Covid’s impact on real estate is that houses will have new must haves. Location, kitchens, bathrooms, bedrooms, car spaces and land size will now jostle for importance with work space, technological capacity and sustainability ranking in our post Covid world. Every threat offers opportunity and Covid is exposing many opportunities. World-wide acceptance of the changes that will remain post Covid include working from home, more need for rapid speed technologies and less reliance on external providers for food and renewables. Indeed, some of the modifications made to your home during Covid may well become the new desired selling features buyers need. The central purpose of property is housing and the norms of valuable real estate are constant but post Covid purchases will also want:
- A desirable home work space that is:
- a separate room or space for business only;
- a space located where you can minimize distractions, far away from kitchen, laundry room, and family noise;
- a workspace that is large enough to operate your business and perhaps another part of the house, such as your basement or garage, for storage, if necessary;
- a separate outside door or a door located near your space if you have clients coming to your home;
- a garage or an outside structure for your workspace if your business creates noise or generates by-products (dust, mess, fumes) – good idea to also contact your local council.
- Required technological capacity that recognises:
- the average Australian household would need a maximum download speed of 49Mbps during peak-use times by 2026 –research by the Department of Communications in 2018. Therefore, post COVID-19, the size and times of peak must be greater;
- upload capacity must be increased at the home as the need to send large files via suburban home networks, rather than the current office networks is critical and
- the increased need to communicate using a raft of online platforms that limit risk and maximise efficiency.
- Sustainable self-sufficiencies and bio foot prints awareness like:
- gardens that have spaces used for growing food and that encourages bio-diversity;
- more recycling and reduction in bio foot print through self-sufficiency;
- increased interest and uptake for solar panels or other energy renewables and
- more natural light and access to nature -relying less on electrical lighting.
A disrupter is something that makes people get out of their comfort zone and redirect their attention elsewhere. Disrupters change the way we do stuff, are often highly sort and are sometimes unwanted. How ironic that Covid 19 may be a positive disrupter. The most serious threat to humanity in decades is exposing positive new ways to live and work. Clearly we still need to buy and sell during Covid so we need to think about what our future needs are.
Covid has forced us to accept that people are productive regardless of location. Technology has really taken centre stage in our lives and enabled us to work remotely. We have also had our movement controlled and whilst frustrating it has allowed us to reflect on reducing the human foot print. The fittest properties post Covid will have new standards and design and these improvements are the next evolutionary steps in real estate.