The address:Apt 3, Creevagh House, Dundrum, Dublin 14.
The property:one-bedroom apartment for €185,000. It has 43sq m (463sq ft) of space, a designated car-parking space and is in good condition, according to the agent. The annual charge is €1,000.
The agent:Vincent Finnegan.
The landscape:the apartment is a three-minute walk from Dundrum Luas stop, Dundrum Town Centre is a 10-minute walk away and the M50 is a short drive. Dundrum is a mature and affluent suburb which has improved greatly as a retail and leisure destination in recent years.
How much for an owner-occupier?AIB would give an owner-occupier first-time buyer a maximum mortgage of 92 per cent of the price, or €170,200, leaving them in need of equity of €14,800. To qualify, a single first-timer would require a salary of around €40,000 and two individuals would need incomes of €25,000 each. At a one-year fixed-rate of 3.09 per cent (APR 2.82 per cent), monthly repayments are €951 over 20 years and €815 over 25 years. At a variable rate of 2.99 per cent (APR 3.03 per cent), monthly repayments work out at €943 over 20 years and €805 over 25 years.
How much for an investor?Stamp duty is €3,850. The maximum loan considered by AIB is 75 per cent of the price, or €138,750, typically over a maximum term of 25 years. This leaves the investor in need of equity of at least €50,100. At a variable rate of 4.2 per cent (APR 4.27 per cent), monthly repayments on this mortgage are €855 over 20 years and €747 over 25 years.
Potential?The apartment would rent for around €900 a month.
Verdict:good rental propect and good first home.
- Calculations by AIB
– Justin Comiskey
