The address: Apartment 333, Bachelors Walk, Dublin 1.
The property: one-bed first floor apartment with 38sq m (409sq ft) of space for €140,000. The apartment is in good condition, faces an internal courtyard but doesn't have a car-parking space while the annual service charge is €924.
The agent: Douglas Newman Good.
The landscape: good city centre location within walking distance of shops, pubs, restaurants, offices and transport links.
How much for an owner-occupier?An owner-occupier could borrow up to 92 per cent of the price, or €128,800, leaving them with an equity input of €11,200. To qualify, a single applicant would need an income of €30,000 and two individuals would require minimum income of €20,000 each. Monthly repayments on a variable rate with AIB of 2.65 per cent (APR 2.68 per cent), are €587.33 per month over 25 years. On a two-year fixed rate of 2.8 per cent with AIB (APR 2.84 per cent) the monthly cost would be €597.64 over 25 years.
How much for an investor?On a loan-to-value rate of 75 per cent, or €105,000, over a maximum term of 25 years, a purchaser would require equity input of €35,000 and stamp duty of €1,050. Based on an investment variable rate of 4.2 per cent with AIB (APR 4.27 per cent) over 20 years, the monthly cost would be €646.80 and over 25 years would be €564.90
Potential?The apartment would rent for around €800 a month, according to the agent.
Verdict: suits an investor.
Calculations by Annette Moore, MMPI, Donnybrook
