I’ve been working from home in various jobs for over 11 years now. But 2020 saw many more people working from home for the very first time. The global Covid-19 pandemic forced many businesses to rethink whether staff really needed to travel into their usual place of work or whether it was safer all round for them to work from home where possible. This meant that parents could be home for their children but working from home definitely isn’t always the easiest option – especially when you have to try to homeschool the kids too.
Hopefully, 2021 will see things slowly start to return to normal, but I think many businesses will continue to allow their employees to work from home. If your company has confirmed that you will be working from home for the foreseeable future, then you might be thinking that you’re going to need more space. Even though I’ve worked from home for some time now, I’m definitely finding it more difficult as the children get older. As they grow, they need more space and I’m finding it increasingly difficult to constantly work from the kitchen table. So, we are starting to think about moving house in 2021 so that I can have an office space as well as finally giving each of the children their own bedroom too.
Weighing up the costs of moving home
Moving house can be expensive, so if you’re considering moving just to gain some more space where you can work, then you need to start looking in the costs.
When we buy a house, the vast majority of us will need to take out a mortgage in order to gather the funds, that’s certainly the case for us. I’ve been looking into the types of rates we are likely to qualify for and how much mortgage we should hopefully be able to get. We have a house to sell which does have some equity in it, so we will have a good-sized deposit to put towards it. Having a decent deposit helps to open up the best interest rates, as lenders feel more secure that there will be equity in the property if for any reason you can’t pay your mortgage. It gives them some security that they will be able to get their money back if the worst should happen and they need to repossess the house. Whilst no one wants to be in that situation, it’s worth understanding how these things work!
Using a mortgage calculator helps you to see all of the figures in fine detail even before you reach the stage of actually applying for a mortgage. This gives you the opportunity to weigh up whether the cost of moving is actually something you can afford and whether it’s worth doing just so you can get that dedicated home working space.
As well as the costs of a new mortgage, there are lots of other costs involved when you move house. It’s important to look into each of these and work out whether it is financially possible. Here are just a few, but make sure you do your own research as costs vary depending on your location:
- Removal company
- Solicitor fees
- Estate agent fees
- Stamp Duty
- Survey
- Land registry searches
The costs of each of these can vary quite dramatically so make sure that you get a few quotes to ensure you aren’t paying over the odds.
For us, the costs of moving are costs that we’re prepared to take at the moment. As well as needing my own office space, we definitely need an extra bedroom now that the kids are getting older. We’ve been working towards moving for a few years now, so we have been saving money in order to help us achieve our goals. Planning ahead is key with any house move, so that you can be sure you’re as financially prepared as possible.
If you can’t afford to move house though, and you are working from home, then it’s important to find a way to differentiate between work time and family/alone time. You need to give yourself time away from work. You could treat yourself to a hammock in the garden to relax in during the summer months once you’ve finished work. Or you could invest in a desk that can be shut away in a cupboard at the end of the working day so that you can switch off. It’s all about finding what works for you and your family.
