In the modern era that we all live and work in, the life we lead at work is ever changing and constantly evolving. As people, we are all always looking for ways to maximise our income and make ourselves more productive in our chosen careers.
It should not come as any surprise then, that more and more people are starting to take the leap and work from home, using their own personal home spaces to create new work environments.
Whether you end up on this path through being Self-Employed or being a home worker for an external company, it’s hard to deny the benefits that come from choosing to work directly from your home. Some of these benefits include, but are not limited to;
In the current international pandemic we face with the ongoing COVID-19, many workers, either by their own personal choice or with no other option available for them to take, are starting to work from home. It has been widely speculated that when all this clears up and the world starts to feel a little more ‘normal’, that a large majority of the worlds workers will simply continue on from their own homes as they have been.
Some may feel however, that the home they’re in just isn’t well equipped for the ability to work from home, and feel they’d be better off moving to a home with more living space they can use to make this option a reality for them going forward.
Whilst this is a good idea for some, it may also be worth your time if you take a look at taking out a Remortgage on your existing property. Not only will this allow you to keep the beloved home you have already built a life for yourself in, but it may allow you to save more money on any additional costs that would come with moving.
On average for a basic home office conversion, you’re looking at around £5,000. This includes things like a telephone, desks, computing equipment and other essentials. If you’re looking to go with a much larger and more kitted out home office, you could be looking around £15,000 for the full set.
The easiest and most cost effective way of doing this, would be to take your remortgage out over a longer term, using the equity in the property to fund the work on your home. For example, if interest rates were 2%, taking it out over 25 years would allow you to pay off the costs of your brand new home office at as little as £20-60 a month. This would leave you with a lot more money each month, as opposed to spending hundreds more over a shorter term.
As an experienced and dedicated mortgage advisor in Manchester, we’ll be able to get the ball rolling on your new mortgage fairly quickly and easily. If you’re looking at possibly jumping into this option, get in touch and a Remortgage Advisor will happily walk you through your process.