Renting vs buying in 2017

Zola. · 27 February 2017 at 12:23PM

saverbuyer wrote: »

I suppose it depends on where you define South Belfast to be but my idea of SB i.e. city south belfast, Malone, Stranmillis, Ravenhill and Rosetta, it will easily be 50-100% more than that for a decent semi. If you want to include the parts outside of actual Belfast city then it's obviously a lot cheaper.

It's a tough one. I bought in south belfast. Significantly more expensive for me than renting. I'd say I've spent an easy 100K building an extension and getting the house up to decent spec. My rates are also around 3k a year. I'm still happy I bought, because a it keeps the other half off my back and b I've been able to learn a bit of DIY. I doubt I'll be here long enough to recoup the money I've spent but that's just the way it goes.

To the OP. You'll be looking at 150k on top of your 120k to get a decent semi near the uni you won't need to do much too. So you'll need to be earning around 30k+. If the sums work for you, go for it. Get a lodger in if you want.

Four winds is a good area and there are always houses for sale. 2 miles from city centre with direct buses every 15 mins. As OP says he is single, he wouldnt need a big old mansion as well. :beer:

saverbuyer · 27 February 2017 at 12:37PM

Zola. wrote: »

Four winds is a good area and there are always houses for sale. 2 miles from city centre with direct buses every 15 mins. As OP says he is single, he wouldnt need a big old mansion as well. :beer:

It's about 4 miles. You're nearly in carryduff but still an option. I got the impression the OP was thinking about the area nearer Queens. Standard semis in SB are closer to 250k. Mansions are a mill plus.

qwert_yuiop · 27 February 2017 at 12:45PM

SnowyOwl wrote: »

It's difficult to predict the future especially based on future unique events, ie Brexit.

Here's another cliche - it's difficult to make predictions, especially about the future. Attributed to George W, back when the USA had a sensible president (!) but probably at least 2000 years older.

This brexit - no one knows anything. I see Theresa is planning on restricting eu freedom of movement before the summer. Does this include across the border here? Who knows?

qwert_yuiop · 27 February 2017 at 12:51PM

[QUOTE=Zola.;72170075

I rented for 15 years between uni and my first job etc,

If I had £120,000 sitting ready, the last thing I would be doing is renting and eating into those funds.[/QUOTE]

Yoicks. Fifteen years between univ and your first job. What did you do for money?

Who knows what he's doing with his 150 - maybe he's coining it on the stock market or currency trading. Even to have it sitting in euro since before the vote or a high yielding share like Shell would have easily out weighed the cost of renting.

Zola. · 27 February 2017 at 1:11PM

haha no I mean all in, during university (4 years), and then working and renting for the rest with friends.

qwert_yuiop · 27 February 2017 at 4:52PM

Interest is the money you pay to the bank to rent their house from them, and unless the house is increasing in value at a higher percentage than your interest rate, is equally eligible to be considered as thrown in the sheugh.
Even if you're in the happy position of being able to write a cheque for your house without going anywhere near the bank, opportunity cost also applies.

Zola. · 27 February 2017 at 5:15PM

...but you get something at the end of it!

funkey_monkey · 8 March 2017 at 11:55PM

Thanks for all the replies.

I think I'm going to start looking online first to see what is out there for me. I'm still totally confused as to whether I should opt for a house or an apartment.
Decent apartments in good small complexes seem to be quite expensive compared to the size and space that can be got for house in the same area in a similar price bracket.

I'm trying to consolidate my views on whether the size and freedom of a house is worth the additional maintenance costs incurred and also the potential security risk posed by more visible signs of an empty property when compared to an apartment.

I tend to go away for long holidays - when I do go - and I feel that an apartment can be left unoccupied with less visibility than a house.

Yes, apartments have maint fees, smaller spaces etc, but for someone just returning from work and only got weekends free is it a plus to have a smaller space or is the additional upkeep of a house worthwhile?

I just don't know and I've yet to see an apartment complex which takes my fancy. Large sprawling sites do not take my fancy!

Zola. · 9 March 2017 at 9:53AM

Apartments can be a nightmare, I know a guy who had one and all his neighbours were noisy.

High heels banging about above his living room, kids screaming beneath his living room, neighbours fighting next to his bedroom.

Its a roll of the dice as to who you will be beside.

qwert_yuiop · 17 March 2017 at 12:32AM

The university of Ulster report is out, and it seems prices are on the slide again - Belfast down 4.2% in the last year.

Renting vs buying in 2017

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