Is it too late to sell a house in Northern Ireland???

ballyblack

Makes economic sense to rent now, but the big downside in the years to come you will always be renting and paying out.

Mortgage's don't last forever.

Paying rent when you are at retirement age may not be affordable as it is now!

Colin_Kee

Warning to people thinking they may pick up a cheap Buy To Let!! not sure how true this is or if figures have been "massaged" down the line but it is completely believable.. I heard recently of a new Development in Sion Mills - Just Outside Strabane - where the developer wasn't shifting the properties at all, so he did a deal with a local Housing Association for them to take 30 of them of his hands.. Great for him, crap for the people who bought other houses in the development to rent out!! Not much hope for them now!!prices here in Armagh are dropping quite a bit too. varies area to area but in general going down £20,000 plus!!

Easymoney

Is it just me? or does anyone think that the whole price increase hype in NI has been fuelled by the Estate agents, Banks, Suveyors, Developers etc

What I mean is are they all lining each others pockets due to their invested interest in making massive profits at the housing game.

Perhaps I am being a cynical fool when I look at the Property Awards sponsored by Ulster Bank as featured in the Belfast Telegraph, with gala reception and all the bling.

Then driving along the Lisburn Rd I happen to notice all the Estate agents with plush contemporary shop fronts and brand new fleet cars with full advertising company logo on the doors, some people are making way too much money at this game me thinks

ballyblack

and don't forget the solicitors!

leftieM

ballyblack wrote: »

and don't forget the solicitors!

That's their raison d'etre. Gatekeepers of the Law and don't you pay them big time to access it.

motorguy

Easymoney wrote: »

some people are making way too much money at this game me thinks

some people 'were' making too much money. it will be interesting to see how long they last now. Three new estate agents opened in lurgan this past year or so, be interesting to see how many are there in a years time

talksalot81

ballyblack wrote: »

Makes economic sense to rent now, but the big downside in the years to come you will always be renting and paying out.

That is correct, but there is a point at which it can be cheaper to rent for your whole life than to purchase. The 'rent is dead money' arguement is not universally applicable and, in an over priced and unsustainable market, mortgage payments can be worse that death. It is simply the nature of a market which can both rise and fall.

Easymoney wrote: »

Is it just me? or does anyone think that the whole price increase hype in NI has been fuelled by the Estate agents, Banks, Suveyors, Developers etc

I agree with you. Put the belfast telegraph on your list too....

tara747

talksalot81 wrote: »

That is correct, but there is a point at which it can be cheaper to rent for your whole life than to purchase. The 'rent is dead money' arguement is not universally applicable and, in an over priced and unsustainable market, mortgage payments can be worse that death. It is simply the nature of a market which can both rise and fall.

Agreed.

I don't intend to rent forever, only until prices fall to a sensible level. That will mean 50% falls. I will not even consider buying till then. The aim is to buy low, have a nice short mortgage and pay it off early. This is the way to financial wellbeing folks!

:j

motorguy

tara747 wrote: »

Agreed.

I don't intend to rent forever, only until prices fall to a sensible level. That will mean 50% falls. I will not even consider buying till then. The aim is to buy low, have a nice short mortgage and pay it off early. This is the way to financial wellbeing folks!

:j

Unfortunately relying on the market to drop by 50%, but otherwise a nice aim.

Parisien

tara747 wrote: »

Agreed.

I don't intend to rent forever, only until prices fall to a sensible level. That will mean 50% falls. I will not even consider buying till then. The aim is to buy low, have a nice short mortgage and pay it off early. This is the way to financial wellbeing folks!

:j

Don't believe the hype.....no real reason for prices to fall by 50%.........cetainly a correction is on the cards, but there is still relatively full employment, the good chance that mortgage rates will fall early next year.....so let us know when you decide to buy!