How stressful is buying a home?

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BogleMelon
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How stressful is buying a home?

Post by BogleMelon »

I never bought a home in US, but may be one day I pull the trigger and buy.

I have friends who are currently closing on a home. I am sure they are going to be house-poor because they can barely afford 3% down, and after that they will not have a single dollar in EF/cash!

They are so stressed out, rushing the lender before the deadline date, multiple calls to the attorney's, numerous emails to that, and tons text message to this, every single day..

Is it basically because they are on the edge and just wanting something too badly that they shouldn't get? Or the procedure of buying a home generally is really stressful and nerve consuming no matter what? And if so, is there anything one can do (if my time comes) to minimize that stress?
Last edited by BogleMelon on Fri Apr 27, 2018 2:46 pm, edited 2 times in total.
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
student
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Re: How stressful is buying a home?

Post by student »

Although buying a house is stressful, I think in your friends' situation, it is being amplified as they are probably cannot afford it using conventional metric.
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TomatoTomahto
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Re: How stressful is buying a home?

Post by TomatoTomahto »

We just paid cash for a house that we can well afford, and it was still stressful. Perhaps not as bad as for your friends, but it is a momentous purchase.
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Beach
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Re: How stressful is buying a home?

Post by Beach »

Buying a home isn't terribly stressful, assumed you have properly planned for it. I hope you can talk your friends out of their purchase.
bloom2708
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Re: How stressful is buying a home?

Post by bloom2708 »

Home ownership: American Dream or American Nightmare

It is the largest expenditure for most. It (mortgage) lasts 30 years or more for many. You pay for the home 2x with interest.

All other costs are higher, property taxes, insurance, maintenance, furniture, remodeling, landscaping, mowing..the list goes on and on.

If you buy just as much house as you need, put 20% down and understand the costs and how they affect your savings, investing and future spending, then home ownership can be rewarding. House values tend to keep up with inflation and it is forced savings (principal part at least).

I think people tend to be lured in by the "American Dream" aspect. I'm "throwing money away renting". Which is not true. It also heavily depends on location and prices to income, commutes and many other quality of life factors.

3% down and using Emergency Fund. These sound like not the best choices. But, people usually find a way to muddle through. Pay increases and rising property values can bail people out. Foreclosure and divorce are also potential outcomes.

Do your homework on the full cost. If you can't save the 20% down, that is a sign that you might not be ready. I know everyone doesn't put 20% down but it sure does give you a cushion against the unexpected.
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mhc
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Re: How stressful is buying a home?

Post by mhc »

I bought my first home when I was 30. It was not stressful at all. I was too young to worry about life. The next year I relocated for work. I had to go through the process again. No big deal. People do it all the time. The process is well known.

Buying a house is only as stressful as you make it.
jehovasfitness
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Re: How stressful is buying a home?

Post by jehovasfitness »

Less stressful than selling imo
Topic Author
BogleMelon
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Re: How stressful is buying a home?

Post by BogleMelon »

Beach wrote: Fri Apr 27, 2018 1:57 pm I hope you can talk your friends out of their purchase.
Not my circus, not my monkeys. I stopped giving unsolicited advises after learning the hard way.
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
Jags4186
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Re: How stressful is buying a home?

Post by Jags4186 »

Taking out the "can you afford it" part, it is stressful. I'm currently buying a home and there's a lot of stuff going on. Inspections, deals falling through, dealing with mortgage lenders, realtors, attorneys, sellers, expectations, selling current home/negotiating end of lease, insurance, rate locks, closing delays etc. etc.

Until you close the deal isn't done. I always have in the back of my mind that the sellers could back out and there is very little we could do to stop it. I also worry because we have a June 15 close date and a mortgage lock only until June 18. If our closing date got moved we'd be taking at least a .375% increase in rate.
mortfree
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Re: How stressful is buying a home?

Post by mortfree »

I found selling to be more stressful. and buying isn't any easier.

be on the lookout for realtor games - they like to test your emotions and can be really good at it since it is what they do for a living; and I had never sold a home before.
Wellfleet
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Re: How stressful is buying a home?

