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Plan to avoid homebuying stress

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    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

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    Andrew Simmonds

    Andrew Simmonds is the managing director at Simmonds Mortgage Services. He's been providing mortgage advice to home owners for many years.

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