Jump to content
House Price Crash Forum
Sign in to follow this  
pineapple

Buying My First Property

Recommended Posts

Hi everyone, my first post but I've been lurking for a while. I was hoping you'd provide me with some of your wisdom on the following property!

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

I've been to view this house which is a recent developer job. Its on at £299,500, the RV is £220,000. The major downside to me is that 3 townhouses have been bulit in the garden!! What used to be the driveway is now the access to those properties leaving only a small area to the front for parking (and a small back garden).

Other weird thing is that the property is being marketed by TR as a 4 bed whilst UPS are marketing it as a 3 bed with Roofspace conversion with building control approval. Does this make it a 4 bed then or does this have an effect on the value? If you were putting an offer what would you put?

Hope this makes sense! I've not done the buying a house thing before - I've mearly watched others but it feels more difficult when it is you!

Thanks

Share this post


Link to post
Share on other sites

Thanks Doccyboy, ravedave & Southantrim3. Think I agree, but always small part of me thinks that if I could pay £30,000 then that might make up for it!!!

There are some really strange things about it. The agent who showed it didnt seem very interested in selling it, instead he wanted to show me other properties. Just got a vibe off him. Also picture of kitchen on UPS website shows all the white goods oven etc in place and they definately werent in the property yesterday!

Edited by pineapple

Share this post


Link to post
Share on other sites
Thanks Doccyboy, ravedave & Southantrim3. Think I agree, but always small part of me thinks that if I could pay £30,000 then that might make up for it!!!

You are a super uber bear!

If you can afford £200-£300K mortgage then you definitely should be spending the same money on renting, you won't have any other houses or driveways to share, nevermind walls. Have you looked at rental atall to see what your money gets?

I hadn't seriously considered renting until 2 years ago, and was astounded once you go above flat level, in fact in order to find really decent houses (not cheap ones) I had to up the spec on propertynews to 4 bedroom, even though 3 would have done.

Share this post


Link to post
Share on other sites

Yeah I've always rented and always been lucky to get a good deal. However, moving in with other half who currently owns - not sure he'd be keen on a percieved 'step down'. Thankfully we a not in a rush to move and we technicially dont need to so can afford to wait to find the right house and/or the best deal

Share this post


Link to post
Share on other sites
Yeah I've always rented and always been lucky to get a good deal. However, moving in with other half who currently owns - not sure he'd be keen on a percieved 'step down'. Thankfully we a not in a rush to move and we technicially dont need to so can afford to wait to find the right house and/or the best deal

half a million dollars for that? dont touch it. even in this market there are far better options

Share this post


Link to post
Share on other sites
My opinion - walk away. Its a very dense development with 3 townhouses and related noise in the garden. Thanks but no thanks. All the luxury sanitary ware in the world will not make up for lack of privacy.

+1

wouldn't want that in my back garden at all <_<

Share this post


Link to post
Share on other sites
+1

wouldn't want that in my back garden at all <_<

+2

I would also be concerned about safety, Imagine the cars going in and out all the time.

Not to mention young kids going in and out of the front door.

Share this post


Link to post
Share on other sites
Yeah I've always rented and always been lucky to get a good deal. However, moving in with other half who currently owns - not sure he'd be keen on a percieved 'step down'. Thankfully we a not in a rush to move and we technicially dont need to so can afford to wait to find the right house and/or the best deal

I guess you are renting a flat? Make sure you look at the rental market for the money you would spend on a mortgage, say with your combined income.

A 200K mortgage will cost £700+ per month (unless you go for 'good deal' trackers which will kill you in a year), spend that on rent and you will get alot more than you expected if you rent at say £500/month. If you do that he will not see a step down, your quality of life will be much higher.

When I started renting the ratio of buy:rent (monthly costs) was 4:1 for the same house, excluding deposits and rates (which makes it even bigger).

If you adopt a 'get the cheapest' rent we can find for a house it won't work, if you stretch on rent it really pays off.

Its true that mortgages stay fairly static against wages over the years and that rents go up year on year, however the situation at the moment is doubly reversed. Rents are gradually going down (by small amounts), houses are losing value at a rate of 3-4 times the rental/month and interest rates will only go up (mortgage is directly proportional to interest rate but not time). If you view quality of life against monthly costs, it will be a few years yet before it becomes sensible to buy.

Share this post


Link to post
Share on other sites
+2

I would also be concerned about safety, Imagine the cars going in and out all the time.

