mortgage rates sitting well above 6%, most aren’t willing to enter the housing market – which would mean essentially swapping their sub-4% mortgage rates for much higher ones.
Instead, renovating their existing homes will make more sense – allowing them to hold onto those low rates while making their properties more comfortable, livable and convenient. For example, as U.S. News reports, according to U.S. Census Bureau data, just over a quarter of Americans are still working remotely – at least for part of the week. For this group, having a well-appointed home office (or even several) will be key this year.
“With more people still working from home, we continue to see high demand for office spaces – meaning multiple spaces and on different floors,” says Christa Kenin, a real estate agent with Douglass Elliman in New Canaan, Connecticut. Kenin is currently selling a home with just that – three home offices across three floors. The first office is on the main floor and offers French-door views of the family room next door. The others are housed in built-out attic and basement spaces.
Adding a home office also adds real return on investment (ROI). “Buyers are responding very favorably to these options,” Kenin says. “Parents with young kids imagine using the office on the main level when needing to keep an eye on their children while working, and then appreciate the quieter options for conference calls and Zooms.”
If you don’t have a lot of square footage to dedicate to a home office, consider a multifunctional space. Interior Designer Ginger Curtis says she anticipates a rise in what she calls multifunctional spaces. “As homes become more versatile to accommodate various needs, multifunctional spaces will be on the rise. Think home offices that double as guest rooms or living rooms with built-in storage to keep things tidy and organized.”
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