Post by Wellfleet »

In my view its a big project and most big projects require many people with varying levels of expertise.

It requires dealing with many people who you wouldn't normally deal with like mortgage lenders, lawyers, inspectors, contractors, movers, etc.

Add in the emotion of a place to live and it can be stressful.
Texanbybirth
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Re: How stressful is buying a home?

Post by Texanbybirth »

We've purchased two homes. Neither were very stressful.

We're not rich, cash only buyers either. (20% down, 30-year FRM) We do tend to have the mindset that if it falls through, then it "wasn't meant to be" when it comes to such a large purchase. We also never fell so in love with a house that if we lost it it would have caused us stress.

Don't let your friends' experience rattle you. They are doing it wrong. When you get ready to buy a new home, come to the forum for financial questions and get an excellent buyers agent. The most stressful part might finding an inspector you trust, and getting their report! :shock: (The forum might be able to help you with those, too.) I will say that it requires a lot of communication on your part. If that stresses you out, then it could be "stressful" but we just figured it was part of the process and rolled with the punches.
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mak1277
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Re: How stressful is buying a home?

Post by mak1277 »

If you're a person who routinely feels "stressed", then buying a home probably will be stressful. If you're not, it probably won't but unless you hit problems.

I've bought two houses and neither felt stressful in the slightest, but they were both turnkey, only minor issues with inspections, no problems with sellers, etc. etc. etc.
quantAndHold
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Re: How stressful is buying a home?

Post by quantAndHold »

I never found buying to be particularly stressful. It’s just shopping with some extra steps. The agent knows the dance. Once we choose the house, I’m just following the agent’s lead. That’s why a good agent is important, BTW.

Selling, though, can be stressful. Even with a good agent.
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rebellovw
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Re: How stressful is buying a home?

Post by rebellovw »

We were house poor and did great. You sound jealous.
Murgatroyd
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Re: How stressful is buying a home?

Post by Murgatroyd »

Answer is.... all of the above! We’ve bought 7 and sold 6. Any one issue can drive you to the bottle.
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BogleMelon
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Re: How stressful is buying a home?

Post by BogleMelon »

rebellovw wrote: Fri Apr 27, 2018 2:25 pm We were house poor and did great. You sound jealous.
The house is actually in a very bad shape (flipped home that need tons of additional work)! I wouldn't live in it for free! Also my net worth is 100 times (literally)theirs actually just 20 times assuming they would have some equity in the home! If I wanted to be in their position, I would and easily! So why would I be jealous!! :annoyed
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
rebellovw
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Re: How stressful is buying a home?

Post by rebellovw »

BogleMelon wrote: Fri Apr 27, 2018 2:29 pm
rebellovw wrote: Fri Apr 27, 2018 2:25 pm We were house poor and did great. You sound jealous.
The house is actually in a very bad shape (flipped home that need tons of additional work)! I wouldn't live in it for free! Also my net worth is 100 actually just 20 times assuming they would have some equity in the home (literally) theirs! If I wanted to be in their position, I would and easily! So why would I be jealous!! :annoyed
Or judgmental?

Seems like it makes your friends happy - perhaps they have some DIY skills to fix the place up. Who knows at least be happy for them - unless they are not your friends.

Cheers!
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BogleMelon
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Re: How stressful is buying a home?

Post by BogleMelon »

rebellovw wrote: Fri Apr 27, 2018 2:31 pm
BogleMelon wrote: Fri Apr 27, 2018 2:29 pm
rebellovw wrote: Fri Apr 27, 2018 2:25 pm We were house poor and did great. You sound jealous.
The house is actually in a very bad shape (flipped home that need tons of additional work)! I wouldn't live in it for free! Also my net worth is 100 actually just 20 times assuming they would have some equity in the home (literally) theirs! If I wanted to be in their position, I would and easily! So why would I be jealous!! :annoyed
Or judgmental?