Not to mention young kids going in and out of the front door.

completely agree, deal killer for me if you factor kids and starting a family with cars/vans coming in and out :huh:

Share this post


Link to post
Share on other sites

Hello , sorry to butt in on this thread but I like the first poster have been lurking for a while. More than a while in fact and this site probably saved me a fortune a years few years ago as I nearly bought at the very top end of the market.

I am seriously considering buying now, I have viewed this place http://www.propertynews.com/brochure.php?r...=1&sort=h2l , it suits me size and area wise.

It was priced at £169, 500 at the start of the year and has now come down to £112, 000. So firstly do you guys think this is value for money at this time, or has the market still further to fall. I'm sorry if this is a little naive, but as I say this site and it's posters saved me money in the past, and any thoughts would be appreciated.

Share this post


Link to post
Share on other sites
Hello , sorry to butt in on this thread but I like the first poster have been lurking for a while. More than a while in fact and this site probably saved me a fortune a years few years ago as I nearly bought at the very top end of the market.

I am seriously considering buying now, I have viewed this place http://www.propertynews.com/brochure.php?r...=1&sort=h2l , it suits me size and area wise.

It was priced at £169, 500 at the start of the year and has now come down to £112, 000. So firstly do you guys think this is value for money at this time, or has the market still further to fall. I'm sorry if this is a little naive, but as I say this site and it's posters saved me money in the past, and any thoughts would be appreciated.

I've been lurking here for a while too, and just like you, this site has saved me money. I know i'll save even more money too, as i'm not buying for at LEAST another 12 months, and more than likely not until 2011.

I don't think it's worth the money. The house I sold (3 bed semi in Lisburn with garage) is probably worth about that now (£115K) and 'yours' in N'abbey is 2 bed with no garage! £112K? I don't think so!!!

Everyone keeps saying to me 'now's the time to buy', 'they're going up again' etc. etc. But i'm listening to none of it. It's worth waiting at least another 6 months, if they're going up in price, they're not going to go up by a massive amount. We're in the 'bull trap' phase at the moment and we still have a good bit more to go yet before i start putting any deposit down.

I'm not getting sucked in by all the hype that the sheeple go along with!

As i've said, 'i've been lurking about here too', reading what others have posting, and i'm convinced that now is certainly NOT the time to buy! Far from it!

Just be patient.

Share this post


Link to post
Share on other sites
Hello , sorry to butt in on this thread but I like the first poster have been lurking for a while. More than a while in fact and this site probably saved me a fortune a years few years ago as I nearly bought at the very top end of the market.

So firstly do you guys think this is value for money at this time, or has the market still further to fall. I'm sorry if this is a little naive, but as I say this site and it's posters saved me money in the past, and any thoughts would be appreciated.

The rateable value on 1st Jan 2005 was £90,000

http://vlistdcv.lpsni.gov.uk/propertydetai...;sn=Breen+Court

So it is not a rediculous price and seems reasonable value today. However, prices are still going to fall. So negotiate hard on the price to protect yourself from future negetive equity.

You could check how much the place was bought for previously...

Computerised Land Registry records are available for public scrutiny at

the customer information centre in Land Registers headquarters, Lincoln

Building, 27 - 45 Great Victoria Street, Belfast.

The legislation governing the operation of Land Registries in other

areas of the United Kingdom is significantly different to that in

Northern Ireland.

Customers who make application for registration in Northern Ireland are

not required in all instances to provide the price paid for a property.

Where the details of a price which reflects the market value of a

property is provided as part of the registration process it will be

recorded on the register.

There are no plans at present to change the Land Registry rules to make

it compulsory for customers to provide details of house prices when

making an application to register a change of house ownership.

... would be useful to know that before you make an offer.

Share this post


Link to post
Share on other sites
I've been lurking here for a while too, and just like you, this site has saved me money. I know i'll save even more money too, as i'm not buying for at LEAST another 12 months, and more than likely not until 2011.

I don't think it's worth the money. The house I sold (3 bed semi in Lisburn with garage) is probably worth about that now (£115K) and 'yours' in N'abbey is 2 bed with no garage! £112K? I don't think so!!!

Everyone keeps saying to me 'now's the time to buy', 'they're going up again' etc. etc. But i'm listening to none of it. It's worth waiting at least another 6 months, if they're going up in price, they're not going to go up by a massive amount. We're in the 'bull trap' phase at the moment and we still have a good bit more to go yet before i start putting any deposit down.

I'm not getting sucked in by all the hype that the sheeple go along with!

As i've said, 'i've been lurking about here too', reading what others have posting, and i'm convinced that now is certainly NOT the time to buy! Far from it!

Just be patient.

Welcome guys

Imo 2 bed townhouses and 1 bed flats will have virtually no value , they were built for the "investment" market which has now disappeared.

