Forget your preconceptions of hostels when you stay here. "Hostel" conjures images of dorm-style bunks and drunken college-age revelers. Farset is an inter-community center that hosts all sorts of groups and educational activities, while maintaining a peaceful atmosphere for its guests. You'll stay in a modest hotel-style room and be catered to by the knowledgeable and friendly staff. While I was there, guests ranged from college students studying the conflict in Northern Ireland to a couple of older British women on holiday.
The rooms in Farset are like modest hotel rooms. You can pick either a single or double room, with ensuite bath, small tv, tea kettle, and a selection of tea and coffee to make in your room. (TV watchers note - tvs are about 12" and receive only a handful of channels.) Rooms facing the wildfowl preserve are best. Avoid the lower level rooms 101-104, which are across from the shared kitchen and laundry. Wi-fi is available, but is only accessible in a few rooms - most guests will need to access it in the public areas.
While they advertise a restaurant, hours and service are a little unpredictable (that's why I marked "restaurant" as "not sure"). I've gone down for breakfast or lunch to find out that they hadn't put out much that day or had decided not to serve lunch. If you ask the front desk staff, they'll set you up, however - finding something in the kitchen or recommending a place to eat. The restaurant photos on their website are far more posh than what it really is. It's very, very basic and minimally maintained.
The staff are friendly, educated about Belfast and about current issues, and can help you make the most of your experience, whether you're looking to take a tour of the murals or find cheap eats downtown.
Don't be daunted by its location outside the city center. Access to city is quick and easy - two bus lines stop directly outside the hostel and cab fare into the city center is only about 6 pounds. Note that you will probably want to take cabs at night and on Sundays, when there is no bus service. All the cabbies seem to know the place - you only need to ask for "Farset International on Springfield Road" to be dropped off. Walkers can get to the city center in about 40-45 minutes.
If you're looking for posh accommodation a stone's throw from tourist sites, skip Farset. However, if you're looking for a nice place to stay and want to save money on accommodation (so you can spend more of it at those tourist sites), I recommend Farset.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC