Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Invest

The mental impact of buying a home

By Cameron Micallef · October 15 2019
Reading:
egg

Invest

The mental impact of buying a home

By Cameron Micallef
October 15 2019
Reading:
egg
Mental impact of buying a home

The mental impact of buying a home

author image
By Cameron Micallef · October 15 2019
Reading:
egg
Mental impact of buying a home

While the “Australian dream” might be to own a home, one in two Aussies is feeling the mental and emotional stress from trying to enter the market, it’s been revealed.

Allianz has conducted research which showed 55 per cent of those surveyed said they would rather stay in their current home longer instead of starting a buying process for another property because of the impact it would have.

According to Rachael Poole, general manager of home and lifestyle at Allianz Australia, buying a property is one of the most stressful life events for Australians.

But there is light at the end of the tunnel for buyers, she said.

“While this stress is understandable, know that it should be reasonably short-lived, with half of people purchasing their home within six months of beginning their search for a home.”

Advertisement
Advertisement

The Allianz research found Aussies are choosing to talk to family and friends (42.8 per cent) and re-adjusting their expectations (25.5 per cent) to lower their stresses that are related to home buying.

For Allianz’s wellbeing advocate, Dr Sarah McKay, this adjustment of expectations is a positive action on the part of home buyers who are looking for coping strategies.

She noted that human brains are wired to make emotional connections.

“We are social creatures, so connecting with family and friends throughout the buying journey can help alleviate stress,” Dr McKay said.

How can you manage stress along the way?

The wellness advocate has provided five tips for managing the stress of purchasing a new home.

1. Re-think your stress response – see the positive in the challenge that may be causing stress; for example, a beautiful home for the family at the end of the buying process.

2. Build your tolerance for uncertainty – the practice of tolerating a small amount of uncertainty is similar to building a muscle. The doctor said you can practise this by letting someone else choose your dinner from a menu or spending a day without researching real estate listings.

3. Connect with others – moving is one life event to which most people are able to relate. Even if you feel you lack time or mental energy to socialise, Dr McKay advocates for having a coffee with a friend, asking someone to help pack crockery, or letting yourself cry on a supportive shoulder over a dream home being lost in an auction.

4. Practise gratitude – counting your #blessings is not just for the Instagram fans. Mental health researchers will tell you that the practice of directing your attention towards the good matters in your life and feeds positive emotions.

5. Finally, let yourself grieve – Dr McKay said it’s okay to let yourself feel the impact of not getting the house you wanted.

The mental impact of buying a home
Mental impact of buying a home
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article
author image

About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join the nestegg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

LATEST POLL

Are you seeking alternatives to equity and property in the next 12 months?

Yes - 44.4%
No - 55.6%

Total votes: 473
The voting for this poll has ended

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.