5 Simple Tips to Reduce Stress When Buying a Home

Sep 08, 2023

Author: Leah Jackson

According to a new study, 5 out of 10 Australians say buying a home is one of the most stressful life events. The study found that the process of purchasing a home caused more stress than getting married (78%), having a baby (77%) or finding a new job (70 %).

For many Australians, the most significant source of stress was the cost of buying a home, with nearly half (49%) saying they were worried about having enough money for a deposit. A third (34%) said they were stressed about being able to afford their mortgage repayments, and a quarter (26%) said they were worried about the cost of repairs and maintenance.

“Home buying is one of the most significant financial decisions most of us will ever make, so it’s no wonder it causes so much stress. The good news is that you can do a few simple things to reduce your stress levels and make the process easier with the help of finance strategists,” says second mortgage loan provider Shane Perry of Max Funding.

Here are five tips to reduce stress when buying a home:

1. Get Your Finances In Order

The first step to reducing stress is to get your finances in order. This means getting pre-approval for a loan, knowing how much you can borrow and comparing home loan rates to get the best deal. It also means being realistic about your budget and what you can afford.

2. Do Your Research

The second step is to do your research. This means knowing what kind of property you want, where you want it to be located and how much you are willing to pay. It also means being aware of the different types of properties available and their pros and cons.

3. Get Help From A Professional

The third step is to get help from a professional. This means using a buyer’s or real estate agent to help you find the right property and negotiate the best price. It also means getting advice from a mortgage broker or financial advisor to ensure you get the best loan for your needs.

4. Be Prepared For Unexpected Costs

The fourth step is to be prepared for unexpected costs. This means having a buffer in your budget for things like stamp duty, legal fees and inspection reports. It also means being realistic about the cost of repairs and renovations and knowing how much you can afford.

5. Have Realistic Expectations

The fifth and final step is to have realistic expectations. This means understanding that buying a home can be stressful and that there may be unexpected delays or problems. It also means knowing that the perfect property may not exist and that you may have to compromise on some of your wants and needs.

These five simple steps can reduce stress when buying a home and make the process much easier. Remember, getting professional help and advice when buying a property is essential to ensure you get the best deal possible.

Where To Find Help With Buying Your Dream Home?

We all know that buying a home is one of the most stressful things you can do. It’s a significant financial decision, so many things to consider. But don’t worry, we’re here to help.

MLS Finance and our team of experienced mortgage brokers can help you find the right loan for your needs and compare home loan rates from various lenders. We can also help you negotiate the best price for your new home and advise on stamp duty, legal fees and other costs.

Call us at 0490 828 485 or email at [email protected] if you’re ready to buy your dream home.