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First Time Buyer 2008

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About First Time Buyer 2008

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  1. Thank you all for the comments above. Unfortunately I cannot see myself getting a job soon (construction sector) and with Christmas approaching....the last worry would have been paying £1000+ for a month's mortgage if I had of bought. Any more stories would be welcomed.............
  2. Hi All. I just want to say thanks to the people who advised me and my partner NOT to buy this time last year and earlier this year - November 2007-March 2008. Basically we were first time buyers who had decent jobs/ salaries and a small pot of money for first time things (i.e. furniture, stamp duty etc.). In November last year we went onto this forum and following posting our current position over the months and by having a careful watch on the market we decided to rent our dream home at a reasonable and affordable amount per month in March this year rather than spend £200,000+ on a mortage to own the place. Subsequently I myself have been made redundant in recent times and the market has fallen apart, so if we have of bought we would have been in serious trouble. Now the place we are renting is our HOME.....not an invest & place to live as what we first thought of getting onto the property market back in November 2007 and it is also where we hope to say for at least another year (if the landlord lets us)......thanks all again for the advice on these forums and I hope other first time buyers who didnt buy around the same time as us November 2007- March 2008 can post their stories online too.
  3. Thanks all....any more help would be appreciated
  4. Hi I have recently been able to obtain a new apartment with my partner for rent verbally, starting from 24 March 2008 (Easter Monday). No paperwork has been signed as of yet but my partner and I would like to have a straight out 12 month contract so that we may be able to purchase more furniture, set up utility bills etc. and have some stablity in knowing that we have a roof over our heads for at least a year. We have never lived before and did consider buying until we assessed the Northern Ireland housing market in some detail. The apartment is a new-build and has just been finished (decor). The apartment comes with all kitchen appliances and wooden blinds in every room. Apart from that it was advertised at £575 per month but we were able to obtain the rent at £500 p/m by offering a £500 holding deposit and 3-months rent in advance (£1500) as a down payment. We have not exchanged any monies yet and we are aware of things such as keypads that we can request for the electricity and gas. I would like to know as a FTR what all relevant paperwork I may need to collect and complete, what all bills should I be looking at paying for our behave and what conditions should we request to be put into the rental contract before we sign? All information that might help us would be much appreciated!
  5. Well, our offer of £500 has been accepted but until we get everything signed I am not holding my breath....... Any advice on setting up things for us first time renters?
  6. We are going to head down this morning and offer £500 p/m for a 12month contract. If this offer is rejected we will increase to £525 p/m but that would be our maximum, as the property is unfurnished (except built in kitchen appliances). I also think that EA are so rude in regards to potential buyers having to ask about renting the same property. Its happened to us recently but a friend of mine also went to look at a property and had the same experience. He enquired about buying a property in Belfast in December. He had a partner, a very good deposit and a independant M.A but once he was told that it was going to cost himself £980 p/m for the mortage alone he politely asked about the rent for the property. The same EA was the agent for letting the property out and he was told that renting was not negiotatable at the rate of £500 p/m but that the asking price to BUY was open to offers of £5,000-10,000 less......... Anyone else had similar experiences?
  7. I cant offer £475 - I started at £525 so I cant go back on the monthly amount. I think I shall call them on Monday morning & let them know that I can only go to £525 max and that would be over 6months as we might be interested in moving on again depending on how it goes. What extra conditions should I ask for in the contract before it is signed? Can we ask for all the appliances that come with the property to be checked before we might move in?
  8. Hi all. Just got word back from the estate agents. They said that £525 and anything less is a no but that at £550, the person renting might accept. Should I now target at £525 over a 12 month contract or refuse outright and see if there is any come back? There was no mention of the length of contract (i.e. 6 or 12 months or longer) but also we are in no desperate rush to rent this month but would not mind having something set up for April. We really do NOT want to pay anything more than £525 p/m as a I.O mortage is approx only £300-£350 more per month and we aim to get a mortgage at a reasonable rate sometime in the future.....
  9. I put an offer of £500 per month for the place on Saturday. We didnt discuss whether it would be 6 or 12 months, but I did give the girl my name and telephone number. Never heard anything from them today so I am just going to sit back and wait for their call, if they ever call that is?!
  10. Thanks. Going to go into the estate agents in the morning and offer £500 p/m (if that is what you do?). Also going to see if the contract can have the added option of another 6months for added security. If we are told no on the spot should we raise to £525 tomorrow before we leave?
