February 16, 2024 by Melinda Halloran
Buying a home or investment property is one of the most stressful things you’ll ever do. In fact, some people report that the process was more stressful than having their first child.
New research from Allianz Australia found that 55% of buyers would rather stay in their current home than look for a property to buy. If you have purchased property before or entertained the idea, this may not come as any surprise to you…
But here’s the thing – house hunting doesn’t have to send you into panic mode. There are many ways to reduce the stress so you can enjoy the process, whether you’re buying a home for the 1st time or 10th time.
Firstly, let’s look at why people find buying property to be so stressful…
Some of the factors that make the process stressful include:
- Missing out on property
- Unexpected costs
- A long search for the right place
- Unrealistic budgeting
- Time required to arrange paperwork
All of this can make the dream of getting into the property market feel like more work than it’s worth. But with over 90% of properties in Brisbane selling for a profit, it’s important to stay focused on your goals.
Now that you know what causes buyers the most angst, you can implement tactics to mitigate stress before your property search even begins...
Being a mortgage broker, it’s my job to make the process less stressful by helping you compare loans and handling the paperwork for you.
That alone is a big piece of the puzzle and it frees up your time to attend more open homes.
But as well as calling on a mortgage broker, there are other tips that I always recommend to buyers who are feeling overwhelmed.
1. Be realistic about your budget
Don’t cross your fingers and hope you’ll get a bargain. Instead, be realistic about what your budget will get you in your preferred area. This will alleviate the stress of not having your expectations met.
2. Know all the costs of buying property
Unexpected expenses are one of the biggest sources of stress, so factor these in from the beginning. As well as a deposit, you will also need to have funds to cover expenses such as loan establishment costs, conveyancing, stamp duty (if applicable), pest and building inspections, insurance and moving costs.
Use our calculators to start working out some of these costs.
3. Get your finances and legals organised ahead of time
If you find the right place, you will want to move quickly to make it yours.
So have your home loan pre-approval organised before you start house hunting and know who you want to use for conveyancing. Doing so will mean you aren’t scrambling to find a home loan and conveyancer at the last minute.
4. Be prepared for the househunting to take a while
Chances are you won’t fall in love with the first property you inspect. So just like budgeting, it’s important to have realistic expectations.
Give yourself plenty of time to find the right place and you’ll feel a lot less pressure.
5. Remember to take care of yourself
Even though you’ll be spending more time looking at properties online and attending inspections, it’s important to make sure you’re still getting enough sleep, exercising and eating well.
My advice is to plan ahead to prevent burnout. For example, keep meals in the freezer so that if you have a mid-week inspection after work, you can still eat a home-cooked dinner rather than takeaway.
The number one thing you can do to minimise stress is to be informed.
Know what your budget will get and the steps involved in the process. Once you are comfortable with this, you can start to enjoy the process of finding property.
In the interest of keeping you informed, here’s an overview of how the home loan process works.
And if you do start to feel overwhelmed, remind yourself that buying property is something you will only do a few times in your life, and that the rewards will be worth the effort.
Even taking a small step like comparing your home loan options will help to put your mind at ease. If you aren’t sure where to start when it comes to comparing home loans or working out what you can afford to borrow, an initial chat on the phone will give you the basics to work with. – Karen
What’s next?
- Get more home buying tips
- See our online reviews from real home buyers
- Calculate how much you can borrow
Your Mount Gravatt Mortgage Broker, Brisbane | 0488 053 338