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10 ways to reduce homebuying stress revealed
What’s the most stressful thing about buying a home? And how can you avoid it happening to you?
Four in 10 people say buying a house is one of the most stressful life events they’ve experienced, according to Moneybox.
The mortgage adviser found that Brits place the property purchase process above finding a job, planning a wedding, and even having a child in terms of the stress it induces.
Why it is so hard?
Survey respondents said that the the top causes of stress are the amount of admin, solicitors not getting back to you, and finding a house that you like and can afford.
Nearly a quarter (24 per cent) said the fear of the sale falling through was their biggest worry, while 24 per cent struggled with how little control they felt they had.
Unexpected costs (18 per cent) and not understanding homebuying jargon (15 per cent) also added to the home-buyers stress.
Despite the stress, 36 per cent admitted that buying a home was still one of the best things they have ever done.
Cecilia Mourain, MD Homebuying at Moneybox, said: “This important life goal for many is undoubtedly daunting, especially when trying to prepare for all the home-buying process entails.
“However, these findings show that more needs to be done to help people understand what to expect as well as practical measures to support them navigate their home-buying journey, which can be complex and very time-consuming. ”
Delays and disappointment
The survey also found that three in 10 encountered unexpected delays in ‘the chain’, and 21 per cent found the sellers of their home had left a terrible mess behind.
Another 15 per cent were gazumped or outbid when they finally found a property they liked enough to make an offer for.
10 top tips to reduce homebuying stress
If you’re planning on buying a home, and want some insight to make your experience as stress-free as possible, Moneybox has published its top tips below:
- Try not to worry as much about things out of your control
- Be financially prepared to cover unexpected costs
- Get all your key documents ready as early and quickly as possible
- Ask more questions to understand the process, documents, and forms
- Get more quotes to ensure you’re getting the best deal
- Take more time over big decisions
- Use more professional services, such as mortgage brokers and removal companies
- Be more flexible with the moving date
- Get advice earlier in the process to prepare for everything earlier
- Avoid Googling too much because answers are contradictory.
