Advice needed either to Buy or Rent in Northern Ireland? - Jan 2008

kgrant

Original Quotes

October 2007

"My partner and I have been looking at the Northern Ireland house prices and looking at buying our first home (we are both FTB) somewhere in the East Antrin area, since July this year. In the new year we have the dilemma, do we buy or just rent for 6months as we both want to live together now?

At first we were going to go the co-ownership route for a mortage back in July. Then we talked to a few honest mortage advisors, friends and family members who informed us of more info on that way of buying and as we feel its not economically sound in the long-term we decided to go try for a full 100% mortage in August. Also, during that time a really nice house we liked came onto the market in September for £165,000.

Having talked to our mortage advisor and 3 different banks informally we were under the impression that we had no hope going that route without having a 10% deposit (i.e. approx £15000-£16500). Therefore we chilled out about getting a place at the time as it was very stressful and from then until now have been saving and living at our respective parents houses."

December 2007

"The £165,000 house we both liked is still on the market at this time and we dont know on whether we should offer an affordable offer for us on the asking rice (i.e. £135,000-£145,000) or just find a nice fully furnished place to rent for approx £350 - £500 a month in our area...therefore what do you all think would be the sensible choice for us in the new year and any other opinions and advice would be appreciated (i.e. short term housing market predictions etc.)?!

Thanks everyone for your comments. My partner and I agreed that we should contact the estate agent about that £165,000 property last weekend. Upon ringing them up and pretending to be 'fresh' on the property scene (i.e. because they did not take my name/details during the conversation); I asked what the house price was sitting at? How long has it been on the market/ Number of viewings/offers etc. Well.......when I asked all the questions I was answered with 'the market is quiet' a few times and 'the property is still at an excellent price' quotes. Once I received all that I knew already about the property (i.e. we were the first to few it back in September so we had done our homework) I cheekly asked would the vendor be willing to accept a 'lower offer'? Surprisingly the agent said they probably would due to the property being on the market for 3months+.

We do not know whether we shall try will a cheeky £130,000 offer (i.e. around affordable mark for us both at the minute) but as this may not even reach the vendor through the estate agent-if anyone has any further opinions on our situation or even on any advice for a possible 6month rental contract in the East Antrim area (by the way we are engaged and plan marriage for 2010) that would be appreciated?!

Thanks."


January 2008

Happy New Year Everyone. I am just updating my situation on the house-buying or renting predicament. We both have agreed that we are wanting to get either a rented or mortaged place sometime this year, preferably asap & defiantely by Christmas 2008!

Update on the EA contacting us; I received a telephone call on Friday last week from a local EA who was wondering if I was still looking to buy somewhere & was I limited in our prefered choice of locations/area (probably had somewhere in mind but I dejected her enquiries). I let them know I am not as actively involved in house-buying at the minute because of the entire house market situation but should any new properties that might be of interest to ourselves come on the market, to let me know. Anyways, I was just wondering if anyone has any 2008 opinions or heard any recent predictions or new information on interest rates/ N.I housing market etc.that might help us on our 'quest for a home 2008' - just leave a reply!

Thanks.