Work From Home Upgrades That Improve the Value of Your Home
4.25.2022 | Category: Homebuying
If your once temporary remote workplace is now officially permanent, you may be looking to make some changes to your workspace. But not all home upgrades are equal. And not all improvement projects will bring increased value to your home.
If you’re looking to make some work from home upgrades that don’t result in a money pit, keep it simple and put in some sweat equity to keep costs low and your return even.
Replace dated flooring with laminate or tile
Carpet and original hardwood flooring can be tough to maintain, especially if you’re working from home instead of an office and putting added wear and tear on your flooring. Swivel chairs and rolling cabinets can wreak havoc on your flooring. Coffee spills and dropped equipment can add to the damage done to your floors as well.
Consider replacing dated flooring with laminate or tile flooring that’s easy to keep clean and tough against damage. Most laminate or tile flooring can be very affordable to install and can give rooms a modernized upgrade that can add value to your home without costing a fortune.
Update bathrooms with low flow toilets, faucets and shower heads
You may notice that when working from home more often, you're using more water throughout the day than you would if you were at an office from 9:00 to 5:00. Just like the abnormal amount of toilet paper you were going through when the pandemic first hit, you're probably flushing the toilet and running the faucet more frequently as well.
Updated bathrooms can increase the value of your home and if you opt for low flow toilets, faucets and shower heads, you could save money on your water bill as well. Many home improvement stores carry affordable, water efficient appliances that will help freshen up the powder room while being practical and cost effective.
Install energy efficient lighting and fixtures
Working from home daily, you may also notice that you are using a bit more electricity as well. Energy efficient lighting and fixtures can help you save money on your electricity bill while also bringing some fresh new light into your home office. Consider upgrading to smart lights that can be controlled from your mobile device or set on a timer for some added flare.
You may also want to update your window treatments. Replacing dated shades or blinds with neutral toned drapes or treatments can help bring natural light into a room, making it feel bigger and more inviting. If you opt for black-out treatments, you might find you can keep your home cooler in the summer months and warmer in the winter months without replacing your windows entirely.
Get creative with storage options
With telecommuting quickly climbing in popularity, many office furniture designers have taken notice and you can find some great options to help create a highly organized space of your own. From dual-purpose coffee tables to foldaway tables, it’s easy, convenient and affordable to find cross-functional furniture that serves your home office well.
The key is to look for furniture that can adapt easily to your changing needs. You can opt for an open storage system with wall shelves that can be easily repositioned when needed. Or wall hooks to hang supplies from. Desks with drawers or benches with storage are great ways to keep your home office tidy and organized.
Create cross-functional space that serves multiple purposes
Do you currently have a guest room that doubles as your home office? Consider replacing your guest bed with a futon or murphy bed to give your office a little bit more space. If you're currently using a corner in your living room for your desk, create a reading nook that can easily be tidied up when guests come over.
Creating a cozy cross functional space is a fun way to spruce up your permanent office space while bringing some much needed practicality to the space off hours. It’s also a top must-have for home-buyers and a great investment in your home if you’re looking to sell sometime in the future.
Convert or build a permanent home office space
You likely don’t need a major overhaul of your current living space to make your work from home situation more comfortable. However, if you don’t see yourself ever going back to an office or are looking to have a more dedicated home office space, you won’t be disappointed down the line when you might be looking to sell. Many home buyers are looking for more square footage and dedicated office space as companies allow more flexible work options.
Constructing an add on will likely require a substantial budget and could require contractors, inspectors and potentially lenders. Many homeowners utilize home equity loans to reinvest in their home. And with mortgage loan rates still lower than average personal loan or credit card rates, a home equity loan is a great option for homeowners looking to make substantial improvements to their home.
It’s important to understand whether you choose a cash-out refinance or a home equity line of credit (HELOC). Your existing mortgage loan will be replaced with a new loan with a higher payment. If you have earned a substantial amount of home equity and can afford a slightly higher payment, you might find that making the investment to build a dedicated home office space is a sound financial decision for your and your work from home situation.
If this sounds like you and you’re looking for more information about how your home equity can finance your work from home dream space, contact a Mutual of Omaha Mortgage licensed professional and learn how an equity line of credit or a cash-out refinance can help you create the office you’re looking for.