Home owners are being encouraged to capitalise on the flexible working trend by putting an office under their roof, thus enhancing its resale value.
According to ABS statistics, almost 3.5 million people in Australia regularly work from home – a trend which Raine & Horne says home owners should be taking advantage of by utilising a nook and cranny, or having a separate room set aside as a study or home office.
“The home office could be a distinct room, or a portion of a space set aside for work and study,” the Raine & Horne blog post said.
“If you plan on undertaking some serious work from a nook or cranny in your home, consider spending some money on making it a practical and comfortable space. Custom cabinetry can even provide you with a desktop together with drawers and shelving for storage.
“If you don’t have some spare space, you could consider adding a study or home office as an extra bedroom to your property. Additional bedrooms generally translate to higher sales prices for a property, and by anywhere between $80,000 and $150,000 or more according to several different studies on the subject.”
That being said, Raine & Horne also noted it’s important for home owners to do their research before adding in a room for use as a study or home office.
“If you’re thinking about a home office, adding a granny flat might be a more sensible option. This way, you don’t need to make structural changes to your existing property, and perhaps a granny flat will help reduce the possibility of overcapitalising on the value of your home,” the agency added.
“A dedicated study or home office is a sensible idea, with more people working from home two to three days a week. Moreover, a decent home office can add great value, especially if it has a separate entrance that ensures you can maintain a natural division between work and family life.
“And don’t forget there are also tax deductions available for those businesses who operate from home.”
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: [email protected]