Published 01 Mar 2021

Buying a house is stressful: How to avoid homebuyer stress

Whether you are a first-time buyer or moving houses, the stress of buying a house can sometimes feel overwhelming. Don’t worry, you are not alone - a survey by the Evening Standard in 2018 found that 2 in 3 homeowners found the home purchasing process a stressful experience.

The list of costs when buying a house, coupled with the added burden of house buying expenses, are just part of why buying a house can be challenging. Yet, if you feel like buying a house is stressing you out, it’s important to know that there are ways of making the process go more smoothly. From mortgage plans to the prospect of moving houses, our tips below can help relieve you of your house buying nerves.

What you need to know about first-time buying

If you have never bought a house before, having first time buyer anxiety is natural. With so much to learn, and the issue of fees to consider, it is no surprise why house buying can be stressful. Yet, having a good awareness of the costs and various stages involved will do a lot to reduce any home buying jitters.

For example, If you take your time and save up a substantial amount for the deposit, you are more likely to get a cheaper, easier repayment plan. It is also important that you acquaint yourself with stamp duty tax, a form of income tax that you pay if your property costs more than £500,000. House buying is stressful, but by keeping on top of these payments, you are likely to be in a more comfortable and stress-free position for your move.

Mortgage in principle: How to avoid things going wrong

If you need a mortgage for your new home, it is worth noting that this can be amongst the most stressful aspects of buying a new home. After saving enough money for a deposit (usually around 10% of the property), you will be offered a mortgage in principle - an agreement from a bank to lend you money to pay the remainder of your house. This will outline how much you pay back on a monthly basis, and is based on your financial circumstances, credit score, and how much you earn.

Given that it is based on a repayment plan that could take years to repay, it is not hard to see how a mortgage in principle could go wrong. First of all, after receiving an offer, you have to make sure that you’ve found a house before 3-6 months, as the offer will eventually expire. In addition, be sure to update your lender if your financial situation were to suddenly change. If you don’t, and find yourself unable to keep up with repayments, and could end up in considerable debt. In the worst case scenario, this could mean that you lose your home after failing to make a payment. 

The key to managing mortgage related stress is to realise that patience is a virtue. If you rush into a deal without considering it properly, or clearing any outstanding debts, you may end up with a payment plan that is very difficult to keep up with. In this respect, it is key to be patient with your money, and only take out a plan when you have enough savings (and a secure financial situation) to afford a monthly payment plan. 

How to cope with moving house

Buying a house is stressful as it is, so the prospect of moving houses makes it all the more complicated. As well as considering the cost of furniture, and the process of house selling and buying, you also have to deal with a long period of changing your routine and potentially moving your family to a new location. However, if you are having difficulty coping with moving house, there are ways of reducing the burden. 

For example, getting a friend or family member to assist with the move can make it a much more fun and uplifting experience. You may think that you can take all of the work in one go, but getting help will make the process much quicker. Moving home can be both emotionally and physically draining, so be sure to give yourself plenty of rest in between your work, and even take a few days off work if needed. While it will definitely take a while to get used to your new surroundings, if you bring some of your treasured belongings and personal mementos, your new house will feel like a home in no time. 

New Build Home = less stress?

For first-time buyers and house movers alike, the new build home presents itself as a potentially less stressful way of buying a new house. New build houses are chain free, meaning that you do not have to wait for a seller to buy a new house to purchase it. With a blank space to place your furniture and belongings, it doesn’t take long to make your new house feel like the home you’ve always wanted. While getting a new build house is a more expensive option, this does mean that you’ll have to pay less for maintenance and bills in the long run, as the household appliances will be brand new and less faulty. With Peabody, there are also schemes like help-to-buy and shared ownership that help make getting your dream home as stress-free as possible.

It's fair to say that it is quite normal to experience some anxiety when buying a home, but it also should be an exciting time in your life so don't get too disheartened if you do face a few challenges along the way. In order to minimise stress, planning and preparation is key - in the early stages do your research and be well prepared for the journey ahead. The end result of owning your very own home will far outweigh any initial stress experienced during the process and the joy of getting your keys on completion day will make it all worth it.

Stress-free home buying with Peabody

Peabody is an award winning property developer with an ambitious house building programme aimed to provide thousands of high quality new homes for private sale, Shared Ownership and social rent. Use our property search to discover the latest homes available from Peabody.

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