Buying and selling a home is second most stressful life experience
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, new research for UK consumer organisation Which has found.
As many as seven in 10 people considered buying or selling stressful, according to the survey which asked people 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 78% considering it stressful, buying and selling property followed closely behind, with 69% and 70% respectively finding either process nerve wrecking.
Buying or selling a property was considered more stressful than arranging care for an elderly relative, having a child, changing jobs or getting married.
The research also found that women found both buying and selling a property more stressful than men. Some 75% of the women found selling a property stressful compared to 66% of men.
These figures were mirrored when it came to buying a property, with 73% of women finding the process stressful as opposed to 67% of men.
Which? Mortgage Advisers says that buyers and sellers can reduce the strain. It advises people to be realistic about timeframes as buying and selling may involve being part of a chain.
When it comes to finance, while seeking assistance from mortgage advisers may cost it is likely to save money in the long run and it adds that choosing a mortgage isn't just about finding the lowest rate, it's about finding a mortgage that's right for personal circumstances.
It advises that when choosing a lender buyers should consider their reliability, range of products and the overall costs, rather than just the initial cost alone and invest in a quality conveyancer or property solicitor. While often online companies are cheaper, they don't always offer a full service.
It also suggests building a good relationship with the property professionals involved as this helps gain a knowledge of what needs to be done and when and buyers should try not to over stretch themselves for that 'dream property'. If you end up in arrears, you may have financial trouble for many years.
‘We're a nation obsessed with home ownership, but when it comes to buying or selling, our research shows that 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,’ said David Blake at Which? Mortgage Advisers.
‘Investing in good mortgage 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,’ he added.