4 in 10 (37 per cent) recent homeowners said buying a home was one of the most stressful life events they’ve experienced, worse than finding a job (28 per cent), planning a wedding (23 per cent), and even having a child (18 per cent).
- 4 in 10 say buying a house is one of the most stressful life events they’ve experienced
- The top causes of stress include the sheer amount of admin, solicitors not getting back to you, and finding a house that you like and can afford.
- It recent homebuyers on average 5.2 months from putting in an offer on a property, to completing the purchase and getting the keys
- Parts of the process that took longer than expected include waiting for a confirmed ‘completion date’ Solicitors sending documents and contracts and finding the right property
A study of 1,500 adults, who recently bought a house, found the top causes of stress for home buyers are solicitors not getting back to you (28 percent), the sheer amount of admin (28 per cent) and finding a house you like and can actually afford (24 per cent).
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, to keep the process moving.
Unexpected costs (18 per cent), trying to juggle work and staying on top of the process at the same time (22 per cent), and not understanding home-buying jargon (15 per cent) also added to the home-buyers stress.
However, despite the stress, 36 per cent said buying a home was still one of the best things they have ever done.
Cecilia Mourain, MD Homebuying at Moneybox, which commissioned the research, 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. ”
The study via OnePoll 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.
When asked about the specific parts of the journey that took longer than expected, 38 per cent found the wait to hear when completion day would be particularly agonising. 37 per cent were frustrated by the amount of time it took solicitors to send the documents for completion.
More than a quarter (27 per cent) said took much longer than they thought it would to find the right property, viewing on average 6 properties before finding the ‘one’. The entire process, from putting in an offer, to completing and getting the keys took on average 5.2 months.
Of those polled, via OnePoll, three in ten found the home-buying process too complicated, and 32% revealed that despite being organised, they still found it overwhelming.
Nearly a third (32%) believed they should have been kept up to speed more during various stages of the process, and one in five would have liked to have had a home-buying expert they could turn to for advice or reassurance.
Cecilia Mourain, MD Homebuying at Moneybox, said: “For far too long, what should be one of the most exciting experiences in adult life, has been mired in anxiety and stress. This does not need to be the case. While mortgage brokers have long existed to help people find the best terms for their loans, that is no longer enough.
“Moneybox’s free home-buying service was launched to take the stress out of home-buying, from first step to doorstep. With the average homebuyer taking 5.2 years to save a deposit, our market-leading Lifetime ISA and tools such as the LISA Time Machine will help first-time buyers stay on track. Dedicated mortgage brokers provide unbiased advice and support to access the right mortgage for their needs. And a dedicated case manager helps manage all the administrative tasks between solicitors, lenders, and estate agents – from application right through to completion, alleviating the biggest cause of stress for homebuyers.”
If you’re planning on buying a home, and want some insight to make your experience as stress-free as possible, check out these top tips from recent home-buyers.
10 top tips to reduce home-buying stress:
- 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
