Clinical psychologist reveals why buying a home is stressful
Research from Trade Me has confirmed what many New Zealanders already know – buying a home is a stressful life event.
A survey of 1,008 people found that 80% of homeowners experienced stress during the homebuying process. The pressures ranged from fear of missing out to the challenge of choosing the perfect property.
That fear of missing out was common – 58% of buyers said they had experienced it, climbing to 79% for people aged 18-29. Meanwhile, 24% said they felt overwhelmed by the responsibility of picking the right property.
The stress spanned across age groups. Trade Me’s research showed that 81% of under-30s found buying a home stressful, compared with 77% of those aged 30-53.
Clinical psychologist Dougal Sutherland said these findings were not surprising. “The process of moving can be a significant source of psychological stress. It often involves financial pressure, time constraints and a series of high-stakes decisions, all of which can contribute to feelings of anxiety, uncertainty and mental strain,” she said.
Five ways to reduce homebuying stress
Fortunately, there are steps buyers can take to ease the pressure:
- Get pre-approval for finance. This provides clarity about your budget and reduces uncertainty when making offers.
- Work with a mortgage adviser. An adviser can compare lending options, negotiate with banks and explain your choices in plain language, making the financial side less daunting.
- Take time to research. Viewing a range of properties and studying recent sales in your preferred area can help you feel more confident when it comes to bidding.
- Have realistic expectations. Accepting that no property is perfect can take away some of the pressure of finding ‘the one’.
- Build in downtime. Home-hunting can be intense, so scheduling breaks or setting boundaries can help maintain balance.
Contact me if you’d like support with the financial side of homebuying. Getting a mortgage pre-approval at the start of the process will give you clarity around your budget and will allow you to move fast when you identify a great home.