Having a home-based office can be financially advantageous for several reasons. For those that have enough room for a home-office, by moving the office to your home you can save on office rent or leasing. For those that don’t have enough room there is the option to buy a larger home with extra space and to put some or all of the previous commercial rent expenses towards the new home. It could be a good way for some buyers to justify and afford the purchase of a larger home.
Working from home can lead to other savings too. With no commuting you will be able to avoid public transport costs or petrol and toll expenses. A home office may also be eligible for tax deductions as it’s a place of business but it’s worthwhile speaking with your accountant firstly to assess your individual circumstances and requirements.
The savings may not only be financial. A home office gives you extra time and more flexibility on how you use your time. For those with a family living at home it can give you more time to allocate to your family and, as the office is at home, you can schedule in time to work as necessary. For some this may mean working more at night than during the day.
A home office isn’t for everyone though. Some people say that working from home provides fewer distractions while others feel that there are more distractions. If it’s possible to trial working from home then this will give you an insight into what your potential working future may hold.
Director and Founder of 1st Street Home Loans, Jeremy Fisher, is one of the most awarded mortgage brokers in the industry and winner of the Australian Broker Association's prestigious 'Australian Broker of the Year'. Since 2001, Jeremy has settled in excess of $500 million worth of property loans and delighted clients with exceptional results and highly personalised service. 1st Street Home Loans specialises in Home Loans, Commercial Loans, Leasing and Financial Planning.