  11. The property we like is a newly built apartment in Co. Antrim. It includes rates and the main appliances but another apartment was for rent for £525 but that one is now taken. This apartment has better views and is slightly bigger but it is being let out from an estate agaents whereas the £525 p/m apartment was through a rental letting agency. Has anyone any advice on how we can possibly approach this rental situation and get the best deal possible for us?
  12. The main questions I like to debate are; * Can rental accomodation ever become the 'norm' for NI people and be regarded as the common way or best option of living for many young & old families, couples and single people as it is considerably cheaper? * As many people are still holding back from jumping into the NI housing market at the present time to buy, myself included, have any other potential buyers or people who were looking to move/buy in the next few years, considered the NI rental market now as an option until the prices become more affordable? * Has anyone who had given up on buying rented recently and find renting a good &/or bad experience? * However with the difference between rental figures and I.O mortgages still being considerable big and does not seem to ever become similar in the near future, is renting even sustainable within our housing market? - On a side note, we have recently seen a property we would like to rent. It is a great apartment, adequate for our immediate needs but at £575 p/month (inc. rates) it is a little steep for rent for the property. However as figures of £500+ are the figures that we have in our local area for rentals, does anyone know can this figure of £575 for example be agreed at a lower rate with the letting/estate agent? Can we take the immediate 6month contract but request a compulsory review after the initial contract for a further 6months?
  13. Anyone see this in E.Antrim area? Friend pointed this out to me about a development in Carrickfergus........ For this particular development, the first release of apartments were released in November 2007 with prices for 1 bedroom apartments starting at £215,000 and 2-bed apartments at £225,000. Development is at Scotch Quarter, Carrickfergus (evident by huge gap between the Coast Road hotel and some other old building) and is a joint venture for Deborah Yea and Templeton Robinson. The foundations were laid for each of the proposed 3 blocks in August 2007 but since then there has been no visible work done on-site and over the last 2months there have been no-one on site during the weekdays or weekends........anyone know any gossip on this particular site? have all the workers been taken off-site? the developers scared about the state of the housing market?anyone else have other similar stories of sites in their areas?
  14. Cheers all for the advice everyone. Any more on renting would be appreciated at this time (i.e. anyone recommend rental companies in E.Antrim, rental procedures for first timers etc.) For any fellow new FTB reading this FTB related threads, heres a recap of our situation....... We did consider buying, buying using co-ownership and renting since we started looking at properties back in May 2007. In reality we need to get a place of our own NOW and start buying furniture of our own but most importantly we need to see if we can live together before we get married. If we went out and successfully bought a place this month or in March, following a £1000+ approx repayment mortgage plus numerous bills including rates, we wouldnt be able to afford anything else from our wages in terms of new furniture, holidays, cars, clothes and even nights out or weekends away. Co-ownership after careful consideration IS imho; a mugs game for FTB and the fact that there is a loophole where if house prices go up you buy back from the NEW market value and when prices go down and you want to purchase more % of the property, co-ownership implies that you must pay back from the ORIGINAL market value (confirmed today by financial advisor). FTB like ourselves contemplating this method for getting onto the ladder - you be warned! Renting, as much as I have not wanted to use this route for getting a place over the last year (although my partner doesnt mind), has its perks as well as down points too. Yes - we may not own the 4 walls or roof over our head, Yes - we may be restricted in doing any modifications to the property and Yes - we may be 'paying someone elses mortgage' (along with 'renting is dead money') but in regards to all them statements, if most European countries use this method of living and you CAN and managably ENJOY your life to a better degree and still save some money for possibly buying in the future....I can see the sense in the method of renting and I hope that renting does turn out okay for us. We shall probably decide on a 6month contract starting sometime soon to see how it goes and if after 6months we enjoy the conditions we are living in we can extend to 12months with a simple telephone call, am I right? We MAY even want to buy in the hosuing market at that time (late 2008)....but should house prices in our area stay the same as they have in EA windows as what they have been for the last 8months (same properties too), then I believe in 6months time, EA shall all have to be realistic and sell these £180,000-215,000 properties at the current time for realistic prices of £120,000 - £150,000 max for FTB to afford their first home, thus the beginning of the HOUSE PRICE CRASH IN NORTHERN IRELAND! (fingers crossed) We will keep a eye on the local housing market and on these forums but in regards to us buying and seeking FTB advice......cheerio all........
  15. Just done our sums over the weekend. We have both decided that we cannot afford to buy any time soon and probably will never own a house here in Northern Ireland for as long as the prices for FTB sit at £150,000+. £500 a month for rent is alot better than £1000 a month for a mortgage plus all the bills that go along with it. Can anyone give us a quick run down on the procedures of renting as tenants including rights and other costs along with the monthly rental amount?
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