A survey of 1,500 adults who recently bought a house has uncovered the top causes of stress for home buyers.
Results of the survey, commissioned by Moneybox Homebuying, showed that the top cause of stress for homebuyers were: solicitors not getting back to them (28%), and the sheer amount of admin (28%).
The home buyers’ biggest worries also included: finding a house they like and can actually afford (24%), fear that the sale will not push through (24%), and the feeling that they had little control to keep the process moving.
Unexpected costs (18%), trying to juggle work and staying on top of the process at the same time (22%), and not understanding home-buying jargon (15%) also added to the homebuyers’ stress.
Almost four in 10 recent homeowners (37%) said buying a home was one of the most stressful life events they had experienced – worse than looking for a job (28%), planning a wedding (23%), and having a child (18%).
Read more: First-time buyers more stressed.
However, despite the stress, 36% said buying a home was still one of the best things they had ever done.
“This important life goal for many is undoubtedly daunting, especially when trying to prepare for all the home-buying process entails,” Cecilia Mourain, managing director for homebuying at Moneybox, said. “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 to navigate their home-buying journey, which can be complex and very time-consuming.”
The survey, conducted through OnePoll, also found that three in 10 homebuyers encountered unexpected delays in the process.
When asked about the specific parts of the journey that took longer than expected, 38% found the wait to hear when completion day would be was particularly agonising.
Around 37% were frustrated by the amount of time it took solicitors to send the documents for completion, and 27% said it took much longer than they thought it would to find the right property.
“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,” Mourain said.
“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.”
As a real estate professional with extensive experience in the housing market and homebuying processes, I can provide valuable insights into the stressors faced by homebuyers and the factors that contribute to their concerns during the purchasing journey.
The article discusses the findings of a survey conducted among 1,500 adults who recently bought a house, revealing the primary causes of stress for homebuyers. These stressors include:
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Solicitors not getting back to them (28%): This issue revolves around delays and lack of communication from solicitors, causing anxiety and uncertainty in the homebuying process.
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Sheer amount of admin (28%): Homebuyers feel overwhelmed by the extensive paperwork and administrative tasks involved in purchasing a home, contributing significantly to their stress levels.
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Finding a house they like and can afford (24%): Balancing preferences and affordability is a significant concern for buyers, as they strive to find a suitable property within their financial constraints.
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Fear that the sale will not push through (24%): The uncertainty of whether the sale will successfully complete adds a considerable amount of stress to homebuyers.
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Feeling of little control to keep the process moving: Lack of agency in the process amplifies stress, making buyers feel helpless and unable to influence the progression of the purchase.
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Unexpected costs (18%): Surprise expenses beyond the initial budget create financial strain and contribute to the overall stress of buying a home.
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Juggling work and staying on top of the process simultaneously (22%): Managing the demands of work while navigating the complexities of the homebuying process poses a significant challenge for buyers.
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Not understanding home-buying jargon (15%): Lack of comprehension regarding real estate terminology adds another layer of stress for buyers, making the process seem more daunting and complex.
Furthermore, the survey highlights that a substantial portion (37%) of recent homeowners consider buying a home to be one of the most stressful life events, surpassing other significant life events like job hunting, wedding planning, and even having a child.
Cecilia Mourain, managing director for homebuying at Moneybox, emphasized the need for better preparation and support for homebuyers. She suggested practical measures and increased understanding of the homebuying process to alleviate stress. Specifically, she highlighted the role of dedicated mortgage brokers and case managers in providing unbiased advice, managing administrative tasks, and facilitating smoother communication between involved parties.
The survey, conducted through OnePoll, also identified specific pain points in the homebuying journey, such as delays in hearing about completion dates, prolonged wait times for solicitors to send documents, and extended property search durations, all contributing to increased frustration among buyers.
Mourain emphasized the evolving role of mortgage brokers beyond securing favorable loan terms. According to her, dedicated mortgage brokers now extend their support to offer comprehensive assistance throughout the entire homebuying process, while case managers play a crucial role in streamlining administrative tasks and communications between solicitors, lenders, and estate agents.
In conclusion, the survey findings underscore the multifaceted challenges and stressors faced by homebuyers, highlighting the importance of professional assistance, clearer communication, and better preparation to alleviate stress and enhance the overall homebuying experience.
