Increase your property value with a home office
The Covid-19 pandemic has had a considerable impact on our lives and experts say that some situations may never return to the way they were. One of these areas is the workplace and how and where employees now work and will into the future.
The ideas of remote work, working from home, flexitime and commuting are not new; but, in South Africa, traditional management styles tended to prefer the concept of being able to see whether employees were in attendance and, as such, working. Covid-19, the numerous lockdown levels, and emerging health and safety requirements have forced organisations to institute radical workplace changes resulting in more people working from home than ever before.
This shift has not been without its difficulties. Companies have had to figure out the logistics of equipping employees with the right devices to work from home as well as ensuring they have secure access to the programs and the databases they need. Employees, on the other hand, have had to create a space within their homes that will enable them to be productive.
The value of a home office
Setting up a home office can offer far more benefits than simply a set place to do your work. In fact, designating a space or room to set up a proper home office could add to the value of your property according to estate agents.
While it is still too early to see substantial evidence of this theory, estate agents say they are seeing more interest in locations that would once have been considered too far from the city centres and places of employment. What’s more, they are reporting that home offices are fast joining kitchens and bathrooms as the top selling points in residential property.
Whether you decide to dedicate general space, a room or even build an addition, you will need to carefully calculate your home office budget, being cautious of both underspending and overinvesting. Take a look at our home office suggestions for elements to consider and ideas on how to best set up this space.
Once you have your home office set up, speak to a tax consultant for information on how to claim back the running costs from the South African Revenue Service in your annual personal income tax return.
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