Seems like it makes your friends happy -
Negative! They are stressed as an electric guitar cords! You can't be stressed and happy in the same time, can you?!
rebellovw wrote: Fri Apr 27, 2018 2:31 pm
perhaps they have some DIY skills to fix the place up.
They don't
rebellovw wrote: Fri Apr 27, 2018 2:31 pm
Who knows at least be happy for them - unless they are not your friends.

Cheers!
The reason for my post is to ask how can I avoid (if possible) to be in their place (i.e very stressed). It is called: learning from others mistakes. I am not sharing their story to get opinions on their decision or my relation to them.
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
jminv
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Re: How stressful is buying a home?

Post by jminv »

Buying a home isn't stressful and is not complicated. Issues in the selection, inspection, and closing process can arise but that's life.

As far as the home inspection, if it turns out something is terribly wrong with the house, you walk away and move on to another one.

The most difficult part is selecting which house you want to buy in the first place.

You say you want to avoid being in their place if you end up buying a house, well, you won't have a problem unless you're a person who stresses very easily. You could also avoid choosing a failed flip requiring substantial repairs as your first home purchase. Buy something that is move in ready or just cosmetics. Also, DIY skills can be learned.
KlangFool
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Re: How stressful is buying a home?

Post by KlangFool »

OP,

It was not stressful for me. We looked at the house. The price was right. We decided to buy the house in less than 24 hours. We signed the contract on the following day. A few years later, I was laid off. I was unemployed for more than 1 year while my kids started college. I could sleep well at night (SWAN) while looking for a job.

I followed my rules. I was not "House Poor".

KlangFool

P.S.: When I knew that I could pay off the mortgage at any time even if the stock market crashes 50%, I have no stress.
Last edited by KlangFool on Fri Apr 27, 2018 2:45 pm, edited 1 time in total.
rebellovw
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Re: How stressful is buying a home?

Post by rebellovw »

Yes - you can be happy and completely stressed at the same time - boy have I gone through that in my younger years as a father and bread winner having to fly out at a moments notice to serve some angry client.

It is stressful - but usually subsides very quickly - practically once the signing is over and the keys are handed over.

We were living probably with a 10K check book savings average about 8 years ago - after shopping, house payment, taxes, insurance.

I'm glad those days are over - but even though we were in debt - we did well with the real estate market at a time when the stock market was bad - between 96 and 2009.
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SmileyFace
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Re: How stressful is buying a home?

Post by SmileyFace »

If you take the time to understand the process it isn't stressful.
Some of the statements like "multiple call's to the attorney" I don't understand. I only worked with an attorney on closing day.
Our lender was collecting some info via FAX (that was years ago - now I assume you can scan and email PDFs) so I'm not sure why you would be "rushing to the lender". I only saw my lender (or a lender representative actually) on closing day. Perhaps your friends have special circumstances and are last minute Charlies (not to mention the fact they are buying more than they can afford).

For me it wasn't stressful - it was fun.
Now that I own my home (mortgage paid off) I also can live knowing that I am paying a fraction of the cost (in taxes and maintenance) than I would have to pay for rent for the rest of my life. Its a freeing feeling being a home-owner in my opinion.
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warner25
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Re: How stressful is buying a home?

Post by warner25 »

I haven't bought or sold a home, but I've moved a lot, and it's worth noting that moving is stressful in itself. Moving usually accompanies buying a home. The time, effort, and costs involved are high. Moving usually accompanies changes to your job, church, schools, doctors, utility providers, friends, etc. The clock is usually ticking to find the right place and get settled before you start at your new job, or before school starts, and a limited selection of homes at that time might require lots of disappointing compromises. Then there's the task of sorting through all your stuff (even if packing is hired out), deciding how to organize everything in the new home, choosing what to replace (e.g. furniture) to fit the new home, which itself likely involves lots of buying and selling.

Moving is a blank slate in many ways, which can be exciting, but still stressful. I have many family members who've been in the same house for decades, and I think the whole process of moving would crush them.

Negotiating a sale has higher stakes than negotiating a lease, so I can only imagine that buying and selling makes the above process more stressful.

