The address:Apt 45 Harbour Court, George's Place, Dún Laoghaire.
The property:new two-bed apartment for €350,000. It has 76sq m (818sq ft) of space, a designated basement car-parking space, a B1 energy rating, master en suite and access to two communal roof gardens. Service charge: around €1,800.
The agent:Lisney.
The landscape:in the centre of the town within easy walking distance of bus routes, the Dart, retail and leisure facilities. Dún Laoghaire has improved a great deal in recent years, and the council has greatly expanded the use of the town's mostly excellent public amenities. Harbour Court is just off the Main Street towards the Monkstown end of the town.
How much for an owner-occupier?The maximum loan AIB would consider for a first-time buyer is 92 per cent of the price or €322,000, leaving them requiring equity of at least €28,000. To qualify, a single first-timer would require a salary of around €70,500 to fund this mortgage over 25 years, while two individuals would require salaries of around €35,000 each. At AIB's one-year fixed rate of 3.59 per cent (APR 3.33 per cent), monthly repayments are €1,880 over 20 years and €1,626 over 25 years. Monthly repayments at a variable rate of 3.49 per cent (APR 3.54 per cent) are €1,864 over 20 years and €1,609 over 25 years.
How much for an investor?The maximum loan AIB considers for an investment property is 75 per cent of the value, or €262,500, and the maximum term is 25 years. Stamp duty is €15,750, so the investor requires equity of at least €103,250. At AIB's buy-to-let variable rate of 4.2 per cent (APR 4.27 per cent), monthly repayments on this mortgage would be €1,617 over 20 years and €1,413 over 25 years.
Potential?The apartment would rent for around €1,300 a month.
Verdict:Suits a first-time buyer owner-occupier and, in particular, someone keen to rent out the second bedroom.
Calculations by AIB
– Justin Comiskey
