Navigating the homebuying process

Buying a home is an exciting prospect, but it can also come with stresses. From property hunting through to moving day, there is a lot to consider during the process.

The impact on wellbeing

According to research from Barratt Homes, 60% of UK homeowners said that the homebuying process took a toll on their mental wellbeing. An additional 35% experienced disrupted sleep, while 29% reported that their sense of financial security was impacted. The survey found that legal or conveyancing delays were the biggest source of stress, with 43% of respondents identifying this as a challenge. More than a third (37%) said that they were stressed due to a deal falling through or nearly falling through and 29% had challenges finding a suitable property.

If you too are feeling stressed by the homebuying process, here are some top tips to help the journey feel more manageable.

Expect the unexpected

There is a lot of uncertainty that comes with buying a home – it can be hard to predict exactly when you will be able to move, particularly if you are part of a chain. It’s therefore advisable to expect delays so that you don’t feel disappointed if the legal process takes longer than anticipated.

Try not to cut costs

We understand that buying is a very expensive process. During this time, you might be cautious about your spending in other aspects of your life, so that you can save money where you can. However, it is important not to skip over certain parts of the homebuying process, as this could cost you more further down the line. For example, it may feel like getting a house survey is an avoidable expense, but this vital step highlights any issues with the property that could be costly to repair. Identifying these defects at an early stage may prompt you to renegotiate the purchase price, budget for repairs or even change your mind about buying the property.

A step at a time

It can be overwhelming to think about the whole homebuying process, so take it a step at a time rather than worrying about moving day before you’ve even placed an offer. That will allow you to focus on what you need to do right now, like attend a viewing or make a mortgage application. It can also help to store all important paperwork, emails and online documents in one place, so the information is easily accessible.

Remember why you’re doing it

If you’re ever feeling frustrated, remind yourself of the end result. Make sure to celebrate the small milestones, because each step takes you closer to collecting your keys and moving into your new home.

You don’t have to navigate the homebuying process alone – we can help alleviate the stress and support you every step of the way.

Coapt has partnered with Malcolm Latchman of The Brighton Mortgage Company to help make your property purchase or remortgage as straightforward as possible.

Malcolm specialises in the Brighton residential and buy-to-let mortgage market and can offer expert advice tailored to your circumstances. Whether you’re purchasing a property or remortgaging, in your personal name or through a limited company, and whether it’s a standard property or an HMO, Malcolm will be happy to discuss your options and find the most suitable solution for you.

To find out more or arrange a no-obligation conversation, please contact Malcolm on 07974 285530.

o Your home/property may be repossessed if you do not keep up repayments on your mortgage.

o Not all Buy to Let Mortgages are regulated by The Financial Conduct Authority.

o You may have to pay an early repayment charge to your existing lender if you remortgage.

o ‘A fee may be payable by the Client for the Arranger’s services. This fee is normally £350 and becomes due immediately upon production of the Mortgage Offer. Any fee will be confirmed by the Arranger and agreed by the client from the onset’