Edited to add: The most actionable thing, in my opinion, is to regularly go through your stuff and get rid of what you don't use. Less stuff is just easier to move and fit into a new home. My aforementioned family members are drowning in stuff collected over many years.
Last edited by warner25 on Fri Apr 27, 2018 3:16 pm, edited 1 time in total.
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threebuns
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Re: How stressful is buying a home?

Post by threebuns »

mak1277 wrote: Fri Apr 27, 2018 2:17 pm If you're a person who routinely feels "stressed", then buying a home probably will be stressful. If you're not, it probably won't but unless you hit problems.

I've bought two houses and neither felt stressful in the slightest, but they were both turnkey, only minor issues with inspections, no problems with sellers, etc. etc. etc.
This is how my experience went. Like most things, if you've planned and actually have the money and credit, you should be fine. Things get stressful when you come home and your water heater is leaking, or mice are getting into your basement and eating your electrical wire, or any of the random surprises that pop up out of nowhere and cost you a lot of money. However, at the end of the day, it's your house and you'll care more to fix things right. All of the chores you used to hate around the house, actually become more enjoyable when the house is yours.
jaj2276
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Re: How stressful is buying a home?

Post by jaj2276 »

Buying a home isn't stressful. Owning a home is. Home ownership sucks.
emoore
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Re: How stressful is buying a home?

Post by emoore »

jaj2276 wrote: Fri Apr 27, 2018 3:14 pm Buying a home isn't stressful. Owning a home is. Home ownership sucks.
I don't find owning a home stressful. Maybe you should rent instead if you think it sucks.

I think selling a home is more stressful than buying. With buying you get to decide if you want the home, with selling you have to hope someone likes it at the price you are selling and doesn't back out.
jaj2276
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Re: How stressful is buying a home?

Post by jaj2276 »

emoore wrote: Fri Apr 27, 2018 3:20 pm
jaj2276 wrote: Fri Apr 27, 2018 3:14 pm
Maybe you should rent instead if you think it sucks.
Thanks.
mak1277
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Re: How stressful is buying a home?

Post by mak1277 »

threebuns wrote: Fri Apr 27, 2018 3:14 pm . All of the chores you used to hate around the house, actually become more enjoyable when the house is yours.
Completely disagree with this! All of those things are still horrible.
LiterallyIronic
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Re: How stressful is buying a home?

Post by LiterallyIronic »

I'm almost always stressed out.

During the house-buying process, I was stressing out that I was actually falling prey to an elaborate hoax to steal my down payment.

Now that I have a house, I'm constantly stressed about all the projects and to-do lists I have.

And the fact that I owe someone $145,000 (down from the $149,000 mortgage we took out in September) stresses me out all the time, even though our PITI is only $808 and we can cover it fine.

I'd say it's more stressful to own a home than to buy a home.
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Meg77
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Re: How stressful is buying a home?

Post by Meg77 »

It can be very stressful regardless of the financial stress, especially if you've never done it before. I'm a mortgage banker and I see this a lot. There are a lot of moving pieces, and it's an emotional purchase. Any number of the steps may cause stress:

1. Finding a home you like in your price range. This alone can take months of shopping, watching the apps, visiting open houses, and making small talk with eager smiling realtors the whole time.
2. Debating with the realtors about what features matter and what your price range is, scheduling visits, etc.
3. Deciding (very quickly) how much to offer, whether to negotiate a counter-offer, how much to bid if there's a bidding war.

Once you get a contract, the clock starts ticking toward closing! Usually you get 30 days to do all of the following:

