Almost Purchased My First House.

crusty_toenail

Satscene wrote: »

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!

Satscene, you are spot on!

former_student wrote: »

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.
.

What evidence?! I haven't found any!

x12yhp

former_student wrote: »

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 evidence seems to be that, at least in Belfast, sellers have been unwilling to accept the market offers and the number of transactions is tiny.

tara747

former_student wrote: »

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.

Er, it is not a steal at £123k! :eek:

x12yhp wrote: »

The evidence seems to be that, at least in Belfast, sellers have been unwilling to accept the market offers and the number of transactions is tiny.

That means nothing except that those sellers are unwilling to accept that the value of their house has dropped and 'the market' will not support their silly valuations.

x12yhp

tara747 wrote: »

That means nothing except that those sellers are unwilling to accept that the value of their house has dropped and 'the market' will not support their silly valuations.

Oh I know that only too well. My point was that any talk of 'recovery' at the moment is, to the statisically knowledgeable, guesswork!

former_student

If the OP is buying it for a decent length of time e.g. 3-5+ years, I don't see how this can be viewed as such as poor purchase.

leftieM

former_student wrote: »

If the OP is buying it for a decent length of time e.g. 3-5+ years, I don't see how this can be viewed as such as poor purchase.

It's only a poor purchase if they think they will make any money from it if they sell in 3-5 years time.

tara747

former_student wrote: »

If the OP is buying it for a decent length of time e.g. 3-5+ years, I don't see how this can be viewed as such as poor purchase.

Make it 10-15 years and you may be right.

x12yhp

former_student wrote: »

If the OP is buying it for a decent length of time e.g. 3-5+ years, I don't see how this can be viewed as such as poor purchase.

This is a common belief. If money is not a problem, then so be it. But if not... compare the situation to someone who waited and paid 15% less. Doesn't seem such a good purchase anymore...

SnowyOwl_2

A house is for living in, and as long as YOU are happy with the price you paid and the house you bought and you can afford it then that's all that matters. If you bought it as an investment then it's a bit of a risky strategy as nobody knows how the house market is going to perform in the future. But if it's home then it doesn't matter if it goes down by 50% next year then quadruples in value in three years time or whatever, you will still be happy in your home.

tara747

SnowyOwl wrote: »

A house is for living in, and as long as YOU are happy with the price you paid and the house you bought and you can afford it then that's all that matters. If you bought it as an investment then it's a bit of a risky strategy as nobody knows how the house market is going to perform in the future. But if it's home then it doesn't matter if it goes down by 50% next year then quadruples in value in three years time or whatever, you will still be happy in your home.

In this case the OP is thinking of buying to let, not to live in. So you are right, it is a risk. Especially right now, with interest rates practically guaranteed to rise at some stage.