Remortgage For a Home Office
Mortgage Broker in Lincoln
Working From Home
Work life is ever changing. We’re always looking for ways to maximise our income and productivity levels.
It’s no surprise that more and more people are starting to work from home, creating a new work environment in their home living space.
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
- 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)
- Telephone and Video meetings tend to be shorter, again good for increased productivity
Building a Home Office VS Moving Home
With COVID-19 currently affecting the whole world, many workers, be it by choice or with hands tied, are starting to work from home. Many experts have speculated that when all this clears up and the world goes back to ‘normal’, that a large majority of the worlds workers will simply continue to work like this.
Some may feel though, that their home just isn’t well equipped for this kind of scenario, and feel they’d be better off moving to a bigger home with more space they can use to their advantage.
Whilst for some this might be ideal, you may also want to look at your options for a Remortgage. Not only will this allow you to keep your current home, but it may allow you to save more money.
The Costs of a Home Office
The average costs for a basic home office are around £5,000. This includes things like a telephone, desks, computing equipment and more. For a larger home office with more equipment, you could be looking around £15,000.
Probably the best and most cost effective way of doing this, would be to take your remortgage out over more time. For example, if interest rates were 2%, taking it out over 25 years would allow you to pay off the costs of your new office with monthly payments of as little as £20-60 a month.
Remortgage Advice in Lincoln
As an experienced mortgage advisor in Lincoln, we’ll be able to help you take that step towards a Remortgage. If you’re looking at possibly jumping into this option, get in touch and a Remortgage Advisor will happily have a chat with you and go over your options.