Pros and Cons of hybrid work schedule
CHATTANOOGA, Tennessee (WDEF)- John Vandergriff from Blue Ridge Wealth Planners said there are secret costs of working from home. They include spending more on utilities and paying for a workstation.
“There’s an additional cost because some people look at it and see if I can work from home I can work anywhere. If you have that flexibility and you go to really nice places, really nice places are typically more expensive to live and work in,” said Vandergriff.
Also with tax law changes a few years ago it’s unlikely most people would be able to write off work from home business expenses unless they are self-employed.
“It took out a lot of the deductibility and things and really you’ve got a situation where even if you can deduct expenses you’ve got to clear a standard deduction that’s very high for a lot of people. We are factoring in property taxes, charitable donations, if you’re married you’ve got a clear $25,000 before you can get a lot of those things,” said Vandergriff.
There are financial positives as well including spending less money on gas for the commute to work and saving time.
“You can be around your family, you can be in a more relaxed environment, you save money on your commuting. But the cons could be the fact that there’s not really a separation between home and work,” said Vandergriff.
He said commercial real estate is in a time of adjusting as some businesses are expanding while others are using the office less and less.
“You will start to see more of his properties maybe transform into coworker spaces. Where people can rent privately their own stuff even if their company makes it so they can work from home because again having a defined space you can spend and chill out the amount of money it takes to have that at home but not have the buffer or you can have a situation where you use something as needed,” said Vandergriff.