House Buying Advice - Belfast

funkey_monkey

x12yhp wrote: »

Cheeky question perhaps but why limit yourself to that budget? With such a huge deposit, you would be able to borrow for a small mortgage at very low rates and it would move you from the bottom end of the market you are considering and up into something really nice. I would think that with that level you could get yourself up towards 300k total for not much more than £400pcm of a mortgage.

I am a single person. So moving up the ladder would probably get me a bigger house - which is not something that I currently want. Something fresher would be nice, but in terms of 3 bed detached in this area, the pickings are slim.Nor do I want to dump all my savings into a property.

funkey_monkey

homeboy wrote: »

housepricecrash dot co dot uk is the site for you right now....loads of excellent advice from people who've been there. Check the Norn Iron section.
H

Lurk on there from time to time. So, I might login and post it up there too.Thanks

funkey_monkey

x12yhp wrote: »

But do be aware that some on HPC will never think the time is right to buy... so pinch of salt is required.

Yes, although to be fair when the crash was in prorgess the threads were quite informative. Nowadys is seems to be running out of steam. I see a few have already jumped ship into home ownership, so the end game must be close!

funkey_monkey

ally_bee47 wrote: »

have you considered looking into repossession houses. I know its unfortunate to gain with someone else bad luck but there are some great deals (or so I have heard) with certain estate agents that handle them (sorry, cant remember which)

I have, but none have appeared in the area I want. In truth I'm just starting to get back into viewing so I'm just 'tyre kicking' at the minute incase there is something out there that floats my boat.

funkey_monkey

phadge wrote: »

I am in the process of buying at the mo. I know, as the above posted wrote, a lot of ppl think it's a bad time, but I know it is cheaper for me to pay my mortgage than to continue renting - by £25 per month!!
I found a house up in Knockbreda. I would stick to where you are happy, Rosetta and Forestside direction are great areas, with high demand, so you will easily sell in future if you decide to.
I say go for it!

Was it across from Foster Green by any chance?

BigAl94

The end came is far from close, we might see the bottom in 2013/14 imho.
If you are serious about buying, you need to play hardball. Check what the property was valued at in 2005 here http://lpsni.gov.uk/vListDCV/search.asp?submit=form
If there are no bids on the property submit a cash bid 15/20% less that the capital value and tell them the bid is on for one week after which it will be withdrawn.
It has worked for others.

funkey_monkey

Fathero3 wrote: »

Let me think...

...NI economy overly reliant on public sector income...

...two years of negligible (1%) pay rises just announced for public sector workers...

...unlike GB, full cut backs in public sector numbers still to be implemented...

...majority of increase in public sector pension contributions still to be implemented...

...serious possibility of regional pay for public sector...

...implementation of water rates only temporarily postponed...

...effect of cheap NAMA sell-offs still to kick in...

...!!!!!!, do not buy a house now!

:eek:

...save your £180k for a couple of years, and you will be able to afford so much more.

:j

Thanks, I'm aware of these (and also the latest report showing the price index here (based on Stamp duty) has gone down yet again - even though the area I'm looking in is static.However, I'm now tired of living in shared accom and renting alone would be the price of a mortgage (if not more) for me.

saverbuyer

funkey_monkey wrote: »

Thanks, I'm aware of these (and also the latest report showing the price index here (based on Stamp duty) has gone down yet again - even though the area I'm looking in is static.However, I'm now tired of living in shared accom and renting alone would be the price of a mortgage (if not more) for me.

The cost of house ownership isn't just the mortgage payment. There are many many other costs to ownership.

The opportunity costs of buying the house with your 180K is going to be around £600 per month (more if invested well). Does your share room cost £600 per month?

I’m not saying don’t buy but be prepared for further falls. You’ve worked hard no doubt to save that money – why throw it away when effectively your savings interest pays the rent.

funkey_monkey

steveymp wrote: »

Unless you find a perfect house in an area you really love and intend to stay there for 10-20 years I would listen to all the others advice on here, they can be cynical at times but they speaky the truth

House prices are only going 1 way for the next few years at the very least.

I'm only considering a detached house at the minute - if I can get one in my range which is a 3 bed. Hopefully something will come along soon.I feel that I am in a fortunate situation whereby that I have a significant deposit and chain free. This is the only time I'll be in this situation so I need to play my hand wisely.

steveymp

funkey_monkey wrote: »

I'm only considering a detached house at the minute - if I can get one in my range which is a 3 bed. Hopefully something will come along soon.I feel that I am in a fortunate situation whereby that I have a significant deposit and chain free. This is the only time I'll be in this situation so I need to play my hand wisely.

Indeed you are, I sold last year and bought this year after renting for 11 months, having a large cash deposit and no chain certainly helped us.

I'd be shocked if you needed a mortgage with that size of a wad to be honest, I got a 4 bed detached, completely renovated, new kitchen, Bathrooms, floor coverings and internal and external doors, with massive private, south facing garden for 130,000 in March. It was still a few quid over the rateable value, but OH loved it and it was perfect location for work, schools and kids friends. I know it is worth less now, but I intend it to be my box home so its value is irrelevant to me