Address: 11 Alexandra Quay, York Road, Ringsend, Dublin 4
Agent: Gunne.
Apartment type: two-bedroom second floor duplex for €385,000.
What do you get? 71sq m (764sq ft) of living space. Accommodation comprises an entrance hall, a bright living/diningroom with brick-effect fireplace fitted with bay windows opening out to a balcony and a stone fireplace, two double bedrooms with fitted wardrobes and modern bathroom with wall and floor tiling.
One bedroom has built-in wardrobes and the other a varnished wooden floor. All rooms, except the bathroom, have views over Dublin Port and the Liffey. The apartment is in a small development, built around a courtyard and is in very good condition. There is a secure residential car-park accessed via remote controlled gates.
Where? Built around 10 years ago the complex is close to the city centre and the East Link toll bridge, giving good access to the north quays. The city centre is a 15-minute walk away.
How much for investor? On an investment property valued €385,000 at 80 per cent of the value of the property over 25 years and at an investment mortgage tracker variable rate of 3.2 per cent APR, the repayments per month would be €1,484.56. If the customer opted for an interest-only loan for the first five years, at 80 per cent of the cost based on a 25-year term, and an investment mortgage variable rate of 3.2 per cent APR, repayments per month for the first five years would be €808.50.
How much to buy? At 92 per cent of the property value, at a current account mortgage variable rate of 3.3 per cent APR and over 25 years, the monthly mortgage repayments would be €1,733.56. If the customer chose a repayment term of 35 years, the monthly repayments would be €1,421.12. The same mortgage could be taken over 40 years and monthly repayments would be €1,327.89.
Single income required: a single applicant purchasing as an investor would require a salary of approximately €70,000 to fund an 80 per cent mortgage over 25 years.
Joint income required: a couple would require a combined income of approximately €75,000 (€43,000 and €33,000) to fund a 92 per cent mortgage over 35 years.
Stamp duty required: €23,100 for a first-time buyer and €28.875 for investors and others.
Solicitors fees: traditionally around 1 per cent of the purchase price plus land registry fees and VAT. However, some solicitors are willing to negotiate a fixed fee.
Potential: there is a potential rent of €1,000 to €1,100 per month, according to the agent. This represents a shortfall of €485 or €385 on an 80 per cent mortgage for an investor but a surplus of between €200 and €300 on an interest-only mortgage.
Verdict: in a popular area, apartments in this location sell well and rent well, according to the agent. Capital appreciation has been strong in this area. A similar apartment in the complex (ground floor two-bed) sold for €69,850 (£55,000) in 1995.
Calculations by First Active
- Fiona Tyrrell
