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As we come to an end of 2021, one thing we can all agree on is that for the last 2 years, we have seen a major paradigm shift for the world. From the way we live, shop, communicate and yes even work, things have changed. As an entrepreneur and business woman, it made me stop and ask will work from home become the new norm in our society and will it ever go back to what it was.
Will Work From Home Impact On Real Estate
During the pandemic, as a homeowner I was thrilled to see mortgage rates at an all time low. Opportunities for homeowners to receive assistance with their mortgage payments and refinance options were available for many to take advantage of. When the pandemic broke out in 2020 people were running and scurrying trying to both buy and sell homes and the uncertainty of the market had many in a frenzy.
The pandemic has had major changes on both where people work and live. Real estate pricing and development depends on where people work or live and you can calculate your payments to see what works best for you. Currently, the housing market is hot right now. I have personally witnessed in my own suburban neighborhood neighbors on both sides of me put their homes up for sell and new neighbors move in with 2 months! Since the pandemic, people are looking into buying homes in the suburbs away from the hustle and bustle of the city, public transportation and trying to figure out a commute plan.
If you don’t want to move, this is a great time to consider refinancing. According to an article entitled The Effects Of Remote Work On Real Estate Across The U.S by Forbes “the future of work will be dominated by remote and hybrid models. As a result, where and how people live is about to undergo a massive change.”
Many of my personal friends who work for major companies are now embracing working remotely from home and love it! Some have considered refinancing their homes so they do remodels that will accommodate their new work environment. With less commute time, work wardrobe, gas and lunch money to spend, these new upgrades can be both beneficial and affordable
Working From Home and Homeschooling
If you are a parent one thing to consider when thinking about purchasing a new home, renting or remodeling is your children’s schooling. Whenever we moved, my children’s school was one of the first priorities on my list to think about. Like many companies, some school districts have also given parents the choice for their student to either return to school or do remote learning.
Because of the pandemic, the changes that we had to quickly embrace affected everything and everyone including our children. Just like the adults, our children have had their world turned upside down and have had to make major adjustments. Children found themselves one day in a classroom full of friends, learning and enjoying their childhood freedom to just the opposite. Now our children have to social distance in classrooms, wear mask all day and cut out certain activities.
Parents around the world had to rethink both their remote work and their children’s remote learning from home. As parents have been forced to work remotely or at least partially, some have had to move while others chose to refinance their homes to accommodate their new norm. As a mother, I personally elected to keep my child in the remote learning and will transition to homeschooling. I purchased my daughter new furniture, a new computer and set up a workspace for her to thrive in her new learning environment. Some parents currently don’t have that option, but I foresee it becoming more readily available and the new norm of learning for our children and educators.
Consider All Your Options
When thinking about working or schooling remotely, there are many options to consider. One thing is for sure, remote work is here to stay and many major companies are quickly jumping on board. The year 2022 may be the year you decide to start a work from home business or even start homeschooling your children. There are many options to consider and each family and their needs are different. In asking the question of will work from home become the new norm, I guess only time will tell. One thing is for sure, since 2020 we entered into a new realm of change and transition and those two are a certainty for all of us.
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