The psychology of buying a house: Is it a key to happiness or just a source of stress? (2024)

FAQs

What is the psychology of buying a house? ›

The Emotional Appeal of the Home

Potential buyers are often drawn to a house based on their feelings and intuition. They may fall in love with a home because it's cozy or the perfect size for their family. While location and size are logical considerations, a home's emotional appeal is hard to ignore.

Many studies over the years have shown that homeowners are, on average, happier than non-homeowners. In my own calculations, using the General Social Survey, 21 percent of people who own their home are “very happy,” compared with 16 percent of those who pay rent.

Emotion will typically drive your desire to buy a home. You might feel frustrated with your current living space or excited about the opportunity to experience life in a different area. Here are some of the most common reasons for making the jump into homeownership: You're tired of renting.

Almost four in 10 recent homeowners (37%) said buying a home was one of the most stressful life events they had experienced – worse than looking for a job (28%), planning a wedding (23%), and having a child (18%). Read more: First-time buyers more stressed.

According to KSL, securing a home and a mortgage is among the top 10 most stressful life events. The stress of buying a house ranks right up there with having a child or changing jobs. We get it. Buying a home, moving, taking on a mortgage—it all happens almost at once.

Historically, the biggest advantage of owning a home is long-term financial security. For decades, home ownership in America represented stability because the housing market almost always went up in value, rewarding homeowners with equity and also a way to borrow money, should the need arise.

Nearly 75% of Americans say that owning a home is a more significant measure of achievement than having a successful career or even raising a family, according to a survey from Bankrate.com of about 2,500 adults.

Being able to feel relaxed and calm is essential for happiness at home, in fact 90% of those most satisfied with their home say their home always or often makes them feel relaxed. When looking at which spaces can offer us the chance to switch off, research found the living room and bedroom to be most important.

When we think of our home we should have thoughts filled with happiness, contentment, warmth, love and security. It's more than just four walls and a place to eat and sleep, but it's where relationships are developed and where some of our biggest life events happen.

When you buy a house can you change your mind? ›

You may use the form provided to you by your lender or a letter. You can't rescind just by calling or visiting the lender. Within 20 calendar days after your lender receives your notice of rescission, all money or property you paid as part of the mortgage transaction must be returned to you.

The legal process

Complex legal processes undoubtedly add to the stress of buying a home. Whether you're chasing solicitors for important documents or sorting through lengthy paperwork, it's arguably the most time-consuming aspect of the homeownership journey.

In spite of that, many people did manage to purchase a home in 2022. But according to a new report by Hippo, 78% of those who did wound up having regrets.

In 2022, the average age of first-time homebuyers was 36, according to the National Association of Realtors (NAR). This is up from 33 in 2021. A more notable stat, however, is that only 26% of homebuyers in 2022 were first-time homebuyers — the lowest percentage since the NAR started tracking the metric.

When you're in your middle years or older, chances are you'll have a higher, steadier income and a better idea of where you'd like to settle down than when you were first starting out. You'll also leave yourself time to build excellent credit, which may qualify you for the best available mortgage rates and terms.

Sometimes the hardest part about buying a home isn't finding it, it's getting it. That means there are too few homes and too many people needing a place to live. That means there are more buyers than sellers.

Here are seven benefits of owning a home:

More stable housing costs. An appreciating investment. Opportunity to build equity. A source of ready cash.

Pay for improvements that add value to your home. Consolidate high-interest rate credit card debt. Cover the cost of college educations or start businesses. Purchase a vacation home rental property.

Why am I not happy at home? ›

There can be a lot of reasons for being unhappy at home, maybe you're not being allowed out or being kept to strict curfews or bedtimes that you feel you're too old for. Maybe you're feeling like no one is there when you need them, you're being hit or arguing with other family members.

1. The Location. They say the three most important things to think about when buying a home are location, location, location. You can change almost everything else, but you can't change your home's location.

