From all the different comments here, viability of remote work clearly varies by personality and personal life state. I’ll just share my story a bit for what it’s worth.
I own my own company and now I work remote. I am actually pretty outgoing and effective at making new friends by jumping into groups / activities solo. That said, I did not think about the need to make extra efforts when making the shift to not having an office with built-in community. My initial reaction was get my home setup with all the coffee/food/workstation so I wouldn’t have to leave (how efficient!), but now I realized that exacerbates the negative aspect of isolation. If you don’t have a family or friends pulling you into activities (older friends with families of their own are not going to be inviting you to activities regularly), things can get quiet pretty quick. I definitely miss the team lunches, happy hours and office off-site days (hell I end up crashing some of my friends' company offsites now). As for work balance, I’m quite self-driven but without a set schedule, it requires mindfulness and discipline to keep work flow in a healthy balance. This is an ongoing effort for remote workers, whereas for most colocated jobs, it’s just built-in when you show up.
I love my work so I don’t intend to find a job (although I have seriously considered it and will continue to keep it as an option) but if given the choice between a remote job working for someone else and being colocated with a kickass team, I’d go with the team 100% at least for this single stage of my life. It’s a lot easier to feel engaged with your work, have a healthy work-life balance (depending on the company), and have healthy social interactions.