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  • FIRST POST
    • funkey_monkey
    • By funkey_monkey 24th Feb 17, 10:10 PM
    • 286Posts
    • 24Thanks
    funkey_monkey
    Renting vs buying in 2017
    • #1
    • 24th Feb 17, 10:10 PM
    Renting vs buying in 2017 24th Feb 17 at 10:10 PM
    Hi,

    I've been looking at purchasing a property a number of times, but due to fear and then job security woes (which ended with being made redundant) I have never yet bought.

    I'm now thankfully back in work but just renting a room with a friend whilst I get back on my feet again.

    I'm now looking to move onwards into my own place. I've been looking to rent somewhere in Belfast (I work in the city centre) but I've found that the rental prices make a mortgage a cheaper option for me. (got ~£120k set aside for a place).

    I'm just wondering with Trump, Brexit, folk on the hill, etc where is our property market going - especially in Belfast.

    Am I best to go and rent for 6 - 12 months (costing approx £4,800 in rent - assuming £800pcm for a decent city centre apartment rented for 6 months - although it will more likely be a 12month contract which relieve me of £9,600) or should I start now looking for a property to purchase?

    I'm a single person. I would be looking in S/SE Belfast - as being an ex uni student its the only area I know in the city where I'd be comfortable enough to drop anchor and >£150,000.

    What is currently happening on our local market - are they going above/below asking? Staying on long? Bidding wars?

    I've read that a shortage of supply is maintaining high prices. However, with the uncertainity of Brexit looming in the distance is there any scope for a downturn? I'm aware though that the BoE gov has recently upgraded his outlook on Brexit effects.

    So should I rent or buy?
Page 3
    • qwert yuiop
    • By qwert yuiop 9th Aug 17, 3:20 PM
    • 2,097 Posts
    • 1,217 Thanks
    qwert yuiop
    Let's face it no one has the slightest clue what way Brexit is going to affect Northern Ireland. However, given a couple of hundred of grand, I'd buy a house in Newry..
    It seems almost certain to me that the pound will take a fairly big hit, and as many companies may relocate to southern Ireland, I'd image the thought of living in Northern Ireland and getting paid in Euros would be a popular choice.
    And if you can get to the centre of Dublin in an hour without driving, Newry seems like a mighty good option....
    Originally posted by chunter
    Here's the supreme fantasy (DUP style) - we'll be out of the EU, out of the customs union, out of EFTA....and we'll have an open border. Sorry, lads, that's like expecting water to flow uphill. Given all of the above, how long will it take to get from newry to Dublin by road? Train might be a little different of course.
    • qwert yuiop
    • By qwert yuiop 9th Aug 17, 3:22 PM
    • 2,097 Posts
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    qwert yuiop
    They've done it again... the bel tel has just reported a drop in house prices. They must have a new editor. Possibly now there's no property ads, they're free to tell the truth.
    • Suplex Backbreaker
    • By Suplex Backbreaker 10th Aug 17, 2:23 PM
    • 101 Posts
    • 77 Thanks
    Suplex Backbreaker
    Here's the supreme fantasy (DUP style) - we'll be out of the EU, out of the customs union, out of EFTA....and we'll have an open border. Sorry, lads, that's like expecting water to flow uphill. Given all of the above, how long will it take to get from newry to Dublin by road? Train might be a little different of course.
    Originally posted by qwert yuiop
    To be fair, for all the huffing and puffing from Varadkar, the RoI is in deep, deep trouble unless there is some sort of free-market access for it to the wider market in GB. A massive amount of Irish exports go there, it's the single biggest export market. The border issue is more symbolic, but of course of relevance to local businesses based near the border.

    The Irish government should be working for an open border with NI and lobbying hard for access for the UK to the single market, or at least some sort of bilateral deal.

    However, I suspect they will abdicate responsibility to Strasbourg in return for some 'compensation' to mollify the Irish public and even more cushy jobs in the European Commission for Irish politicians when they leave office.


    Of course, the easiest way to have a completely open border would be for the UK government to operate customs checks for freight traffic between NI and GB and do a deal with the Irish govt on a joint policy for immigration control over the British Isles as a whole .. but that would most likely send Unionist politicians into apoplectic fits.

