Home-based office 'worth £25,000'

Freelance professionals who have an office in their home can push up the price of their property by at least £25,000, a new study reveals.

The self-employed and so-called ‘smart’ workers – employees who work from home – are potentially sitting on thousands of extra pounds simply by having an office in their house.

Such is the conclusion of an unprecedented study by Enterprise Nation, the group dedicated to home working, and Homefinder UK, the property specialist.

By comparing house prices across the UK, they found “it really does pay to work from home” because a study room, or an office massively increases the property’s value.

In one tested area, the researchers uncovered two similar houses that had an £80,000 difference in estimated value simply due to the presence of a fully functional office.

The lowest amount a home-based office contributes to a property’s overall value was a modest £2,450 – a significant saving for smart workers and start-ups alike.

“These results show that not only can you save on costs through working from home, you can also earn a significant sum, just through the rise in property value,” said Freya Bletsoe, director at Homefinder UK.

The study also found that having an office inside bricks and mortar is not the only way homeowners can increase the value of their property.

Nick Hopewell-Smith, chairman of Henley Garden Buildings Ltd, says his company’s garden offices can add between three and five per cent to the value of a conventional property.

According to estate agents, his exterior two-man outhouses, which start at around £6,995, have added more than twice the retail price onto the value of the home – an investment of almost £14,000.

Reflecting on the cost savings of both external and internal offices, Homefinder said in a statement, “If you had not thought about home-working before, then think again.”



 

19th May 2006

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