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House It Going?

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About House It Going?

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  1. Well, I am officially a home owner. After a long long time it has finally happened, and it (so far) has been completely worth it. Patience truly is a virtue, but that can be easier said than done, when circumstances are putting pressure on you, and it feels like everybody else is moving on with their life and you are falling behind. It was in those difficult and testing times that I turned to this site. I have met none of you in person, yet have come to view HPC as a trusty friend, an ally against the tide of the masses and EAs everywhere. It has been so gratifying to see public opinion towards property turn - where once my bid was being outdone within seconds, now many seem unwilling to touch houses with a barge pole for half the price. I very nearly bought a house with Co-Ownership in 2007, but I am so glad now I didn't. I knew it wasn't the best idea, but couldn't exactly get my head around why. But someone here made it perfectly clear - one of the criteria to getting it is to show that you CAN'T AFFORD it! This is only one of the many ways this site helped. Because this, irishhousehunter, and propertynews have become my 'daily bread' for the last four or five years, it will be strange not to be checking them all regularly even still. In fact, I've already found it a challenge to wean myself off them, and am starting to worry my friends might have been right when they said I was 'addicted' to this 'property porn.' But this is besides the point (or maybe it isn't). I basically wanted to thank every single poster on this site, right from when there were bulls and bears (imagine!), to the current day when even the most vested (keep posting btw, BelfastVI) are singing from the same, or a similar hymn sheet. And on that note. I'd like to wish you a Happy Christmas and peaceful and prosperous 2012. Thank you, HPCers, for saving my life. PS - Did you manage to seal the deal on your house, Kerso?
  2. Somebody I have a lot of respect for once told me that it's a good idea to aim as high as you can (within your means, obviously), in terms of type, for your first house. That way you are higher up the (so-called) 'ladder,' and then moving to the next type will be easier. Do any of you think this a misplaced concept in these financially-straitened times, or is it just as relevant and helpful outlook as ever?
  3. Wow Kerzo - that's brilliant! I'm still moving ahead, and you and me my both has our keys at the same time. Good luck! A couple of points: 1) That registry thing is pretty useful. How much do I pay (I think I heard on here it was £300), and where in Belfast do you get it? 2) Despite the obvious value re: the 2007 and 05 figures, it's the 02 one that concerns me. I mentioned that I'm generally a worrier, and lack comprehensive economic knowledge, but the whole feel of world news at the minute makes me feel like a return to 2002 is more than possible. If that were the case, that's a lot of negative equity to be in. 3) Any time I raise the point to anyone (whether that be estate agents, mates in the building trade, or family), they all tell me that houses CAN'T fall much further because of the cost of materials. One agent told me that his 2-bed mid terrace at 60k is actually priced less than the cost to build it at current prices. This is something I honestly can't get my head around. How can they NOT fall much further? Surely there are no rules in this (sorry once again if I'm sounding stupid here). Surely the houses that were selling for a dollar in the US were the perfect example of that? Anyone who can explain this to me, please do!
  4. Thanks again everyone for the generally positive responses. Good to hear from Shotoflight and Tinbin - two of the most level-headed posters on here in more recent times. I'm actually taken a back a little because I actually expected someone to tell me not to get involved just yet or something. You guys obviously share my gut feeling on this one. I appreciate the feedback and it will help me to move forward with added confidence. I'll be back on in a few weeks to thank you all properly should it go ahead as planned .
  5. Thanks Doccyboy. Between you and Belfast Boy, you've been the two people who've spoken most sense over the years on this site. BB seems to have disappeared - id love to have asked his opinion - but what do you reckon? My main concern is the affordability. As someone who has never run a home, I know that the historical average has been 3-3.5 times income. Is 3.9 pushing it too far? Is 65% from peak and 15% off rateable something that would interest you, or come close to it?
  6. This whole thing about percentage on what I'd get for rent is the perfect example of how I don't really understand a lot about what you guys talk about. Feel a bit dopey! Working it out, the percentage I got was 7.3% Surely that's ok? Thanks for the responses so far. Kerzo, I'd say you might have got the same feeling as me then, when read Ms Carson's piece in the Tele today about house prices falling over the next year. I'd like to pat myself (and HPC posters) on the back for the saving I've made, but there's that little niggle that the 'bargain' prices you and I are paying may look ridiculously high one day. I remember there was once a topic on this site about how much it cost to build a house. I found that useful, but cant remember the figures now. Can anyone link me to it? Doccyboy?