    I can see the whole vexatious border issue stirring up real trouble in NI society if there isn't some sort of mutually acceptable deal reached.
    • andrewf75
    • By andrewf75 10th Aug 17, 2:27 PM
    • 7,764 Posts
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    andrewf75
    It just astounds me that the UK government so quickly ruled out remaining in the single market, because that seems to be the only sensible option. People only voted to leave the EU. They need to stop indulging in the fantasies of the extreme Brexiteers and get a grip on reality.
    • Wookey
    • By Wookey 10th Aug 17, 4:04 PM
    • 804 Posts
    • 404 Thanks
    Wookey
    It just astounds me that the UK government so quickly ruled out remaining in the single market, because that seems to be the only sensible option. People only voted to leave the EU. They need to stop indulging in the fantasies of the extreme Brexiteers and get a grip on reality.
    Originally posted by andrewf75
    I don't care much either way and didn't vote in the referendum but i would hazard a guess that being able to trade freely with 500 million people or 5 billion had something to do with it.
    Norn Iron Club member No 353
    • andrewf75
    • By andrewf75 10th Aug 17, 4:18 PM
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    andrewf75
    I don't care much either way and didn't vote in the referendum but i would hazard a guess that being able to trade freely with 500 million people or 5 billion had something to do with it.
    Originally posted by Wookey
    We can trade just fine with the whole world now. Of course I get that brexiteers want to strike their own trade deals which we couldn't do outside the single market, but is the economic damage of leaving the single market worth that?
    • qwert yuiop
    • By qwert yuiop 10th Aug 17, 6:08 PM
    • 2,097 Posts
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    qwert yuiop
    To be fair, for all the huffing and puffing from Varadkar, the RoI is in deep, deep trouble unless there is some sort of free-market access for it to the wider market in GB. A massive amount of Irish exports go there, it's the single biggest export market. The border issue is more symbolic, but of course of relevance to local businesses based near the border.

    well that explains the huffing and indeed the puffing

    Of course, the easiest way to have a completely open border would be for the UK government to operate customs checks for freight traffic between NI and GB and do a deal with the Irish govt on a joint policy for immigration control over the British Isles as a whole .. but that would most likely send Unionist politicians into apoplectic fits.

    .
    Originally posted by Suplex Backbreaker
    Wonderful. Goods can be shipped into warrenpoint tariff free, then run over that beautiful open border.

    This is not going to happen.
    • duggan1
    • By duggan1 11th Aug 17, 10:35 AM
    • 396 Posts
    • 254 Thanks
    duggan1
    I don't care much either way and didn't vote in the referendum but i would hazard a guess that being able to trade freely with 500 million people or 5 billion had something to do with it.
    Originally posted by Wookey
    Most of the 5 billion either don't have a pot to !!!! in or probably don't need financial services or an Aston Martin.
    • Ticked
    • By Ticked 11th Aug 17, 11:06 AM
    • 423 Posts
    • 244 Thanks
    Ticked
    All that's needed is is an Irexit - border problem solved!
    • qwert yuiop
    • By qwert yuiop 11th Aug 17, 11:52 AM
    • 2,097 Posts
    • 1,217 Thanks
    qwert yuiop
    All that's needed is is an Irexit - border problem solved!
    Originally posted by Ticked
    Well, that's true, but I can't see that happening, but I couldn't see Leave winning either.

    The best result may be Brexit not happening at all, which is also not impossible.
    • Wookey
    • By Wookey 11th Aug 17, 12:56 PM
    • 804 Posts
    • 404 Thanks
    Wookey
    Most of the 5 billion either don't have a pot to !!!! in or probably don't need financial services or an Aston Martin.
    Originally posted by duggan1
    As opposed to the majority of EU countries citizens who need those things? After Poland (6th overall) the populations of EU countries drops of massively over the next 22 places. Lol there could be a fortune to be made selling pots maybe for someone.
    Norn Iron Club member No 353
    • tara747
    • By tara747 12th Sep 17, 5:37 PM
    • 10,073 Posts
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    tara747
    All that's needed is is an Irexit - border problem solved!
    Originally posted by Ticked


