While buying a home should be one of the most exciting life events, our research revealed that 4 in 10 recent home-buyers across the UK found it to be one of the most stressful. However, despite the stress, 36% said buying a home was still one of the best things they’ve ever done.

The top three sources of stress were the amount of admin involved (28%), solicitors not replying (28%) and finding the right property (24%). Other things that home-buyers found stressful were feeling like they had little control over the speed of the process (24%), and worrying about the house purchase falling through (24%).

Overall, more than half (55%) of home-buyers found the process more stressful than expected… but it doesn’t have to be this way!

 

The Moneybox home-buying team share their 5 top tips to help you have a stress-free home-buying experience.

 

  1. Map your journey 📝 The home-buying process can be complex and time-consuming. Take control by mapping out the critical stages of your home buying journey, at least 6- 8 months before you can afford to buy, i.e. Save deposit, Sell house/Find house, Mortgage approved, Completion day, Moving day. Include all the individual jobs that must be completed within each stage in order to progress (check out the: Moneybox Home-buying Academy). Next, break each job down into small manageable tasks. Finally, include a rough timeline taking into account how long each job might take and which jobs you can tackle early to get rid of some of the admin burden that often occurs during later stages. You can find guidelines on how long various steps within the later stages of the home-buying process can take in our blog – How to buy your first home. This is a great first step that will help you plan thoroughly and feel prepared for what’s to come.
  2. Ask the experts 🙋 By now, you’ll likely have lots of questions. Why not arrange a chat with a Moneybox home-buying expert? They’ll be able to help with all your questions on every part of the journey. Our home-buying experts have hands-on experience dealing with lenders, solicitors, estate agents, surveyors etc. They can talk you through each stage, such as the documents that you may need to send, third parties you may need to hire, and when. Take this time to compare suppliers you’ll need to hire, to ensure you’re happy you’re making the right choice when the time comes. As you progress through your journey, keep asking questions. Buying a home is a big occasion, and you should feel supported throughout. You’ll never regret asking too many questions.
  3. Consider all costs 💰 Worrying about having enough money saved to cover fees and unexpected costs is very common among home-buyers. So, take some time to properly scope all the fees and supplier costs you might incur. Some fees can’t be agreed upon in advance, but always ask for a predicted forecast, and also a high-end forecast to be safe. You can even sense-check these costs with friends and family who have recently bought a home. You’ll always need a buffer to cover unexpected costs and this shouldn’t be your rainy day fund. So if your budget is tighter than you feel comfortable with, for a stress-free experience, spend a few more months saving what you can.
  4. Take help where you can get it 🙏 Even the most organised home-buyers found the process of buying a home overwhelming. Our home-buying service is here to help make the process stress-free, whether you’re buying your first home, next home or remortgaging. Moneybox mortgage advisers are available 7 days a week, via in-app chat, phone or email. They can compare thousands of mortgages from over 90 lenders across the market to find the right one for you, then get your application underway. Next, your dedicated case manager will chase your solicitor, lender and estate agent for you, keeping you updated every step of the way and alleviating the No.1 cause of stress for home-buyers! Check out our five-star Trustpilot reviews to hear what our customers have to say.
  5. Sit back and enjoy the ride to homeownership 🏡 By now, you’ll be as prepared as you possibly can be, with the best support available to help you navigate your journey. But there will be times when you will not have control of the process or the outcomes along the way. Sometimes the process will go too slowly, while sometimes you might feel it’s too fast. You might get frustrated, you might feel pressure, but try to always stay focused on the end goal and the excitement you feel about what you’ll soon achieve – being a homeowner!

 

To learn more about Moneybox Mortgages, click here or head in-app to Accounts > Mortgages.