The address:Esker Hills, Portlaoise.
The agent:developer Owenass Developments is selling the scheme itself.
The property:three-bedroom semi for €280,000.
The landscape: this new development is located beside Portlaoise train station, five minutes from the town centre and just off the M7. Set on 21 acres, the scheme consists of 480 two, three and four-bedroom houses.
The features:the 109sq m (1,167sq ft) new house has a kitchen/dining area to the rear with adjoining utility room. Kitchen appliances are included. Two investor furniture packages are available priced at €4,600 and €5,400. There are no service charges.
How much for an investor to buy? At AIB's buy-to-let tracker mortgage rate of 4.6 per cent, the repayments on a loan equivalent to 85 per cent of the asking price - a sum of €238,000 - would be €1,335 a month over 25 years. On an interest-only mortgage based on the same rate and term, the repayments would be €912 a month.
How much for a residential buyer? A single first-time buyer would need a salary of €63,000 to fund a 100 per cent mortgage over 35 years, while a couple would need to earn around €31,500 each. Based on AIB's one-year discount tracker rate of 4.1 per cent, the loan would cost €1,254 a month for the first year. On its standard variable rate (SVR) of 4.6 per cent, the repayments would then be €1,338. On a 92 per cent loan of €257,600 the repayments would be €1,154 in the first year and €1,231 based on the SVR.
Potential: these houses are attracting a rent of between €800 and €850 a month.
Verdict: the rental market is good in Portlaoise thanks to lots of public sector jobs and property appreciation is strong in the town.
Calculations by AIB
