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Walter

Buying A Property In The Ormeau

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Hi,

I'm thinking of purchasing a house/ apartment in the Ormeau Road area of Belfast. I have 120k to spend, and was wondering what the general opinion on the apartments in the Ormeau area is. Would a 2 bed in the Carvill Group Embankment development be worth that kind of money? Would a wee 3 bed mid-terrace be a better investment in the long term if I were to be looking to rent it out in future? Or should I just pocket the money and hide in a cave for a few years?

I appreciate any wisdom that you could all share.

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If you were minded to purchase I would point you towards a house rather than an apartment. There is an oversupply of apartments and banks are requiring larger deposits which cuts off a large supply of purchasers. You have also considerably larger management fees, which are understandable considering the amount of elevators and common areas you will jointly own. If the whole block has not been sold and the developer is in administration questions can be asked about who will pay for these matters.

I believe you are purchasing for investment reasons and like investing in Gold, shares or bricks and blocks its a decision you have to make yourself after doing your own research. The fact you have landed here shows you have started your search.

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Hi,

I'm thinking of purchasing a house/ apartment in the Ormeau Road area of Belfast. I have 120k to spend, and was wondering what the general opinion on the apartments in the Ormeau area is. Would a 2 bed in the Carvill Group Embankment development be worth that kind of money? Would a wee 3 bed mid-terrace be a better investment in the long term if I were to be looking to rent it out in future? Or should I just pocket the money and hide in a cave for a few years?

I appreciate any wisdom that you could all share.

You've come to the wrong forum for buy-to-let "investment" advice. For what it's worth I would stay away from the bankrupt Carvill development. I would stay away from apartment’s full stop. I would stay clear of the Wellington development (all of it). I would stay away from the Ormeau in the meantime. I would say now your 120K would get you a 4 bed terrace anywhere on the Ormeau with 20K change. Rent on the Ormeau is cheap compared the Lisburn Road/Malone and Stranmillis with lots of vacant properties. If you did buy and rent at normal interest rates you'd have trouble meeting the payments with rent.

I like the Ormeau but it is still massively overpriced even at these levels. Massive amount of landlord. Massive amount of for sale property. They jump ship soon enough. Leaving you with a 3 bed terrace where the rent doesn't cover the mortgage.

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You've come to the wrong forum for buy-to-let "investment" advice. For what it's worth I would stay away from the bankrupt Carvill development. I would stay away from apartment’s full stop. I would stay clear of the Wellington development (all of it). I would stay away from the Ormeau in the meantime. I would say now your 120K would get you a 4 bed terrace anywhere on the Ormeau with 20K change. Rent on the Ormeau is cheap compared the Lisburn Road/Malone and Stranmillis with lots of vacant properties. If you did buy and rent at normal interest rates you'd have trouble meeting the payments with rent.

I like the Ormeau but it is still massively overpriced even at these levels. Massive amount of landlord. Massive amount of for sale property. They jump ship soon enough. Leaving you with a 3 bed terrace where the rent doesn't cover the mortgage.

surely if he were to buy in the ormeau area he could actually get more rent that a property in malone. A lot of properties are can be let as student accomodate and are rented per room. 4 bedroom house could cost as little as £100k, student rent is usually 9 months of the year, so 4 tennants at £55 each a week for 9 months comes to £8580, which should cover a mortagage. Also is council tax free on student houses still?

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surely if he were to buy in the ormeau area he could actually get more rent that a property in malone. A lot of properties are can be let as student accomodate and are rented per room. 4 bedroom house could cost as little as £100k, student rent is usually 9 months of the year, so 4 tennants at £55 each a week for 9 months comes to £8580, which should cover a mortagage. Also is council tax free on student houses still?

Depends where on the Ormeau. Too far over the bridge and the rent starts to drop dramatically. Students are a lazy sort and probably see it as too long a walk to queens.

Also rates here not council tax but I think it is free if you're willing to prove you let to students. I know the whole time I was at uni I was never asked to. Probably just had a paranoid LL on a tax dodge. HMOs come with their own set of problems. 220 per room on the Ormeau would be vey very high.

I like the Ormeau but it is no Malone.

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  • 336 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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