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ravedave

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I've posted on here a few times looking for advice, but having held off and held off I'm now in a position to purchase.

Currently paying out £580pcm on rent for a 1 bed apart in centre of Belfast.  Over the past two years this amounts to nearly £14k which I've essentially flushed down the toilet paying for some other persons mortgage.  Now there were other factors at the time (which I have no desire to elaborate on here) which meant that renting during this time period was the best choice for me.  However, time has moved on and things have changed and things are more stable, meaning I am now in a position to obtain a mortgage and I've got a good deposit awaiting.

I don't see how it can ever be viable for a person to be paying out over £500 every month on rent which is money gone with nothing to show for it.  If you are in for the medium to long term then surely purchasing is the only sensible option?

In saying that I've been taking a quick look at the market and for a single person in 40's there is not much coice out there.  Apartments are a disaster due to the transient nature of the occupants coupled with the maint fees.  Nice apartments in small blocks such as the following are too closely priced to a decent semi slightly outside the centre with an additional £1,500 ish per annum on maint fees:

https://www.propertypal.com/apt-4-derryvolgie-mews-4-derryvolgie-avenue-belfast/536628/photo-8

https://www.propertypal.com/apt-86b-balmoral-avenue-malone-belfast/577288

However, city centre living in Belfast has limited options and seems essentially to be only for those in 20's.  I know some of you are going to say 'but Brexit is coming'.  Well it has been coming for a long time now and there has been no ill effect of it.  There will always be reasons not to buy, but at some point the reasons to buy must exceed them.

The large apartment blocks such as Obel etc are off limits for me.  I did like Wellington Sq but again it is a young crowd and I am not sure about it long term.  Although there were a number of smaller apartment blocks in around Annadale Mews etc which were nice and small.

So, it would seem that due to a lack of choice a semi is the only realistic option.  Advice/suggestions?  Is renting a waste in my case (please do not turn this thread into a general debate about rent/buying?

 

 

Thanks.

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1 hour ago, ravedave said:

I've posted on here a few times looking for advice, but having held off and held off I'm now in a position to purchase.

Currently paying out £580pcm on rent for a 1 bed apart in centre of Belfast.  Over the past two years this amounts to nearly £14k which I've essentially flushed down the toilet paying for some other persons mortgage.  Now there were other factors at the time (which I have no desire to elaborate on here) which meant that renting during this time period was the best choice for me.  However, time has moved on and things have changed and things are more stable, meaning I am now in a position to obtain a mortgage and I've got a good deposit awaiting.

I don't see how it can ever be viable for a person to be paying out over £500 every month on rent which is money gone with nothing to show for it.  If you are in for the medium to long term then surely purchasing is the only sensible option?

In saying that I've been taking a quick look at the market and for a single person in 40's there is not much coice out there.  Apartments are a disaster due to the transient nature of the occupants coupled with the maint fees.  Nice apartments in small blocks such as the following are too closely priced to a decent semi slightly outside the centre with an additional £1,500 ish per annum on maint fees:

https://www.propertypal.com/apt-4-derryvolgie-mews-4-derryvolgie-avenue-belfast/536628/photo-8

https://www.propertypal.com/apt-86b-balmoral-avenue-malone-belfast/577288

However, city centre living in Belfast has limited options and seems essentially to be only for those in 20's.  I know some of you are going to say 'but Brexit is coming'.  Well it has been coming for a long time now and there has been no ill effect of it.  There will always be reasons not to buy, but at some point the reasons to buy must exceed them.

The large apartment blocks such as Obel etc are off limits for me.  I did like Wellington Sq but again it is a young crowd and I am not sure about it long term.  Although there were a number of smaller apartment blocks in around Annadale Mews etc which were nice and small.

So, it would seem that due to a lack of choice a semi is the only realistic option.  Advice/suggestions?  Is renting a waste in my case (please do not turn this thread into a general debate about rent/buying?

 

 

Thanks.

Definitely a time and a place for buying and renting. I could personally rent my house for much less than buying and rates. There seems to be a rent cap when it comes to belfast. You can rent nice detached houses in malone for much less that it costs to buy but standard semis are expensive. 

It depends on what you're going to buy IMO and person circumstances. I honestly don't know. I wouldn't live anywhere but south Belfast but 260k for a standard semi seems mental to me.  

Stranmillis wharf is hard to beat. But bloody expensive. 

Edited by 2buyornot2buy

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On 06/09/2019 at 17:49, ravedave said:

I've posted on here a few times looking for advice, but having held off and held off I'm now in a position to purchase.

Currently paying out £580pcm on rent for a 1 bed apart in centre of Belfast. 

You and I are in exactly the same situation, only I'm slightly younger (35).

Firstly, you didn't waste 14K; for that was two years where you didn't pay rates, maintenance fees, or upkeep on a property.

Subtract all those costs and it probably comes down to 10K.

I rent a spacious (for a 1 bedder) one bedder in Belfast and have done for many years. Yes I should have bought in 2011/2012 when prices crashed but I can't help that now.

My rent is 600, but I pay no rates, no maintenance, don't have any commute costs, don't own a car or need to, and I sublet the car parking space for 100 a month...oh and I have no heating bill either cause the insulation's so good. I can easily live on about half my salary - and I'm not a big earner.

I went to view a flat last week, and they're looking the best part of 200K for it - the building had seen better days; the flat wasn't as nice as the photos, the rates bill was about 1400 and the maintenance fees were £2000 a year. So that's £3500 a year at least it's gonna cost me before I've paid a single bill or penny of the mortgage.

I'd rather 'waste' 500 a month, than pay £200K and still have to waste almost £300 a month!

So lets say, as a single bloke, I buy a semi in East Belfast or BT8. That's probably gonna cost me the best part of £200K. And I'll probably have to re-decorate or in some cases renovate it. And I'll have a rates bill of say £100 a month, and a bus ticket of £60 a month, plus the annoyance of having to wait for and sit on the bus twice a day. And I'll have a heating bill and the time and money I'll need to spend to maintain my 'investment'. Lets say heating and building maintenance come to another £100 a month (if I'm way out here someone can let me know).

So I've gone from 500 a month going out my bank account, to 250+ a month, and for that saving I've paid the best part of 200K and I'll lose at least 3.5 hours a week because of commuting (based on a 20 minute commute each way). And I'll have the responsibility for looking after a house.

Doesn't seem very tempting, does it.

As a single person, I'm not actually sure that buying makes sense at the moment. At all. I welcome any criticism to the logic above.

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On 06/09/2019 at 17:49, ravedave said:

£14k which I've essentially flushed down the toilet paying for some other persons mortgage.

 

On 06/09/2019 at 17:49, ravedave said:

renting during this time period was the best choice for me

So the money wasn't "flushed down the toilet". 

Honestly, that's one of the worst bits of psychological abuse which boomer ******s have inflicted upon younger generations.

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It wasn't money "flushed down the toilet" as it provided a roof over your head and in the circumstances, was the best option. However, you're right of course, it wasn't your roof and was never going to be. 

Was in a similar situation for a long time (moved a lot with work) but eventually bought in my late 20's. An apartment didn't appeal as you're at the mercy of what sort of "neighbours" you get. 

Started with a small semi in S.Belfast. Bought for 190k. Never looked back. 

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  • 277 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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