Buying a house

[muppet]

Do you know which quarry that was, Elmo?

I don't actually but I'll get back to you on that one.

Edit: This court case names it.

http://www.irishtimes.com/newspaper/ireland/2009/0225/1224241775008.html

Edit #2: More info plus photo.

http://www.irishtimes.com/newspaper/ireland/2009/0915/1224254556234.html

[muppet]

The pyrite issue may be coming to a head:

http://www.independent.ie/national-news/devastating-pyrite-epidemic-hits-20000-newly-built-houses-2073508.html

[FL/MAYO]

Are prices holding steady or dropping like a rock with all the recent turmoil? There must be some bargains out there or are the prime areas still out of reach for most of us.

[muppet]

Are prices holding steady or dropping like a rock with all the recent turmoil? There must be some bargains out there or are the prime areas still out of reach for most of us.

Lots of 'bargains', if you can find a bank to give you a mortgage.

No real market at the moment.

[STREET FIGHTER]

Well Folks

Anyone in the thinking of buying or currently bidding on a house at present?

Any advice in 2011?

[muppet]

Well Folks

Anyone in the thinking of buying or currently bidding on a house at present?

Any advice in 2011?

Just sold a house. Had to drop the price dramatically, was on sale for around 6 months.

It is very much a buyers market and guide prices can be seriously undercut when making an offer. The problem is getting finance. There are rumours of banks stringing people along with offers, hoping the sale doesn't go ahead and then pulling the plug at the end.

There is a line of thinking that expects a secondary fall in prices. Basically the logic is that rising unemployment, ECB rates rising, variable & fixed rates already rising, not to mention the auterity measures that are going to be required to pay back all the sovereign debt, all add up to more mortgage defaults, repossessions and downward pressure on prices.

As against that some landlords believe there is a bottom in the market created by the local councils. This logic takes the allowance given to single mothers as the floor for rental yield and the thinking is that values won't fall below levels at which this rent is attractive for investors. New taxes on non-principal residences will affect this though.

[tyroneboi]

Does anyone know much or have any experience in getting onto the co-ownership scheme in NI?

[oisinog]

Does anyone know much or have any experience in getting onto the co-ownership scheme in NI?

If you can afford a full repayment mortgage avoid it like the plague

Some of the banks are offering 95% mortgage of the top of my head I can think of Northern Bank and possibly santandar ( though their customer service is poor)

[Saffrongael]

Does anyone know much or have any experience in getting onto the co-ownership scheme in NI?

If you can afford a full repayment mortgage avoid it like the plague

Some of the banks are offering 95% mortgage of the top of my head I can think of Northern Bank and possibly santandar ( though their customer service is poor)

Northern Bank customer service is woeful.

[bailestil]

Does anyone know much or have any experience in getting onto the co-ownership scheme in NI?

Its a scheme to allow people who cant afford to buy a house, to buy a house. (it's like 2008 crash never happened)

Wouldnt touch it with a barge poll.

[Santino]

Anyone know of any good sites/forums for advice on buying my first house as investment to rent out (in NI)? Most stuff coming up on google seems to be written by estate agents/developers and not tips on getting best deal for a buyer
Thanks in advance

[seafoid]

Anyone know of any good sites/forums for advice on buying my first house as investment to rent out (in NI)? Most stuff coming up on google seems to be written by estate agents/developers and not tips on getting best deal for a buyer
Thanks in advance

"Everyone's a prostitute"  but Estate agents are in a different league.

I don't know of any sites but for me the main points about buying to let are :

-Location is the most important. Cashflow reliability is key.  Find a place that is close to a regular supply of renters - eg hospitals, offices, universities. A holiday home in Bundoran isn't going to generate enough cashflow.
 
-Don't overstretch on the loan. Will you be able to manage if the place is unlet for 2 months ?

- Work the numbers. How much are rents in the area and how much will the mortgage cost? what has been the trend in rents over the last few years`? . Calculate rent to house price ratios to get the yield. 

- do a stress test and look at what the situation would be if interest rates rose by 2%   

- Furniture should be solid but nothing special. It will be subject to the laws of entropy and get worn down

- The home is the place to decorate in your own style. Rented accommodation should be painted in a neutral colour. It will let faster.   

- Decide on whether or not you want to manage the let yourself or get an estate agent to do it.

[Santino]

Thanks seafoid. All new to me. Looking at few houses in Banbridge which is a pretty fast growing town so should be some good deals around

[Jimmy]

Thought I'd give this thread a bump as I'm sorta half interested in trying to buy a house.

Anyone any recent experience? I'm working in Belfast now so would be interested to hear from anyone who's bought there.

Good time/Bad time/missed the boat after a property recovery?

[illdecide]

Thought I'd give this thread a bump as I'm sorta half interested in trying to buy a house.

Anyone any recent experience? I'm working in Belfast now so would be interested to hear from anyone who's bought there.

Good time/Bad time/missed the boat after a property recovery?

In the process of buying one myself...it depends what you want. If you're looking for something say about £90k - £100k so that in say 20 years time your kids can have it somewhere respectable then thats good but if you're just interested in making money then a house about £50k with a Polish renter in a not so good area but getting almost the same rent with only half the mortgage...depends what your looking for and for what purpose.