The Address: Apt 31 Griffith Hall, Glandore Road, Dublin 9.
The Agent: Gunne
The property: Two-bed ground floor apartment for €400,000.
The look: Functional glass and yellow brick, built three years ago.
The landscape: Just off leafy Griffith Avenue.
The features: own hall door, large balcony and underground parking. It is 64sq m (690sq ft) with an entrance hall, open-plan living/diningroom leading to west-facing balcony. Kitchen with modern Shaker-style built-in units. Both bedrooms (one double and one single) have built-in wardrobes and the bathroom has a bath with shower fitting. Electric underfloor and ceiling heating. Gated developpment overlooking a communal green area.
How much for an investor: On a 90 per cent mortgage at an investment tracker rate of 4.1 per cent APR, the monthly repayments over a 20-year term would be €2.178, and over 25 years would be €1897.20.
On an 85 per cent investment mortgage with interest only, the monthly repayments for the first seven years would be €1,132.
How much for an owner occupier to buy: On a 92 per cent mortgage at a Homeloan Tracker at 4.1 per cent, the monthly repayments over 20 years would be €2,226, over 25 years would be €1,939, over 30 years €1,755 and 35 years, €1,626.
On a 100 per cent mortgage the monthly repayments on a Homeloan tracker at 4.1 per cent APR would be €2,240 over 20 years, €2,108 over 25 years, €1,908 over 30 years, €1,768 over 35 years.
Potential: an apartment in this development could fetch a monthly rent of €1,200-€1,300 per month.
Verdict: Good rental location but an investor will struggle to cover the mortgage with rental return.
Calculations by Bank of Ireland ...