Pros
No extra time and money spending for commuting to the office in a taxi or public transport, no extra money spending on food and coffee, safer in the post-Covid era, no extra time spending on getting yourself and your clothes in order, much more time for personal matters due to savings on commuting! Ability to change places and conditions of you work. You are much less distracted from work than in the office!
Cons
It may be harder to get what you want without personal communication and your work efficiency may suffer a little, but over time everything will stabilize. The main condition for effective work is that no one disturbs you at home and in any other place where you work :) Insurance, medical care and all sorts of perks like paying for sports classes, gym and different courses are on your own (take everything into account when setting your salary requirements). Sometimes worklife balance may suffer a bit, but it's more about you and values of you company/employer!