4. Getting the inspection done and sifting through all the endless items cited. Re-negotiating the contract price or asking the sellers to pay for some of that (which involves many emails and texts between all parties and realtors).
5. Shopping around for a mortgage, figuring out what questions to ask, choosing a type of mortgage, deciding if putting down more is worth a lower rate or whether you want to keep more cash on hand, deciding whether to pay extra to lock in the rate, reviewing and digesting complicated disclosures that make it sound like you're making a huge mistake (in order to "protect the consumer").
6. Gathering all your financial statements for the lender. Replying to all their follow up questions.
7. Waiting for the appraisal. Finding out the appraiser says you should get an engineering report or foundation/roof inspection. Debating whether he's just trying to CYA or if that's really a cause for concern. Stressing amount the timeline.
8. Renegotiating the contract and changing the loan amount on the mortgage if the appraisal comes back low or you renegotiate closing credits or purchase price based on the engineering report. Changing the loan amount means redisclosing. Yay, more paper and emails and calls and texts!
9. Finding out at the last minute (because loan applications are never sent for final approval until after the appraisal is received) that the investor buying the loan (Fannie Mae, Freddie Mac, etc.) doesn't like what type of job you had last year or the way the mortgage lender calculated your average bonus comp, and the adjustments to your income mean you're declined. Or that the lender has to find another investor, which means a new rate and terms. Oh and rates have gone up since you applied and your rate lock just expired!
10. You have to push back closing a few days due to the mortgage drama. What, moving vans are already on the way and you have no where to live? Or the sellers play hard ball and threaten to cancel the deal and take a backup offer because you can't close on time? Oopsie!

Oh and somewhere in there you need to pack up your whole house, say goodbye to your neighbors, enroll the kids in a new school (if applicable), sell/trash your old furniture, shop for and buy new furniture and household goods if needed, shut off all your utilities, find a new home insurance policy - remember to cancel your renters/home insurance policy, oh and the best one - change your address on every single account you have. AHHHHHH!
Last edited by Meg77 on Fri Apr 27, 2018 3:46 pm, edited 1 time in total.
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JoMoney
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Re: How stressful is buying a home?

Post by JoMoney »

It's a big commitment.
The brokers commission and transaction related expense alone are sizable, and in some areas it can take months (or longer) to find a buyer at normal market prices.
If you're going into debt with a mortgage, the commitment is even bigger (although I've heard people argue that they've got nothing to lose, and that takes the edge off).
Having a plumbing disaster, or termites, or mold, or ... and knowing you're on the hook for it, rather than a landlord, can be stressful. Especially if you're already in over your head with a mortgage and no 'emergency fund'. You can get insurance to cover some things, but that can be another hassle - and then your rates go up :x
There are many good beneficial aspects to owning, but I don't think there's any deficit of people selling up the positive side of buying a home.
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quantAndHold
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Re: How stressful is buying a home?

Post by quantAndHold »

jaj2276 wrote: Fri Apr 27, 2018 3:14 pm Buying a home isn't stressful. Owning a home is. Home ownership sucks.
???

If it sucks, are you sure you’re doing it right? Maybe you’re doing it wrong.
Yes, I’m really that pedantic.
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greg24
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Re: How stressful is buying a home?

Post by greg24 »

jaj2276 wrote: Fri Apr 27, 2018 3:14 pm Buying a home isn't stressful. Owning a home is. Home ownership sucks.
What do you find stressful about owning a home? I have found it is less stressful than renting.
deltaneutral83
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Re: How stressful is buying a home?

Post by deltaneutral83 »

The housing issue is about what kind of leverage do you have. New job and 6 weeks to find a place 8 states away with no knowledge of the area and have no idea who to get as a realtor, probably stressful, I opt to rent for a year, cheap insurance policy. Hoarding cash and making an in town move with no time frame, a breeze. When the decision making process pendulum swings based on your needs to "market conditions/noise," this is where mistakes with zero's on the end get made.
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randomizer
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Re: How stressful is buying a home?

Post by randomizer »

I found it pretty stressful. And expensive. For both of those reasons, not planning on buying (or selling) again in my life. But we'll see if that intention holds out over the decades.
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barnaclebob
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Re: How stressful is buying a home?

Post by barnaclebob »

In two buys and one sell I don't think anything was that stressful besides waiting to hear on our offer and hoping nothing goes wrong because we wanted the house so bad. Used a great local mortgage officer and a realtor who had everything ready to go fast and on time. I can see how touring houses for 6 months and having to put in multiple offers can get a bit tiring and luckily I didn't have to do that either time.

Owning a home is not stressful either but I'm pretty capable at DIY so taking care of small stuff isn't a big deal.
SrGrumpy
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Re: How stressful is buying a home?

