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nozzadabest

To Buy Or Rent In East Belfast- That Is The Question..

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Hi everyone

I was wondering if i could get a bit of advice from you.

Background- hubby, new born baby, cat and I currently rent up in East Belfast. We like the area and was our intention to buy on this area if possible or failing that dundonald, bangor, holywood

We had planned to buy next spring / summer as we feel that prices have to drop a bit more / more properties will be on the market (out thoughts, doesnt mean we are right lol)

We planned to spend no more than £130000 on a house, either a semi 3 bed or four bed terrace in a decent area (and have got a deposit saved)

Yesterday got a call from the landlady and she was phoning to say she is putting the house on the market as two friends of hers have sold and two estate agents said now was a good time (like you would believe ea's)

We are stuck at a quandry, we dont know whether we should buy or rent. In terms of buying, we are looking at properties around 165k-175k and going to offer the rateable value or slighly above (there are a lot of properties in the east of the city with an rv of 90k and are trying to sell at 165k)

My first question is-does anyone know if this is has been sucessful- I note yesterday in the news the recession is over (yet again) so we are now wondering are sellers gonna think they should hold out for what they want.

To rent, with a new born baby, is just a horrible thought, we stilll wouldnt have a home and the hassle of a move makes me dispair!

We have been thinking and think what we are going to do is find properties we think are what we are looking for, and if we like them, make what we feel are reasonable offers. When that fails we will have no option but to rent

My second question is this- we are new to dealing with estate agents in a buying capacity- when you organise to view a house how should you play it- do they try to weedle out your budget, even arranging the meeting- what can they ask (ie what wages we are on, what has the bank offered)- we are going to make sure we know about each house, rv, weeks for sale- but any advice on dealing with the blighters would be appreciated:)

hope that all makes sense :blink:

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Have you any interest in buying the house you are currently renting? If you could do a deal direct with the landlord it would save the EA fees.

Also how much are you currently paying in rent?

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Hi there,

Just for starters it is important to note that the views here are generally a lot better informed than MSE and the 'go to' position when people are unsure will be to minimise potential losses.

I should say that your position is not as simple as most who will come on here looking for support. Having the child means that you are more than willing to spend (i.e. not expect return) some money to ease your life. If you can manage to get a property you like in the area for RV - then I would probably think it well worth consideration. That, I understand, will not be trivial. You brought up an interesting idea about the supposed 'green shoots' deluding sellers further - I had not thought of this but it seems like a realistic suggestion. If you can get a seller who is sensible, good for you!

The second point is on the more fundamental aspects. Is the mortgage affordable for you? I mean can you actually afford it as opposed to thinking that, because the bank will lend to you, you must be able to afford! Given the situation with the child this probably complicates the analysis somewhat. I guess you have my meaning by now so have a think on it.

Best of luck

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The RV of the house we are renting is £200,000 and when it was on the market before it was on at £275,000- so not really an option- and am sure she will be looking that again (i think the rv is so much as it is a detached 3 bed)

We are currently paying £650 per month unfurnished - i know there is lower rent but at the time we had to find somewhere in three weeks as hubby had just got a new job...

Have you any interest in buying the house you are currently renting? If you could do a deal direct with the landlord it would save the EA fees.

Also how much are you currently paying in rent?

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On MSE, whilst i find it very useful, a squabble happened over house prices- so decided it was better to ask here (althought my question is about decent areas to live in :)

Anyway, we feel a £130k mortgage is affordable (the bank actually offered us £225k!!) and we are very aware of people having bought and then not been able to afford it. hubby and I both work in IT, I have my own business and hubbys job is pretty secure (now i have probably jinxed it!)

What we dont want to be are slaves to a house, but i think we would like a home:)

Hi there,

Just for starters it is important to note that the views here are generally a lot better informed than MSE and the 'go to' position when people are unsure will be to minimise potential losses.

I should say that your position is not as simple as most who will come on here looking for support. Having the child means that you are more than willing to spend (i.e. not expect return) some money to ease your life. If you can manage to get a property you like in the area for RV - then I would probably think it well worth consideration. That, I understand, will not be trivial. You brought up an interesting idea about the supposed 'green shoots' deluding sellers further - I had not thought of this but it seems like a realistic suggestion. If you can get a seller who is sensible, good for you!

The second point is on the more fundamental aspects. Is the mortgage affordable for you? I mean can you actually afford it as opposed to thinking that, because the bank will lend to you, you must be able to afford! Given the situation with the child this probably complicates the analysis somewhat. I guess you have my meaning by now so have a think on it.