The best piece of advice my mum ever gave me is only to buy something that someone else will buy off you at a later date , a 3 bed semi with a garage in a good area will always sell and my advice would anyone would be to avoid any property that doesn't tick all those boxes or better.

Share this post


Link to post
Share on other sites
I don't think it's worth the money. The house I sold (3 bed semi in Lisburn with garage) is probably worth about that now (£115K) and 'yours' in N'abbey is 2 bed with no garage! £112K? I don't think so!!!

Oi... I'm supposed to be the biggest bear here :unsure:

Good post :P:D

Share this post


Link to post
Share on other sites
I'm not getting sucked in by all the hype that the sheeple go along with!

As i've said, 'i've been lurking about here too', reading what others have posting, and i'm convinced that now is certainly NOT the time to buy! Far from it!

Just be patient.

If the sheeple get "sucked in" by all the hype, you could be saying now was the time to buy.

Only time will tell.

It's interesting to see lurkers/readers of HPC are even thinking about buying, wounder what the sheeple are thinking?

Share this post


Link to post
Share on other sites
The rateable value on 1st Jan 2005 was £90,000

http://vlistdcv.lpsni.gov.uk/propertydetai...;sn=Breen+Court

So it is not a rediculous price and seems reasonable value today. However, prices are still going to fall. So negotiate hard on the price to protect yourself from future negetive equity.

You could check how much the place was bought for previously...

... would be useful to know that before you make an offer.

I live very close to the propety and i know it was built around 2003 and if my memory is correct it was up for around £85, 000 and as far as im aware hasn't changed hands since. £112, 000 is around my price range and does seem reasonable compared to similar properties in the area.

Share this post


Link to post
Share on other sites
wounder what the sheeple are thinking?

They are thinking what they have been told to think by estate agents, bankers and the Belfast Telegraph. Hence the name sheeple cause they can't think for themselves and 'see through all the hype' to the obvious truth that house prices are still too high ;)

Share this post


Link to post
Share on other sites
Hi everyone, my first post but I've been lurking for a while. I was hoping you'd provide me with some of your wisdom on the following property!

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

I've been to view this house which is a recent developer job. Its on at £299,500, the RV is £220,000. The major downside to me is that 3 townhouses have been bulit in the garden!! What used to be the driveway is now the access to those properties leaving only a small area to the front for parking (and a small back garden).

You either haven't been lurking long enough or you haven't been paying attention. 300k for a 3 bed semi, which looks pretty average and has the downsides you have listed is bonkers. :wacko:

Welcome to the forum, by the way. :D

Share this post


Link to post
Share on other sites
They are thinking what they have been told to think by estate agents, bankers and the Belfast Telegraph. Hence the name sheeple cause they can't think for themselves and 'see through all the hype' to the obvious truth that house prices are still too high ;)

The new build development I am looking at had six semi detached houses available for most of 2009 with none of them selling. The price has been reduced to £175K for a new build house (untouched interior) and even then they didn't sell - until the past two weeks - four of them are now gone and there are only 2 left now. I'm not worried as I was hoping all these would sell so that the next stage of development could finally begin (as I fancy one of these house with a south facing back garden) but there you go....movement has really picked up.

Share this post


Link to post
Share on other sites
The new build development I am looking at had six semi detached houses available for most of 2009 with none of them selling. The price has been reduced to £175K for a new build house (untouched interior) and even then they didn't sell - until the past two weeks - four of them are now gone and there are only 2 left now. I'm not worried as I was hoping all these would sell so that the next stage of development could finally begin (as I fancy one of these house with a south facing back garden) but there you go....movement has really picked up.

It all depends on what your circumstances are. Buying now is much smarter than buying 2 years ago. Waiting another year or two will be smarter still. Much of the consensus here has pointed to Q3 2010 as the earliest time to buy. (Crashes take 3-5 years and this one began Q2/3 2007) Wait until the 2nd dip of the recession hits and the firesales start :)

Of course, we could all be wrong B)

Edited by Vespasian

Share this post


Link to post
Share on other sites
If the sheeple get "sucked in" by all the hype, you could be saying now was the time to buy.

Only time will tell.

It's interesting to see lurkers/readers of HPC are even thinking about buying, wounder what the sheeple are thinking?

I'm sure the sheeple would love to get sucked in by the hype and buy, but most haven't the means to do so.

Share this post


Link to post
Share on other sites

Could anyone tell me how many people in NI earn around £100k pa and then how many houses are 'valued' at 300k or more?

I'm not an expert but I suspect the answer may reveal how far those comically stupid prices have still got to fall.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   291 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.