Post by SrGrumpy »

BogleMelon wrote: Fri Apr 27, 2018 1:52 pm
I have friends who are currently closing on a home. I am sure they are going to be house-poor because they can barely afford 3% down, and after that they will not have a single dollar in EF/cash!

They are so stressed out, rushing the lender before the deadline date, multiple calls to the attorney's, numerous emails to that, and tons text message to this, every single day..
It is pretty stressful, but also quite exciting, so the adrenaline rush keeps thing even. I was tapped out, too, had to get a cash advance on my credit card to take care of some closing costs. And I lived on peanut butter sandwiches for 6 months as I frantically paid off the second loan.

The only PITA was dealing with home inspection, and then contractors in the months/years afterwards.

Ignore what your friends are going through and live your own life.

P.S. Twenty-two years later and mortgage-free, I am certainly not in a rush to sell my place, or buy another one. Once was enough!
Nearly A Moose
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Re: How stressful is buying a home?

Post by Nearly A Moose »

Setting aside the “can I afford this” part and trying to figure out an offer price (hint: don’t stress over $5k unless it’s only a $75k home), the stressful part in my experience is just managing the process and the flurry of paperwork that you have to manage and check in the day or two leading up to closing. That’s no different than any other transaction that is relatively large for the people/companies involved, though.
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Afty
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Re: How stressful is buying a home?

Post by Afty »

We’ve bought two homes, and neither was very stressful. You have to view it as a business transaction and not take it personally if your offer isn’t accepted, the seller counteroffers, etc. Don’t fall in love with any particular house.

Personally I find my day-to-day work far more stressful than either real estate transaction.
Spirit Rider
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Re: How stressful is buying a home?

Post by Spirit Rider »

I am generally pretty laid back and my first house buying process was no different, until I was completing the paperwork at the closing.

I totally freaked out when I saw how much interest I was going to have to pay over 30 years. Interest rates were crazy. I was lucky to get a 12% VA loan. The mortgage was 2X my salary.

The raw fear in the pit of my stomach was combined with an adrenaline dump. The beads of sweat were literally running in my eyes and dripping on the documents. What was even crazier, it was the 1st of February in NH.

The realtor said I was as white as a ghost and was afraid I was going pass out and there goes her commission. Six (6) years in the military in the 70's with an occasional thought that we were all going to die, was less stressful than that day. Of course, that made Black Monday a walk in the park.

Everything in life is a learning process. My second house was 250% more. I was between contract gigs with no immediate prospects, with out a care in the world. I managed to get a no doc loan, because I was putting 25% down and buying one of the bank's many forclosures.
katnok
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Re: How stressful is buying a home?

Post by katnok »

jaj2276 wrote: Fri Apr 27, 2018 3:14 pm Buying a home isn't stressful. Owning a home is. Home ownership sucks.
Absolutely. I hate being a home owner, but tolerating it for the family.
mesaverde
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Re: How stressful is buying a home?

Post by mesaverde »

This Thursday I will close on my 2nd home purchase (all contingencies have been met and I was given final approval on the loan).
I knew what to expect from the lender & had my finances & paperwork in order, so dealing with the lender was not stressful.
I had watched the local market for years, and had a good understanding of the supply & demand of what I was looking for (and what a fair price was).

To me the most stressful part was deciding which home to buy (knowing that it is the largest financial transaction that I'll likely ever make & the commitment involved). I live in a very HCOL area and the "more affordable" 1 and 2br condos are selling like hotcakes... it's definitely a sellers market. Any desirable 1 and 2br condos are going under contract in less than one week... sometimes the day they go on the market. So one must have a very clear vision of what they need/want in a home and be ready to make a quick decision about which home to make an offer on & how much. Under current market conditions in my area if an offer has ANY contingencies, it is generally rejected by the seller.

As others have said, you can't get emotionally attached to a home. The 1st home I put an offer on had nine other offers & got bid up too high, so I walked away. With a 2nd home I put an offer on (and went under contract) I discovered that the immediate area was too noisy after hanging out there at different times of day/night. I was able to get out of the deal because of a condo contingency.

