Address:342 Morell Avenue, Naas, Co Kildare.
Agent:Douglas Newman Good.
Property:three-bedroom semi-detached house with an asking price of €360,000.
Landscape:Morell Avenue is a large housing estate in striking distance of Sallins train station. Naas town centre is also close.
Features:342 Morell Avenue has been recently redecorated and is in walk-in condition. Accommodation ithe 97sq m (1,044sq ft) house includes a guest toilet, livingroom, kitchen/diningroom, three bedrooms (one en suite) and a main bathroom. Outside are large front and back gardens with mature trees and hedging.
How much for an investor to buy?Stamp duty on €360,000 will be €16,450 for investors so the total cost would be €376,450. If you were buying as an investor you could raise €324,000 or 90 per cent of the purchase price. On a full-payment basis this would work out as €1,873 per month over 25 years and €1,320 per month interest only. These figures are based on a one or two-year fixed rate of 4.89 per cent with Permanent TSB.
How much for a residential buyer?A first-time buyer could go for a 100 per cent mortgage at a rate of 4.75 per cent on a one-year fixed rate with Bank of Scotland over 35 years. This means monthly repayments of €1,760. But most lenders have now ceased the 100 per cent product for all but a few occupations. A 95 per cent mortgage of €342,000 with a number of different lenders on a one-year fixed of 4.89 per cent would cost €1,791 per month over 35 years. There are one or two conditions attached to getting the 95 per cent mortgage but nothing prohibitive for most people.
Potential: it should fetch a rent of around €1,200 a month, according to the agent.
Verdict:A rent of €1,200 per month would represent a 4 per cent yield.
- Calculations by Simply Mortgages
