Homeowners 'choosing DIY over moving'

Many homeowners who were looking to make a move before the recession have now decided to do some DIY rather than move into a new property.

"Homeowners are choosing to carry out DIY rather than buy another house", according to one study.

"At a time when the property market is slumping, people choosing to enhance their current properties are looking to secure their financial outlook in the future when the market improves".

Homeowners who perform DIY updates now could see the benefits of their hard work come back to them in the not-too-distant future.

According to the Yorkshire Bank housebuyers report, five per cent of respondents plan to move, with 61 per cent saying that they will spruce up their living space instead - both for living purposes and the potential to sell in the future.

Increasing numbers of people are choosing to carry out work themselves rather than employing qualified tradesman, according to one expert, who claims that, "Performing your own enhancements can save a lot of money, but many procedures will require the expert knowledge of a professional, especially structural and wiring work".

"Many homeowners are planning on saving cash by putting in some hard graft themselves," he commented. "Unfortunately, sometimes accidents do happen and that's why homeowners should ensure they have adequate insurance".

Having comprehensive cover for home improvements is vital as things often go wrong. Removing kitchens and bathrooms can often result in weakened structural integrity, as well as burst pipes that can result in flooding".

The survey also revealed that eight per cent of people never finish their improvements, while 13 per cent miscalculate the cost of materials and labour.

Perhaps as a result of this, the research also found that 33 per cent are considering ways of increasing their income - such as taking a second job or having lodgers.

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