Remote Work Changes How Some Buyers Find Dream Homes
The way Americans work has shifted in recent years, and remote work is at the forefront of this transition. Experts predict that it will continue to be popular in the coming years, with 36.2 million Americans working remotely by 2025. To put this in context, that's a 417% growth over the pre-pandemic years, when there were just 7 million distant employees.
If you're looking to buy a home and work remotely, either full-time or part-time, this trend is a game changer. It can assist you in overcoming some of today's affordability and housing inventory issues.
How Remote Work Helps with Affordability
You can adjust your approach to your house hunt by working remotely or hybridly. Because you're no longer commuting every day, you might not consider it as important to reside near your workplace. If you're willing to relocate to the suburbs rather than the city, you might be able to expand your pool of cheap possibilities. In a recent study, Fannie Mae explains:
“Home affordability may also be a reason why we saw an increase in remote workers’ willingness to relocate or live farther away from their workplace . . .”
If you're considering relocating, having this kind of location flexibility can increase your chances of finding a home that meets your budget. Work with your agent to cast a larger net that covers additional low-cost places.
More Work Flexibility Means More Home Options
And when you widen your search to include more economical options, you may discover that you may get more features for your money as well. Given the scarcity of available homes for sale, finding a property that meets all of your wants and needs might be difficult.
By broadening your search, you'll give yourself a larger pool of possibilities to pick from, making it easier to find a property that genuinely fits your lifestyle. This could include larger residences, more diverse home types, and access to previously unavailable community amenities.
Historically, living close to work was a prized luxury that often came at a high cost. But the dynamics have shifted. If you work from home, you have the choice to live wherever you want without the strain of long daily journeys. This adjustment allows you to concentrate more on locating a home that is both inexpensive and has the qualities you desire.
Remote work entails more than just job flexibility. It's an opportunity to broaden your search for a new home. You have the ability to explore all of your alternatives because you are not tied to a specific area. Let's talk about how this independence might lead you to your dream home.