Remortgage For a Home Office
Mortgage Broker in Manchester
Working From Home
In the current age that we live in, work life is ever changing, evolving. We’re always looking for ways to maximise our income and make ourselves more productive.
It’s why it shouldn’t come as any surprise, that more and more people are starting to work from home, utilising the space they have to create a new work environment.
Whether it’s through being Self-Employed or being a home worker for an external company, it’s hard to argue against the perks of such an option. These can include;
- Home Workers are often more productive (no distractions)
- No lost travelling time (saving money and reducing stress levels)
- Less travelling is also better for the environment
- Telephone and Video meetings tend to be shorter, again good for increased productivity
- Flexible – great for parents who can work around school runs
- Better for families – even if mummy and daddy are working they are around (just in case)
Building a Home Office VS Moving Home
In the current international pandemic we face in COVID-19, many workers, be it by choice or with hands tied, are taking the leap to working from home. Many speculate that when all this clears up and the world goes back to ‘normal’, that a large majority of the worlds workers will simply continue on from their own homes.
Some may feel however, that the home they’re in just isn’t well equipped for this kind of scenario, and feel they’d be better off moving to a home with more living space they can use to their advantage.
Whilst this is a good idea for some, you may also want to look at taking out a Remortgage. Not only will this allow you to keep the home you already own and love, but it may allow you to save more money.
The Costs of a Home Office
On average for a basic home office, you’re looking at around £5,000. This includes things like a telephone, desks, computing equipment and more. For a larger and more kitted out home office, you could be looking around £15,000.
The easiest and most cost effective way of doing this, would be to take your remortgage out over a longer term. For example, if interest rates were 2%, taking it out over 25 years would allow you to pay off the costs of your new designer 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.
Remortgage Advice in Manchester
As an experienced 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 the process.