Best of luck

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We are currently paying £650 per month unfurnished - i know there is lower rent but at the time we had to find somewhere in three weeks as hubby had just got a new job...

A couple of things.... if your timing is that short, you are much more likely to get somewhere to rent than to buy.... if you buy, you are definitely going to have to rent for a couple of months whilst everything is finalised. The other thing is on your husband's job - it would be very brave to commit to a big financial burden when your primary family income source has only just changed... it might be ok, but it is not the safest time IMO

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On MSE, whilst i find it very useful, a squabble happened over house prices- so decided it was better to ask here (althought my question is about decent areas to live in :)

Anyway, we feel a £130k mortgage is affordable (the bank actually offered us £225k!!) and we are very aware of people having bought and then not been able to afford it. hubby and I both work in IT, I have my own business and hubbys job is pretty secure (now i have probably jinxed it!)

What we dont want to be are slaves to a house, but i think we would like a home:)

Ooops, you beat me to it! MSE just isn't a good place for discussion because most people on there work on the basis of their beliefs and have never done any real research. The whole site is frequently a source of amusement to anyone who has spent any time doing their homework!

So forget the point on the affordability and security - it sounds like you have done your homework there. But the timing matter is definitely an issue if you have a mere 3 weeks....

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Am hoping the landlady wont mind us staying until the house is sold- she is calling tonight, so will know her actions then

I tried to put myself in your shoes. My thoughts would be a rental with 12 month contract so at least you have the worst of the baby things over and baby is a bit more independent.

Secondly approach several EAs and ask if they have any sellers who need to make a quick sale at RV. There might be investor /accidental landlords who might just be glad to get rid off house for RV for a guaranteed sale.

Also check out TDGTTS for any houses in your area that have dropped at least twice. They might be more anxious to sell and get rid off a liability.

Just some quick thoughts since you don't have a big timeframe.

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I understand moving can be a pain, and that everyone wants to own, but IMO a baby does not have to reason to not move or worry about landlord selling. My sister currently has 2 children and another on the way and is moving from their owned (mostly) house to a rented one for the extra space and closer to school.

IMO this is just one of the classic excuses people use to justify buying. I do understand the desire to make a home your own and customise it, improve quality etc, just don't say its to avoid moving. I think that it is just an irrational emotion, put on you by many generations and society, that you have to resist and control. I know I've had the same thoughts!

At the end of the day its only a few days of your life you have to spend once every few years, and really you will be unlucky if your LL sells up more than once.

If you have been living in an RV £200K and moving to an RV £130, you will be reducing you quality of life all year round, and certainly have little space for more children. I doubt you would get anything decent for RV £130K in N.Down compared to what you are renting.

Incidently I rent RV £325K for £850/mth, its a great place with double garage and massive garden, 500m (meters) away from our flat that we own and rent out. If you could stretch to £700/month you could get a proportionally much better house renting.

Anyway, no-one knows what the hosuing market will do, most of us expect more crashing but the gov't intends to bankrupt the country before that happens, so make your own decisions and I wish you luck. For buying advice I recommend;

1. Decide yourself what you think the house is worth and what you can afford, you've done well to ignore bank offers. Continue this.

2. Do not fall in love with a house and have to have it, be prepared to walk away and do not up you offer beyond your original intent.

3. Start with a ridiculously low offer and work up to RV

4. Try not to show too much interest when viewing

5. Totally ignore any advice from EAs on 'fair' pricing or what the owner might accept. If they don't accept your reasonable offer then walk away.

However in order to really implement this strategy it works best when the market news is worst and they may take another few months/years yet. We tried to buy at the start of the crash, luckily we failed and no offers where accepted and we walked away, people seem to be still digging in their heels over price and the volume forced sales havn't happened yet. It may not be until next year when Labour is ousted that interest rates will be allowed to rise.

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oh my goodness- since starting this thread i took ill and am only back online as of now- so apols for not replying sooner..

Anyway, our landlady called on wed night and wants us to move out in four weeks (end of contract)- the estate agent she is going with told her it would be best that the house was empty and dressed so as to con, sorry, impress any potential buyers lol

Wish she had told me that was her plans sooner as we have to move avec new baby!!

Anyway, we have sort of put together a plan- we are going to rent (currently manically looking ) and going to set about finding our home in the next six-12 months- and heres hoping the prices drop sometime soon tp a realistic level up in the east- but we will make realistic offers on a number of properties that we like and see how that goes and keep you updated:)

Thanks for suggestions, when i start to look at purchasing will resurrect this thread to no doubt ask your advice again

nozzaxx

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