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Home owners take DIY approach to moving

Monday, 16 June 2008 12:00 AM

The tightening of financial belts has seen an increasing number of home movers take a do-it-yourself approach to the process, according to Lloyds TSB Mortgages.

Over half (52 per cent) of those surveyed by the bank admit they plan to undertake the removal process themselves to help save cash in the current climate.

A further one in ten (ten per cent) homeowners plan to adopt the role of estate agent and sell their property privately to avoid estate agent fees, perhaps over the internet.

In total homeowners now spend an average of £7,434 on their move, with one in five spending over £15,000.

"In the current economic environment it's not surprising that consumers are taking a more cost conscious approach to moving home," said Alison Burns, director of network mortgage sales at Lloyds TSB.

"Shopping around for good deals and opportunities to earn rewards on your spend is always a good idea but there are some areas where you should not cut corners, such as legal fees and a thorough survey, as this could end up costing you more in the long run."

Consumers are also cutting back on luxuries to help meet the cost of moving home.

Holidays are the most likely sacrifice (61 per cent) homeowners make, closely followed by meals out (56 per cent) and new clothes (48 per cent).

Despite their cost cutting efforts, 85 per cent of homeowners admit they do not stick to a budget for their move and over a quarter (29 per cent) admit they don't even set one.

In response to the findings, Lloyds TSB has issued the following advice for buyers:

  • Set a budget: Remember to factor in all of the extra costs such as storage.
  • Shop around: Don't accept the first quote you receive. Look for deals or opportunities to earn rewards on your essential spending.
  • Negotiate: Be prepared to haggle, especially on removal quotes and negotiate with existing owners on appliances and furniture.
  • Call on friends and families: Rally willing volunteers to help out with your move. But do check your insurance will cover you for a DIY move, as many won't.
  • Time it right: Friday is a very popular, and often an expensive day to move, so consider mid-week options.

Chris O'Toole

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