The most stressful things about buying a home – with a lawyer being the biggest cause of frustration

Buying a home should be an exciting milestone, but more than a third of buyers said it was one of the most stressful life events they’ve experienced.

The most stressful things about buying a home include solicitors not contacting you back (28%), sheer number of admins (28%), and finding a home you like and can actually buy get (24%).

A study of 1,500 adults, new homebuyers, found that nearly a quarter (24%) acknowledged the fear of a sale as their biggest worry.

And the same number struggles with how little control they feel in order to stay afloat.

Unexpected costs (18%), trying to stay organized and up to date with the process (22%), and not understanding home-buying jargon (15%), also add stress to homebuyers.

As a result, 37% consider buying a home to be one of the most stressful life events they experience – worse than finding a job (28%), planning a wedding (23%) and even looking for a job. even giving birth (18%).

Yet despite the stress, more than a third (36%) said buying a home was still one of the best things they’ve ever done.

Cecilia Mourain, MD Homebuying at Moneybox, who commissioned the study, said: “For too long, what should have been one of the most enjoyable experiences in adult life, has been a source of anxiety. and stress.

“This doesn’t have to be.

“An important life goal for so many people, we know it can be tough trying to prepare for all that the home buying process entails.

“These findings suggest that more needs to be done to help people understand what to expect throughout, as well as practical measures to help them navigate their home-buying journey, which can be complicated. complicated and time consuming.”

Research shows that more than half (55%) said their most recent home purchase was more stressful than they thought.

Three in ten experience unexpected delays in “chaining” and one in five (21%) find sellers of their new home have left a terrible mess.

Another 15% get excited or outbid when they finally find a property they like enough to make an offer.

When asked about specific parts of the journey that took longer than expected, 38% found waiting for the completion date to be particularly difficult and drawn out.

And 37% were surprised at the amount of time it took for attorneys to submit completed applications.

More than a quarter (27%) said it took them longer than they thought to actually find a property they wanted to buy, viewing an average of six properties before finding “one”.

And the whole process, from making an offer, to completing and receiving the keys, took an average of 5.2 months.

Among those polled, via OnePoll, three in ten find the home buying process too complicated, and 32% reveal that despite being organized, they still find it overwhelming.

Almost a third (32%) believe they should have been updated more quickly during the various stages of the process and one in five would prefer to have a homebuyer they can turn to for advice or reassurance.

Cecilia Mourain, MD Buying a house at Moneybox – compiled a list of tips from recent homebuyers – added: “While mortgage brokers have long existed to help people find the best terms for their loans, that is no longer enough.

“We launched our free home buying service to make buying a home easy, step-by-step, with our Lifetime ISA and tools like Home purchase deposit calculator.

“A team of professional mortgage brokers is always available to provide unbiased advice and support to access the right mortgage for their needs, and a dedicated case manager helps manage it all. administrative work, from application submission to completion – reducing the biggest cause of stress for homebuyers. ”

50 MOST POWERFUL THINGS WHEN BUYING A HOUSE:

1. Number of admins, paperwork, phone calls and emails you have to deal with
2. Scammers don’t come back to you
3. Find a property you like and can afford
4. That selling your own property may fall into
5. It feels like you have little control over the process and keep things running
6. Waiting for survey results in case something goes wrong
7. Having to deal with a lawyer
8. Waiting for the date to move in
9. Try to stay organized and stay on top of the home buying process – must speak to an attorney and real estate agent during business hours
10. Having problems elsewhere in the chain beyond your control
11. Delay from seller
12. Make an offer on a property and wait until it is accepted
13. Have enough money to pay fees and other expenses
14. The fear of being watched or beaten up when you get to a home you really want
15. It takes a lot of time to pack the box/bag
16. Complete all documents accurately and in a timely manner to avoid causing any delays
17. Get approved mortgages
18. Worrying about having enough savings to cover unexpected expenses
19. Unexpected charges during the process
20. Must deal with real estate agents
21. Feeling overwhelmed as you try to understand and figure out the process
22. Organize services e.g. electricity, subscription, etc.
23. Worrying that you are making a mistake when buying property
24. Try to find time to chase real estate agents and touts
25. Post important documents and hope it won’t get lost in the post
26. Pressure from buyers/sellers to finish before a certain date
27. Last minute changes to rollout date
28. Didn’t understand jargon during the process
29. The moment you have to hit send huge fee at the end of the process and see it disappear from your bank account
30. Do the process / fill out the documents together with another person, such as a partner
31. Had to deal with mortgage brokers, for example because of their jargon, availability, etc.
32. Worried that you have harassed real estate agents and attorneys by pursuing too much
33. Savings deposit
34. Don’t know when to start packing – not too early but not too late
35. Receive pressure from real estate agents to exchange or complete by a certain date
36. Have to clean your old house
37. Categorize all relevant new insurances
38. Last minute check shows the problem at the exchange stage
39. Worry that the property may not be suitable after all – once you have exchanged the contract
40. Negotiate with the seller after the survey comes up with something
41. Organize view
42. Pricing came back lower than originally expected
43. If the mortgage offer can expire
44. Find time to see properties
45. Make sure my credit report is in the best shape possible before applying for a mortgage
46. Try to apply for a mortgage before the rate changes
47. Pre-order the survey
48. Get pressured from real estate agents to use their favorite mortgage brokers
49. Read stuff online and don’t know if it’s reliable or true
50. Worried about when the first mortgage payment will be paid, and how much it will be