Are you anxious about buying your first home?
Don’t worry, you’re not alone.
The majority of first-time buyers experience some sort of anxiety when it comes to buying their first home. Buying a house has officially been listed as one of the most stressful life events a person can go through however, this doesn’t look like changing any time soon. According to Aldermore bank, almost half (47%) of people claimed they had to rebuild their lives after buying their home.
Why is buying a house such a stressful experience?
Buying a house can take up a lot of your time and energy. On average, it takes approximately three months to complete the house-buying process, providing everything goes smoothly. Therefore, it is no surprise that many of us experience ‘first-time buyer anxiety.’
There’s likely to be more than one thing happening in your life
Research by the Office of National Statistics (ONS) 2018, state that the average age of a first-time buyer is 30 years old. At this age, it is likely that there is more than one thing in your life that needs careful consideration. For example, you may be focussing on developing your career, relationship or wanting to start a family. With all these major life events happening at the same time, it is no wonder that first-time buyer anxiety exists, and it can even put a strain on even the healthiest of relationships.
Is the stress worth it?
Even though the first-time buyer struggle is real, almost three-quarters of first-time buyers (72%) say that buying your first home is worth it. Despite all the problems that may be faced, they are likely to only be short-term issues, and many couples claim that buying their first home together has made them stronger as they have had to support one another through the ups and downs of buying a home.
Four top tips for dealing with first-time buyer anxiety
- Ask your friends or family for support – they are likely to have gone through this process and might be able to offer you some advice.
- Remember to be patient and deal with the facts once you have them.
- Do something to take your mind off the house-buying process- read a book, watch a film, go for a walk etc.
- Remember to speak to your mortgage broker - they will always be more than happy to answer any questions you may have or even just give you an update on the status of your application.
How can we help?
When working with a mortgage adviser, they deal with the entire application process, meaning you don’t need to worry about the paperwork. They will keep you updated throughout the progress of your application and will always be available to answer any questions you have.
Get in touch today to find an adviser in your local area today and put your mind at ease.
For further information call: 0800 652 6649
Email: [email protected] or visit: mortgageadvicebureau.com/scotland
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The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.