Ask any homeowner, and they’ll likely tell you that they experienced at least a small amount of stress during the buying and selling process, whether they were buying their first or 10th home. While stress is part of the human experience, there’s no denying that housing transactions are near the top of the list as one of the most stressful events. However, many people can’t always pinpoint exactly why the property market can be stressful to enter. Often, it’s for some of the following reasons.
You’re Not an Expert
One of the most frustrating and stressful problems buyers face is not being experts in the property world. You don’t always have all the answers to your burning questions. Fortunately, you can rely on a number of experts to find the information you’re looking for.
For example, a buyers agent Sydney residents rely on can assist with finding properties, negotiating the fairest prices, and offering property strategies to streamline the purchasing process. You can also request the services of real estate agents, accountants, lawyers, and tradespeople to fill your knowledge gaps.
Fulfilling Bank Requirements Can Be Challenging
The lending landscape is ever-changing, and requirements that banks put in place one year can change the next. In 2021, the Australian Prudential Regulation Authority put strict restrictions in place, such as ensuring you could afford 3% higher payments than your loan rate as a form of stress testing and reducing the maximum borrowing capacity by an average of 5%. Meeting these criteria can sometimes be challenging, particularly when homeowners are also combatting rising living costs and skyrocketing interest rates.
Competition Can Be Fierce
You aren’t the only person looking for their new dream home. You might also be one of the multiple prospective purchasers looking at a single property. Competition can be fierce, and it can be stressful when you realise you might not secure ownership of your ultimate dream home. Property experts can sometimes provide helpful advice and techniques for improving your chances, but it’s important to be realistic about the market to avoid feeling disheartened on your property-hunting journey.
You Must Sell to Buy
Buying a house for the first time can be daunting, but many people find purchasing the second time around even more so. Two real estate transactions must often co-occur, with the sale of your first home necessary to fund the second. Many homeowners make offers on properties subject to their own selling, and you can feel stressed about the prospect of missing out on your dream home when you’re not able to sell your own property before another buyer with a more appealing offer comes along.
There Are Last-Minute Logistics
Alongside ensuring the buying process goes smoothly between your bank, lawyers, and property vendors, you also have to worry about packing up your home, organising moving companies, changing addresses, and switching utilities.
There can be much to plan before you move into your beautiful new home, and it can be overwhelming when you’re ticking these tasks off your list while still working and running your household.
There’s no denying that purchasing property can be stressful, and there might be no way to alleviate your stress altogether. However, with the experts on your side, thorough to-do lists, and being realistic, it might not be as stressful as you anticipated.