It probably won’t surprise you there’s been a huge change in the way we work this year, with recent studies conducted by market research firm Roy Morgan showing more than 4.3 million Australians working from home (WFH).1
With all of us doing a lot more WFH these days, there’s never been a better time to give your home office a facelift!
Adding a dedicated home office space large enough to be considered another bedroom can add around $80,000 - $150,000 in value to your home if you plan on selling it in the future.3
An ill-fitted home office can zap your energy before you even clock on for the day. How are you supposed to be at your productive best, hunching over the kitchen table squinting at your laptop? And apologising for the dog and kids running through the background of important Zoom calls has definitely gotten old. A new home office to call your own might just be the key to supercharging your productivity.
Here are 5 things to think about before embarking on a home office renovation:
1. Clarify your budget and costs
Renovations can often cost more than you think, so it is important to have a realistic budget in place that you can stick to. The cost of renovation could vary depending on what you’re upgrading and where you live, so it’s a good idea to get multiple quotes from suppliers to get a better idea of the price.
For example, if you’d like to add brightness to your home workspace, adding skylights could cost around $500-$2,500 each to install. Vinyl flooring can cost $65-$120/m2, while carpet can run from $35-$150/m2 plus the cost of underlay.2 Don’t forget that you may be able to claim your home office expenses in your tax return. To learn more on how to work out your renovation budget click here.
Did you know? Adding a dedicated home office space large enough to be considered another bedroom can add around $80,000 - $150,000 in value to your home if you plan on selling it in the future.3
For more tips on increasing the resale value of your home click here.
2. Work out how much space you really need
Your type of job may dictate your choice of renovations. Are you an architect who needs drafting tables? Do you need wall space for white boards? Do you want a table for meetings with colleagues or clients? Ready to upgrade your home workshop with new benches and storage, to keep literally and figuratively building your business? Think about where and how you work and make sure you have factored in enough room for it all in your workspace planning.
3. What if you’re renting?
Renters often can’t make sweeping renovations such as incorporating structural changes. But you don’t need to knock down or put up walls for huge home office improvements. Treat yourself to a new desk and comfortable ergonomic chair. With chiropractors around the country reporting an increase in muscle aches and strains due to working from home4, these additions can keep you healthier and make your space look and feel like new.
4. Find budget-friendly ways to spruce up your work space
A little bit of DIY can keep home office renovation costs down. Roll up your sleeves and add a new coat of paint to brighten things up, or create a Zen workspace at your desk with some air purifying green plants and soothing art. Click here for more simple renovation ideas.
5. Get an idea of your financing options
One of the first steps to kickstarting any home renovation project is deciding how you’re going to pay for it. There are plenty of options, from a personal loan to refinancing your home loan, or simply just doing some budget-friendly DIY makeovers.
Ready to set up a home office that can help you take care of business now and for years to come? Find out more about a Pepper Money home improvement loan, and get your renovations and office additions, whether big or small underway!
All applications are subject to Pepper's normal credit assessment and loan suitability criteria. Terms, conditions, fees and charges apply.
This article provides you with factual information only, and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser. Neither Pepper nor its related bodies, nor their directors, employees or agents accept any responsibility for loss or liability which may arise from accessing or reliance on any of the information contained in this article. For information about whether a Pepper loan may be suitable for you, call Pepper on 13 73 77 or speak to an accredited Pepper Money broker.