Job interview, driving test, family life… the list of life’s stresses is, unfortunately, long and varied. New research has revealed, however, that buying a home comes out on top.
Can’t Buy Me Stress
37% of recent UK homebuyers said that buying a house was one of the most stressful experiences of their life, which puts it ahead of finding a job (28%), planning a wedding (23%), and even having a child (18%).1
Despite the stress, however, 36% of respondents to the same survey said that buying a home was one of the best things they’ve ever done. Luckily, there are things you can do to minimise the stress without sacrificing the reward.
Cause and effect
According to the survey, the most stressful parts of buying a house were the amount of admin involved (28%), solicitors not replying (28%) and finding the right property (24%). Other stresses included the lack of control over the speed of the process (24%) and worrying about the house purchase falling through (24%).
Although some of these causes are out of the buyer’s control, there are things you can do to mitigate the worst effects.
Organisation, organisation, organisation
The key to feeling in control is forward planning. By getting advice earlier in the process, you are preparing yourself for what is to come later. While more than half of homebuyers found the process more stressful than they thought it would be, those who take control and get early advice know what to expect.
For example, getting a mortgage in principle sorted early is a great first step that many people neglect. Doing so can allow you to see roughly what size mortgage you are likely to be approved for, meaning you don’t waste time attending viewings for properties outside your budget.
Know your costs
Worrying about having enough money saved to cover fees and unexpected costs is common among homebuyers. To counter this, you can get help to understand all the fees and supplier costs you might incur.
It’s also useful to have a buffer to cover unexpected costs. If your budget is tighter than you feel comfortable with, it might be worth spending a few more months saving to avoid more stress further down the line.
Worth the worry?
There will probably be times when you are not in charge of the process – and this can be frustrating. Sometimes things will go too slowly; other times, they might feel too fast. The important thing is to stay focused on the end goal. It’s easier said than done but try not to worry about things that are out of your control!
Spread the burden
Even the most organised homebuyers can find the process of buying a home stressful. There’s no need to shoulder the responsibility alone – we’re here to help you every step of the way.
Your home may be repossessed if you do not keep up repayments on your mortgage
Catch up on our other blog posts:
If you have a dog, you’ll know that they can be cute, loving… and a whole heap of trouble! Aviva1 recently backed this up when it revealed some of the company’s more noteworthy pet-related claims. From the pooch who turned on a tap and flooded his owners’...
By choosing to live just outside highly sought-after locations, analysis has shown that homebuyers could benefit from savings of up to 55%1, without forsaking their preferred location. Average savings come in at around 34% when locating five or ten minutes from a...
Are you worried about your finances? If so, you’re certainly not alone. According to a recent survey, 90% of households are worried about rising prices1. Financial worries can cause a great deal of stress and anxiety. In fact, nearly one in five people say they have...
Income protection insurance can be a cost-effective way of protecting yourself financially if you are unable to work due to illness or injury. What many people don’t realise is that taking out an income protection policy can have benefits beyond the financial....
Nobody wants to think something bad happening to them. Perhaps it’s why so many people shy away from protection insurance – after all, it’s all too easy to think ‘it’ll never happen to me’. Unfortunately, ‘it’ can and does happen, whether ‘it’ be injury,...
Amid the backdrop of war in Ukraine and the spiralling cost of living, unpredictability is at the forefront of many people’s lives right now. The outlook for the housing and mortgage markets is no less uncertain. Taking a step back, however, it is possible to...
Mr. & Mrs. F, a retired couple facing a daunting financial challenge. Their interest-only mortgage costs had tripled, straining their monthly budget. Traditional residential mortgages were out of reach due to affordability checks, and the thought of selling their...
Unlock Your Dream Home: How Our Flexible Mortgage Solutions Helped Clients Secure a £1M+ Property in Sandbanks
In our recent success story, we assisted clients in turning their dream of owning a luxurious home in Sandbanks into a reality. With retirement on the horizon, they were eager to embrace a stylish lifestyle without compromising their financial stability. Leveraging...
In a heartwarming success story, we recently assisted a 76-year-old client facing a winter emergency. With her boiler malfunctioning, she found herself without hot water or heating, a challenging situation for anyone, especially during the cold winter months. Seeking...
(Your home may be repossessed if you do not keep up repayments on your mortgage)
We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)
For Lifetime Mortgages/Equity Release the fee will be £799.
Our mission is to provide honest mortgage advice, whilst helping you save money.
Get in contact
Or call —02380224925