For me the 2nd most stressful part was deciding how much to put as a down payment. I generally agree with others that if you don't have 20% down, then you probably aren't ready to buy. I didn't have 20% down (only 5%) but decided that since I will still have an emergency fund in place & the ability to pay down the mortgage (to remove mortgage insurance) or build up liquidity, that it would be OK. To save 20% I would have needed to rent for 3-4 more years, & I was not willing to do that.
"Learn from the past, live in the present, plan for the future"
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WestUniversity
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Re: How stressful is buying a home?

Post by WestUniversity »

It’s as stressful as you allow it to be...
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BogleFanGal
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Re: How stressful is buying a home?

Post by BogleFanGal »

Let's just say I did it once 20+ years ago and dread the process of doing it again in the next few years, as much as I'd like to move out of this area. But I'm the opposite of spontaneous, so every big buying decision is grueling for me. I deliberate again and again and again before deciding. I always envy those laid back people that do a little research, choose a place - or a car - or a vacation destination - and move on with their life while I'm still sitting there thinking through every angle and making sure there's no better options. :D
"Life would be infinitely happier if we could only be born at the age of eighty and gradually approach eighteen." Mark Twain
jaj2276
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Re: How stressful is buying a home?

Post by jaj2276 »

greg24 wrote: Fri Apr 27, 2018 3:52 pm
jaj2276 wrote: Fri Apr 27, 2018 3:14 pm Buying a home isn't stressful. Owning a home is. Home ownership sucks.
What do you find stressful about owning a home? I have found it is less stressful than renting.
I've owned 3 homes. I've rented 3. Both ways have their pros/cons obviously but ownership is the more stressful to me. The 30-year commitment (or however long the mortgage is for), the endless need to "improve" the house, worrying about what's going to break next, etc. Obviously these can be remedied (don't take out a mortgage, take out a shorter mortgage, don't fall prey to feeling the need to improve the house, budgeting for these expenditures) but they're way more stressful to me than wondering if the landlord is going to decide to sell instead of continue to rent and/or how much he's going to raise the rent.

My response to the OP was to warn him/her that if they think the "process of buying" a home is stressful, the process of "owning a home" is way more stressful (and lasts way longer).
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pointyhairedboss
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Re: How stressful is buying a home?

Post by pointyhairedboss »

I have found it stressful when buying a house. Its a result of my slight distrust of professionals and my inability to satisfice. I spent a lot of time researching the professionals that would work for me during the process. I found my own agent, lenders, and house inspector. The easier path would have been to hire an agent off a friend referral and trust the professionals they recommend.

I compared fees and rates from multiple lenders, got several to make counter offers, and obtained a better mortgage than if I had gone on auto pilot with a lender recommended by my agent's employer.

I think I did well in the end, but it did cost me extra time and effort.

Now that I have bought a home, I don't feel much stress in owning it. I like the area I live in. I am comforted knowing that my mortgage is anchored by a fixed rate mortgage and I won't be priced out by rent hikes as the cost of living in the area rises.
dknightd
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Re: How stressful is buying a home?

Post by dknightd »

BogleMelon wrote: Fri Apr 27, 2018 1:52 pm
I have friends who are currently closing on a home. I am sure they are going to be house-poor because they can barely afford 3% down, and after that they will not have a single dollar in EF/cash!
Buying a home with no money left in the bank is silly. Or maybe just very very risky. They need money in the bank. There will be unexpected expenses.
If you value a bird in the hand, pay off the loan. If you are willing to risk getting two birds (or none) from the market, invest the funds.
furikake
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Re: How stressful is buying a home?

Post by furikake »

Only when we were building a new house, not when we were just buying an established home. I don't think you'd get stressed out if you're buying a home you want, I'd think "excitement" would be the word to use instead of "stress."
Spirit Rider
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Re: How stressful is buying a home?

Post by Spirit Rider »

Who else is like me and shares the stress by reading every word of every document I am signing. Despite protests of; "Nobody does that at closing, the reply "Well, I do."
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