Should you still rent if you’re now working from home full time?
The corporate world spent two decades speaking about digital transformation without much changing. Then, in the desperate landscape of 2020, that transformation came about in just a couple of weeks. Many businesses have chosen to shut down their offices or at the very least give their employees the option of working from home full time.
One of the natural consequences of this is that ‘home’ has changed. People around the world have made space for home offices, whether from a spare bedroom or a corner of a living room.
While it is of course possible to continue working from home as a renter, the added purpose of a home has caused some to consider buying their own place. Is it worth it or are you better off renting indefinitely?
These are some of the things you need to consider.
As a renter, there is always the possibility that you will need to find a new place to live at some point. When your lease comes to an end, your landlord may decide that they want to sell the place. Alternatively, they may raise rent more than you’re willing to pay. If you’re working from home, this leaves you searching for a place to both live and work.
By buying a home, you ensure continuity of your residence and office. You can set your office up for the long term and make it a worthy base of operations.
If you’re planning on buying a condo, you may run into some problems in this sense. Many condo boards will not be okay with you running a business from your condo. As such, if you run your own business and work from home, find out what you need to know before buying a condo. There will be some boards who have no problem with your condo being your place of business.
As a renter, you are allowed to decorate your place however you like. But you cannot make permanent changes to a room. Your office may look great, but if you have a creative eye, you won’t be able to do the design changes that will make it truly yours.
This is a problem for many creative thinkers. You do the best work when your place of work facilitates your creativity. You may find whole new ways of utilizing your office when it is yours to do with what you want. For example, you may soundproof it and make it into a part-time music studio if you enjoy making music.
Alternatively, building a reading nook into your office is a good way for readers to make the most of their breaks. The possibilities are limitless for creative thinkers.
Movers and Shakers
But a permanent office is not necessarily ideal for everyone. There are many people who are currently working from home but could potentially find another employer who requires them to come into the office. This is especially pertinent for people who have an eye on upward mobility in their field and will do what it takes to get there.
If this is you, working on creating an office space that suits your every need may not be in your best interests. In fact, you may just end up designing a space you never use. Some jobs may require you to move, in which case you will have to leave your home office behind entirely.
Renting is great for people who are ready to chase opportunities around the country or world. When you know exactly where you want to be for the foreseeable future, you definitely should consider buying a home. But if you plan on seeing where the winds take you, there is no harm in renting a while longer.