Almost Purchased My First House.

shaz77_2

I'm close to purchasing a detached bungalow, three bedrooms, in good condition with a gigantic back garden. Its on the outskirts of a large village and is close to all main towns within the county.

Agreed price was 123K, asking price was 145K, I hope I'm making the right decision.

tara747

Are you looking for reassurance? If it's right for you, then go for it and be happy.

As for whether it's value for money, that depends what village it's on the outskirts of. Can you be more specific?

Personally, I think this crash has a way to go here in NI, so I am not buying for a while yet. This is based on a lot of research and I am confident that I am doing the right thing for me. But that's just my decision.

thriftyminx13

I think if you can afford the repayments and you want the space then go for it. A few of my friends have bought recently and know that the prices they paid have dipped but not too dramatically but they don't care because they don't plan on moving soon.

I think it sounds great, I'm jealous of the garden and the fact that its detached!
Good luck!

ballyblack

£123K, must be value for money?

Don't think you could buy a large plot anywhere, then build a detached small home on it for this small amount of money

Satscene

On the face of it it sounds not far away.

Do a RV check here http://vlistdcv.lpsni.gov.uk/search.asp?submit=form

I wouldn`t want to be paying much more in this present climate.

Good luck!

shaz77_2

Thanks for your feedback guys.

There are so many different costs to factor in solicitor bills, home buyers survey etc, it will probably amount to an additional £2000.

I am hoping to lease out the house for a while once I purchase it as I am not in a hurry to move in and the money from renting would be useful.

tara747

shaz77 wrote: »

Thanks for your feedback guys.

There are so many different costs to factor in solicitor bills, home buyers survey etc, it will probably amount to an additional £2000.

I am hoping to lease out the house for a while once I purchase it as I am not in a hurry to move in and the money from renting would be useful.

Uh oh...

This is not a good time to be a BTL landlord. Why do you want to do it? How much are you borrowing out of the £123k?

Unless you have a long fixed rate, be prepared for interest rates rising and your mortgage payments will rise too. Also, do you know that the rent you can achieve will cover the mortgage, rates and any expenses associated with maintenance etc? Are you covered for void periods?

Do you even know if there is a good rental market where the house is? Unless you are in an area with lots of students/young professionals (i.e. Belfast etc) you are more likely to have void periods when the house will not bring in any rental income. Also, your tenants are unlikely to want to maintain a huge garden, unless you offer a good discount on the rent.

Think carefully about this and do your own research.

baby_fuzz

also you should check if your mortgage provider will give you permission to let unless you are buying a BTL mortgage...

crusty_toenail

If you don't have to buy a property - as you say you are not in any rush, DON'T! Please at least wait until end 2010 - house prices have a long way to fall here!! Save yourself some money and hastle of neagative equity!!!!

BigAl94

crusty_toenail wrote: »

If you don't have to buy a property - as you say you are not in any rush, DON'T! Please at least wait until end 2010 - house prices have a long way to fall here!! Save yourself some money and hastle of neagative equity!!!!

Totally agree, the wheel will come off here big style when NAMA take over the bad books of southern property speculators who invested heavily in NI property.The resulting fire sale will drive down property prices here.

former_student

I don't believe we should be too negative regarding house prices in NI, yes they have dropped, but the trend has slowed down quite a bit and there is evidence in some areas of prices going back up again.

The OP seems to have done quite well £123K for a detached bungalow with a decent garden is a steal, if they moved into the house and perhaps leased out one of the rooms then I believe it is a good move.

Remember the average price for a detached house in NI is around 160K so what has been suggested above seems to be a very good deal.