New research published today from Which? Mortgage Advisers has revealed that buying and selling a house is one of the most stressful life experiences – more so than having a child and second only to going through a divorce.
As many as 70 percent of the population considered buying or selling stressful, according to the research of nearly 2,000 members of the general public. Respondents were asked to rate how stressful they found each of life’s major events, ranging from going through a divorce to buying a new car.
While going through a divorce came out on top of the list of life’s stresses, with four in five people (78 percent) considering it stressful, buying and selling property followed closely behind, with seven in 10 people (69 percent and 70 percent respectively) finding either process nerve-wrecking.
Buying or selling a property was considered more stressful than arranging care for an elderly relative (68 percent, having a child (53 percent), changing jobs (49 percent) and getting married (40 percent).
The research also revealed that women found both buying and selling a property more stressful than men. Three quarters (75 percent) of women surveyed said they found selling a property stressful whilst only two thirds (66 percent) of men felt the same. These figures were mirrored when it came to buying a property, with 73 percent of women finding the process stressful as opposed to 67 percent of men.
Which? Mortgage Advisers offers the following expert advice to help reduce the strain if you’re buying a property:
Know the process.
Buying and selling may involve being part of a chain of buyers and sellers so be realistic about timeframes and when you can expect to move.
Invest in good financial advice.
While seeking assistance from mortgage and financial advisers may cost you, it is likely to save you money in the long-run. Choosing a mortgage isn’t just about finding the lowest rate, it’s about finding a mortgage that’s right for your personal circumstances.
Make life easier with a reliable lender.
When choosing a lender consider their reliability, range of products and the overall costs, rather than just the initial cost alone.
Consider service as well as cost of conveyancers.
Invest in a quality conveyancer or property lawyer. While online companies are often cheaper they don’t always offer a full service.
Ease your worries by staying informed.
Don’t just leave parts of the process to professionals. You’ll be less worried if you build good relationships with those involved in the process and know what needs to be done and when.
Know your limits to avoid future issues.
Try not to over stretch yourself for that ‘dream property’. If you end up in arrears, you may have financial trouble for many years.
David Blake at Which? Mortgage Advisers said: “We’re all obsessed with home ownership, but when it comes to buying or selling, our research shows it can be an incredibly stressful process. Thankfully there are a number of things you can do to reduce the strain, including speaking with a mortgage adviser early on to get your finances in order.
“Investing in good financial advice will ensure you find the best mortgage for your personal circumstances. To help avoid unnecessary stress when you’re getting a mortgage, do ask about the reliability and service levels of any lender you’re considering.”
