Buying A House - Advice

Lemlin

I realise there are probably about a hundred threads on this but I'm just looking for some quick advice. Basically, I'm looking to move soon and was wondering if buying a house is worth it in the present climate or should I hold off?

I'm a first time buyer and am mortgage approved. I've been looking at 3 bed houses for about 350k in the Ravenswood area of Ongar. I'd be looking at sleeping in one room myself and letting out the other two. Mortgage would be 1600e a month.

Some people are telling me that it won't make much of a difference if I buy now whereas others are telling me I should hold of and wait. I'd like to move soon though so I'd prefer to buy but I don't want to look back and think that I could of saved 10k or 20k by waiting six months or whatever.

dewsbury

I have a certain of experience in these matters and would advise not to buy in the current climate.

(I posted a message about a year ago and was proven to be correct).

In simple terms I would adopt the following policy.

Wait until the reports indicate that prices are rising!!

Prices are still falling ... and probably more that is acknowledged.

You will know when prices have bottomed out when they start rising.
That is the time to buy.

Be wary of all the "upbeat" comments from those with vested interested.

dewsbury

If you feel you must buy now then make offers well below asking price.
..then play a waiting/bluffing game.

ircoha

Lemlin wrote: »

I realise there are probably about a hundred threads on this but I'm just looking for some quick advice. Basically, I'm looking to move soon and was wondering if buying a house is worth it in the present climate or should I hold off?

I'm a first time buyer and am mortgage approved. I've been looking at 3 bed houses for about 350k in the Ravenswood area of Ongar. I'd be looking at sleeping in one room myself and letting out the other two. Mortgage would be 1600e a month.

Some people are telling me that it won't make much of a difference if I buy now whereas others are telling me I should hold of and wait. I'd like to move soon though so I'd prefer to buy but I don't want to look back and think that I could of saved 10k or 20k by waiting six months or whatever.

What happens to the financing model if you cant rent the two rooms?
Is the mtg approved on room rental: if so you are very highly geared so I would wait to give u a chance to save some more dough and hope you income will go up before u buy.

In any event I would personally hold off because now that a recession in the US is 99% certain the values are still going to drop, particularly if there are serious closures: have a good look at the location you are buying in: what industries are there: who are your target tenants etc?

meesa

Definitely hold off...you are promising to pay 350k back to the bank regardless of what the housing market does...a huge negatively stacked gamble at the moment in my opinion..for what it`s worth.

jdivision

Buy a three-bed on the affordable list instead? Can still rent out other bedrooms:
http://www.affordablehome.ie/home/index.aspx?id=371

punchestown

jdivision wrote: »

Buy a three-bed on the affordable list instead? Can still rent out other bedrooms:
http://www.affordablehome.ie/home/index.aspx?id=371

Join the queue! Only a hundred thousand hopefuls in front of you. Plus this person probably earns more than the maximum entitled for qualification!

gurramok

And does the OP see themselves there for the next 20years?