  7. Hi everyone. I started looking on this site about five years ago, and signed up soon after. Now I remember why I didn't post very much during that time - it's a bit daunting! Back then, as an FTB, I thought I'd never get a house, now I'm hopefully going to complete in the next few weeks. I have a lot to thank the people on this forum for - you have saved me from making a massive mistake over the years. I admit, a lot of it has been too technical for me, and gone over my head (in some cases, very much so), but I'd like to think I've got the general jist! Anyway, I'm wondering whether you might need to tell me to put the breaks on, one last time, or if I can have confidence in what I'm doing (please excuse lack of details here, I'll keep it vague - i'd be more comfortable to keep it that way if that's ok). Basically, I'm about to buy a repo - it's the type of house I never thought I could get as an FTB, and while it needs a bit of work, we are talking minimal amounts that can be fixed over time (this has been confirmed in the survey). And it's in an area I have been looking for. If the sale goes through, I'll get it for a price that is almost 65% off its peak, and about 15% off its rateable value. I have a job that is reasonably secure (well, as secure as the next person), and as the sole purchaser, the income ratio is almost four times my income. I've factored in interest rate rises, as have the bank, but having never ran or serviced a house before, I know I'm in for a big shock, on a day-to-day basis. I feel like I have done my homework as best I can, but of course, there is so much I don't fully know or understand. On one hand I have friends and family (the type who have never been on this site) telling me I've got a 'bargain' and that I can't lose on it, but too much has happened that that is a naive notion. On the other hand, all the talk of euro crisis, and rising fuel prices etc / more repoes / job losses / recession bla bla bla, has got me edgy. But on top of that, I always remember reading that the time to buy was when everybody else thinks it's a bad idea. I think we're getting near that point now. What do you think? I obviously value your opinion, and yes, I obviously have some niggling doubts or I wouldn't be posting this. But I'm the type that would have niggling doubts about whether I should put sugar on my cornflakes in the morning! Seriously though - would it be as predictable a response as "house prices are still falling - stay away for now," or do any of you think there is a possibility you might end up being just like those who kept saying "house prices can only go up?" Do you think I'm biting too early and / or too much at that 3.9 income multiple? And is there any other big reason (other than potential gazumping and hidden issues with its condition) that I should be worried about with a repo? Any thoughts very much appreciated, as they have been, indirectly, over the years!
  8. Happy Birthday to me... And the Trees Don't Grow To The Sky Sweepstake! Three cheers - Hip Hip... Hooray! Hip Hip... Hooray! Hip Hip... Hooray! Oh, how things have changed since our first sweepstake 365 days ago
  9. Would 10 per cent below DCV not satisfy all parties? I think that's a great deal at the minute, and will probably still be pretty good six months down the line.
  10. I just can't understand why people have to be so damn nasty or conceited - either the arrogant ***** with the cash, or the vendor selling the house. That's why I would kind of side with Joe Davola that the whole idea of buying a house, which was once in danger of becoming an obsession to me, is now feeling more and more of a turn off. I've seen enough over the past couple of years to show me it's an ugly business, and I feel blessed to not have been burnt over that time. Statin, I understand your stance towards that guy, but do you not see you don't actually gain anything by doing what you did? Nothing changes - you still get your sale, and the arrogant ***** with cash is still an arrogant ***** with cash. Your actions have neither made him poorer or less arrogant, I'd say.
  11. Happy Christmas y'all! As far as the whole New Year thing goes, I have to say it doesn't feel like a year that I was looking through everyone's predictions for the year. Time flies when you're having... a recession Doccyboy - is there any way you could pin these to the top of the board for a while, and we can have a knowing chuckle in hindsight at how far off most were? Most of us saw this coming, but no-one dared believe it would happen so quickly. At least I don't think they did. Probably too early just yet for next year predictions, but it'll be fun to have a stab at it in the next couple of weeks... I'd just like to thank the majority of posters here for ensuring I had a prosperous 'Old Year' by cementing my decision not to buy a house. Hopefully the New Year will be even more prosperous than this one while I, and many of you, continue to hold off until full sanity returns to the market. Seasons greetings!
  12. He he - Sogy, has anyone ever suggested to you that you might be a taaaaad sarcastic?
  13. Good choice of song, BB - but surely this is the better video for it? http://www.youtube.com/watch?v=bFaee49YjMw As Subby himself would say, she's no fighter, but you should see... Anyhoo, back to the subject in question. This whole thing with talking about getting onto the property ladder. Surely that phrase is obsolete now? I believe I saw one of our quasi-troll friends mention getting onto the 'ladder' in a post just a few hours ago. As I said to an estate agent yesterday, "why are you telling me to get onto the ladder, when surely it's more of a slide?" Last time I checked, ladders went up the way. I know it sounds almost smug - I don't mean it to be. It probably sounds like the mirror image of all the people who cheered (on an almost daily basis) when their houses were going up in value by a stupid amount. But I have vowed to bite my tongue from now on. Reasoning and philsophising with EAs didn't work on the way up, and it'll have no benefit as the drop in prices continues either. I'm not usually one for posting on forums, but I just wanted to take the opportunity to say a massive heartfelt thank you to everyone on the site - bulls included. I have been looking for a house for a couple of years now, and felt like a bit of a lone voice amongst friends and family about the subject, but had it not been for this site, I wouldn't have had the willpower or good sense to hold off. I'm not the brightest when it comes to economics, and suchlike - basically, I'm not ashamed to admit I'd have been one of the 'sheeple' had it not been for you lot. Like Traktion, I don't want to get all sentimental either (and I haven't even had any whiskey or wine). I just want to show you further proof that you have, collectively, helped a heap of potential first time buyers save literally tens of thousands. And across Northern Ireland, all things considered, probably millions of pounds. If only our Government could so the same... Thank you. (Enjoy the video).
  14. I may be getting a bit carried away with all the madness, but I honestly believe it'll hit and unprecedented four-figure total this week. So, 1,001 for me this week, please
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