Buying a home can be stressful. There are so many different aspects to juggle that what should be a time to celebrate could end up making you ill. If that’s a situation that you recognise, you’re not alone and there are some steps you can take to keep stress at bay.
With climbing property prices and challenges along the way to buying your first home, research has found many new homeowners find they feel ill during the process. A survey from Aldermore has shown the stress first-time buyers face mean:
- 52% have become ill during the process
- Rising to 70% for those purchasing a property in London
It’s not just health that’s being affected either. The stress of buying a home puts increased pressure on relationships. Almost half (46%) of first-time buyers said the process caused tension or difficulties with their partner. It’s something that can have a negative effect on what should be an exciting milestone.
The research found that there is more than one reason first-time buyers feel tense:
- Four in ten first-time buyers said raising a deposit was the biggest obstacle they faced
- One in four first-time homeowners were refused a mortgage when they initially applied through their main bank; this increases to 45% in London
- Nearly half of first-time buyers (48%) said they have had at least one property fall through; this is most common in London (73%)
- The average cost of a purchase falling through was £2,200, with nearly two thirds (65%) of first-time owners having to delay buying property as a result
- Almost four in ten (39%) first-time buyers took more than one attempt to buy; for 10% it took three attempts
- Buying a first home is a really difficult process say 89% of first-time buyers
Despite the stress, most first-time buyers considered it worthwhile:
- Almost eight in ten (79%) said it was a move that made them more financially stable
- 83% are able to plan better for the future
- 81% said they feel confident they will be able to move up the property ladder when the time comes
Five tips to reduce stress when buying your first home
If the stress of buying your first home is something that you can relate to, these five tips can help make the experience less worrisome:
1. Prepare yourself first: To make the home buying process smoother, preparation is key. A bit of research before you dive in can make the process less stressful and ensure you make the right choices for you. Our First-Time Buyer Guide maps out what you need to consider, from calculating how much deposit you need to save, through to the type of mortgage you choose.
2. Make sure you’re ready: In the excitement of purchasing your first home, it can be tempting to jump right in. However, it’s important to make sure you’re ready first. Before you even approach a lender, you should make sure you have enough deposit, that your credit score is good, and that you’re financially stable. These are all areas they’ll be checking. On top of that, it’s a good idea to know what you want in a home too.
3. Stay organised: The homebuying process can be drawn out and you’re going to end up with more than a few key documents. Making sure you keep these filed and accessible is important for two reasons. Firstly, it’ll reduce the likelihood of delays occurring because you can’t find something that you need. Secondly, it makes it easier for you to understand where everything is at when you’re making decisions.
4. Take time away from the process: When you’re trying to beat the stress, stepping back occasionally is a good idea. Buying a home is a milestone and it’s easy for it to become all-consuming. However, it’s a sure-fire way to feel mentally burnt out and could make you ill. Try to make time for yourself and the things you enjoy.
5. Lean on friends and family for support: Having an understanding support network that’s not directly involved in the buying process can help give perspective on the situation. Your family and friends can offer up distractions when necessary and those that are homeowners themselves can offer you invaluable advice along the way to keep you on the right track.
Seeking support from a professional can help beat the stress too. As experts that understand the home buying process, including the obstacles you might face, we’re here to provide you with support and guidance. Please get in touch to learn more about what we can do for you.