Yes, feeling buyer's remorse after buying a house is perfectly normal. Many homebuyers doubt their decision, even if initially they were ecstatic at finding the home. Buyer's remorse creeps in, especially after large financial decisions.

Homeownership also gives you and your family a sense of stability and security. It's investing in your future—equity that will grow with you the longer you are in the home. The more cash you put toward the home, the better the interest rate you could get. A low down payment increases the lifetime cost of your mortgage.

Find a sustaining and satisfying job; do your best to live in a happy place; surround yourself with social support; take care of your health; and be generous (in spirit, time and money) in order to pave your own personal road to happiness.

There are certain fundamental things in life that are more likely to make us feel happy. For example, if your basic needs are met through things like financial stability, good health, and a sense of fulfilment and purpose in daily life, then chances are you'll probably have a generally happier and positive outlook.

Home is not just a place where we live but it's a place in our hearts where we keep our loved ones close to us by that I mean it's the feeling of their presence around us which is what we miss the most.

How do I stop being emotionally attached to my house? ›

Buying your first home is a major milestone, and it's completely normal to feel intimidated or overwhelmed.

It's your house — you can sell it. Or not sell it. You won't be penalized by listing sites, and if you change your mind in the future, relisting your property won't be any different.

Some of the reasons include: not having a down payment, having bad credit or a high debt ratio, having no job security, and renting being 50% cheaper. Other reasons include: moving frequently, being in an unstable relationship, being in a declining market, traveling a lot, or the fact that everyone else is doing it.

Buying a house gives you ownership, privacy and home equity, but the expensive repairs, taxes, interest and insurance can really get you. Renting a home or apartment is lower maintenance and gives you more flexibility to move. But you may have to deal with rent increases, loud neighbors or a grumpy landlord.

In general, you'll likely find it cheaper overall to buy an existing home, but that also depends on the market. A home loan is less risky than a land loan, and typically comes with a lower down payment and better interest rate.

Why is selling a house so emotional? ›

Perhaps your home feels like an extension of who you are, so selling feels like letting go of a piece of your self-identity. In other cases, financial woes could make downsizing feel like failure, where it's hard to let go and agree to a deal.

Being a first-time home buyer may cause stress and anxiety for many people. But if you fall into this group, it's important to remember you're not alone. It's normal to be scared. Buying a house is a big financial commitment, so feelings of apprehension are both valid and understandable.

Shopping for a home is a stressful experience even in normal times. Partly it's the sheer size of the transaction — a house is the largest single purchase that most people make. Then there are the emotional considerations about lifestyle issues such as commute times, school quality, and neighborhood crime rates.

Almost half of homebuyers wish they'd done this before closing. Don't make their mistake! A Zillow study found that 75% of homebuyers have regrets. Whether they paid too much or bought too soon, these people wish they had a real estate redo.

Two million Californians are living a dream scenario for the American Dream: They own their home free and clear of a mortgage. New census stats show 29 percent of all owner-occupied residences in the state were mortgage-free last year, up from 23 percent a decade ago.

A shocking 72% of homebuyers who purchased in 2021 or 2022 are reeling with regret over their home purchase, according to a study from Clever Real Estate.

The house can be a powerful symbol of the self, and often serves that purpose in dreams and art. The outside of the structure is that part of our personality that we show to others. The interior is what we think and feel inside. Our unconscious desires and fears hide in the basem*nt.

The environment with which we surround ourselves is very often a direct expression of where we are emotionally and psycho-spiritually—our global state of mind. If we are distracted, we tend to lose things.

Much of an individual's personality patterning originates at home. Not only does the child inherit certain family potentialities, but during his developing years, his attitudes, beliefs, ideals and overt behavior reflects the influences on him of home experiences.

What are the six main factors to consider when choosing a house? ›

While owning a home is a big step that requires high upfront costs, there are plenty of long-term advantages that aren't always obvious. Aside from getting a place to call home, buyers also build equity, have predictable housing payments, and enjoy several other perks.