    Not a cat in hell's chance
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £2,109.36
    • qwert yuiop
    • By qwert yuiop 12th Sep 17, 8:45 PM
    • 2,097 Posts
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    qwert yuiop
    Not a cat in hell's chance
    Originally posted by tara747
    I have to admit I said that about brexit. And about trump. So I will not discount anything.
    • mezza101
    • By mezza101 13th Sep 17, 3:30 PM
    • 151 Posts
    • 108 Thanks
    mezza101
    They've done it again... the bel tel has just reported a drop in house prices. They must have a new editor. Possibly now there's no property ads, they're free to tell the truth.
    Originally posted by qwert yuiop
    Location, location, location
    • tara747
    • By tara747 13th Sep 17, 4:04 PM
    • 10,073 Posts
    • 26,614 Thanks
    tara747
    I have to admit I said that about brexit. And about trump. So I will not discount anything.
    Originally posted by qwert yuiop


    I'll stick my neck out and say that it won't happen.
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
    Save £120,000 by 31 Dec 2017! Dec 2011: £54,342 * Dec 2012: £62,200 * Dec 2013: £74,127 * Dec 2014: £84,839 * Dec 2015: £95,207 * Dec 2016: £109,122
    eBay sales - £4,559.89 Cashback - £2,109.36
    • funkey_monkey
    • By funkey_monkey 24th Sep 17, 11:05 PM
    • 286 Posts
    • 24 Thanks
    funkey_monkey
    Hi back again. Since the initial post I've been commuting long distance or living as a tenant in a shared property - not ideal, but better than commuting.
    As I am contracting I needed some more time in order to get finances and some stability behind me prior to applying for a mortgage.
    I'm now at the stage where buying is a serious consideration for my next move. I can no longer go on renting as rooms are becoming outside my age range and renting solo is probably as expensive as a mortgage.

    Anyhow, in my mind I think that a good apartment around Stranmillis/Malone/Ormeau would be a first choice. If I have to go out much further than the area encompassed by that arc then I guess a semi becomes a more sensible option.

    Where in this area are the decent apartment blocks - top of Annadale - or is there such thing as a decent apartment block?

    Roughly how much could I expect to be paying in maintenance fees for an apartment?

    Thanks for keeping the thread going - it is interesting reading.
    • funkey_monkey
    • By funkey_monkey 1st Oct 17, 9:15 PM
    • 286 Posts
    • 24 Thanks
    funkey_monkey
    Hi again, I'm now in a position where I need to find new accommodation. I've been looking at rentals in the region of £500 - £600pcm. Going to see one which is Economy 7 heating - are they as much of a disaster as I've been told?

    However, considering that I would be putting out £6k approx over the next year in rent should I resist renting and push to purchase instead? Honestly, I'm still in a bind as to whether to pursue an apartment or a house (semi).
    • Old Git
    • By Old Git 1st Oct 17, 11:13 PM
    • 4,250 Posts
    • 3,714 Thanks
    Old Git
    Hi again, I'm now in a position where I need to find new accommodation. I've been looking at rentals in the region of £500 - £600pcm. Going to see one which is Economy 7 heating - are they as much of a disaster as I've been told?

    However, considering that I would be putting out £6k approx over the next year in rent should I resist renting and push to purchase instead? Honestly, I'm still in a bind as to whether to pursue an apartment or a house (semi).
    Originally posted by funkey_monkey
    If I was buying I would go for a house before I would buy an apartment
    "Do not regret growing older, it's a privilege denied to many"
    • andrewf75
    • By andrewf75 2nd Oct 17, 10:36 AM
    • 7,764 Posts
    • 13,034 Thanks
    andrewf75
    If you can afford to buy, buy, it really is that simple
    • qwert yuiop
    • By qwert yuiop 2nd Oct 17, 12:43 PM
    • 2,097 Posts
    • 1,217 Thanks
    qwert yuiop
    If you can afford to buy, buy, it really is that simple
    Originally posted by andrewf75
    You're not from round here, are you?
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