new development is now wrong time to buy in Northern Ireland

Indo77

Hi all,

We really need to move at some point, was never the plan to stay in this property long term, (not sure if we would get it sold it would probably suit a first time buyer). We went and looked at a new development in Belfast recently and our still considering it, the houses would not be ready for 9-12 months. Are we crazy even thinking about it?

motorguy

we're just finished building a new house.

Big issue is getting a mortgage.

leftieM

It's not crazy to think about it. You just need to be very realistic about your budget. Whatever the capital value of your house (the figure that the rates agency uses to work out your annual rates bill) will give you a ball-park figure as to what your house is currently worth (although this is the worst-case scenario).

You could book a house and risk losing the 500 or whatever they take if you can't sell your house. As long as you don't sign anything commiting you to actually buying the house you should be okay.

You might find that the house is worth less in 12 months than you have commited to pay for it. Then again it could be worth more (although this is highly unlikely unless they strike oil in the back garden!)

missma

Whoops I started this thread on my husbands account he must have been logged in, do not think I can change it!
Yea is hard to know, I asked if there was negotiation on price but they said no. It is 500 quid booking fee, does say 10% deposit after 8 weeks but estate agent says no way they could make you pay that up front if you are selling.
Oil in bag garden I wish lol.:rotfl:

teaspoon1

Indo77 wrote: »

Hi all,

We really need to move at some point, was never the plan to stay in this property long term, (not sure if we would get it sold it would probably suit a first time buyer). We went and looked at a new development in Belfast recently and our still considering it, the houses would not be ready for 9-12 months. Are we crazy even thinking about it?

Where is the development? Do you have to make a decision now? Houses are not selling, don't pay the first price the developer asks for, haggle hard. Also, if you decide to go for it, make sure you sell your house first unless you can afford to finance both at the same time. Go into rented accomm if you have to.

Good luck.

missma

Is in Belfast well outskirts, there are going to be a few phases 2 already released. Thing is I wonder will they have to put prices down with economic climate, some off them are well out of our price range would only be a smaller one we could afford. Or do we stay here for now but then when would be right time? Thinking out loud lol.

tara747

Negotiate hard with them! Find out how they're doing, if they need cashflow they will be flexible on price. You may find you can afford more than you think...

BigAl94

Hold off - property prices will fall 20% over the next year. Negotiate hard with a seller especially if no chain and you are in a position to complete. Interest payments due quarterly from early December and developers need cash to fund so put in a low bid and stick to your guns!

tight_arze

I would personally wait. We were looking at a new development in Dundonald (don't know if im allowed to mention the name) but the prices are crazy.

The developer is wanting 182.5 k for a detached (no garage), 165k for a semi and 152k for a townhouse. Ridiculous money. I think only 1 of the latest phase has gone sale agreed.

If you wait a while you should get more for your money.

missma

Thanks all more views welcome, suppose just think if developments go down in value so will ours. Suppose just fed up maintaining a property I do not want to be in long term

caz2703

tight_arze wrote: »

The developer is wanting 182.5 k for a detached (no garage), 165k for a semi and 152k for a townhouse. Ridiculous money. I think only 1 of the latest phase has gone sale agreed.

Jaysus that's some high prices. Does the show house have big windows so they see you coming?

Had at look at the development I think you're talking about and with the detached house I looked at, there's not a great deal of space for the money.