Thursday, May 24, 2007
Category:
Home Improvements
Research conducted by Abbey Mortgages has shown that the average Brit moves home between 3 or 4 times in a lifetime.
Abbey Mortgages has found that the average cost of moving home in the UK is £16,000. So, if a homeowner moves on average 3.4 times in a lifetime this calculates to more than 2 years salary that is £54,400 spent moving home, excluding actual property prices. This amount would be enough to purchase a two bedroom Finca in the Costa del Sol or a brand new one bedroom in the centre of Bordeaux.
Nici Audhlam-Gardiner, Head of Mortgages at Abbey, said: “It’s no secret that moving home is an expensive business – in fact, I’m sure it’s one of the reasons why people don’t move that often. But it’s astounding when you consider just how much it amounts to over a lifetime.
“With the average Briton expecting to spend over two years annual average salary just meeting the costs of professional fees and stamp duty of their 3 or 4 moves, homeowners clearly need all the help they can get. By removing upfront costs including legal fees, Abbey’s new mortgage is especially designed to help movers start life with more cash in their pockets.”
The total spend in 2006 was £28 billion on moving home. This comes as no surprise when Abbey looked at the fees charged by lawyers, estate agents, financial advisors, removal firms and stamp duty. Homeowners also have to take into account the money used to bring a property into a ‘saleable condition’.
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Those thinking of moving home could look at improving their current property as an alternative, which could in the long run save some pennies. A
home improvement loan could allow homeowners to add value to their current property though a range of options. Modernizing a kitchen, by refurbishing units and maybe including a large range, a popular addition for those looking to improve their current cooking facilities, could add instant value to a property. One of many options to fund home improvements, a secured loan could allow for a mountain of work to be done, simple redecorating could be done by professionals and everything down to new lighting fixtures to create a perfect atmosphere for entertaining guests could be financed through a home improvement loan. Made payable over a term to suit the borrower from 5 to 25 years, a home improvement loan could help finance a number of possibilities from large projects such as an extension for growing families to smaller redecorations.
