The address:35 Montpelier Parade, off Monkstown Road, Monkstown, Co Dublin.
The property:four-bedroom period house for €890,000. Set on an attractive terrace, it needs some updating but the 218sq m (2,347sq ft) of space has lots of pretty period details, like sash windows with shutters, cornice work and paneled doors, and fine reception rooms. To the rear is a 18.5-metre (61ft) south-facing garden with views to the Dublin mountains while parking is on-street.
The agent:Sherry FitzGerald.
The landscape:Montpelier Parade is set back a comfortable distance from the busy Monkstown Road and is within walking distance of Blackrock and Monkstown villages. Quite a few bus routes pass up and down Monkstown Road while the Dart at Seapoint is a five-minute walk. There is a good selection of social, retail and sporting facilities nearby, including seaside walks at Seapoint.
How much for an owner-occupier?A first-time buyer could get a 92 per cent mortgage, or €801,000, through AIB leaving an equity requirement of at least €89,000. To qualify, the household income would need to be around €178,000. At a variable rate of 2.99 per cent over 25 years monthly repayments work out at €3,794.
How much for an investor?Stamp duty is €53,550. An investor could secure a 75 per cent mortgage, or €667,500, through AIB leaving them requiring equity of at least €276,050. To qualify for the mortgage, the household income would need to be around €350,000 and any rental income would not be considered in the current market. At a variable rate of 4.2 per cent, monthly repayments work at €4,939 over 20 years and €4,317 over 25 years.
Potential?The house would rent for around €2,000 a month.
Verdict:suits an owner-occupier.
- Calculations by Barry Sheridan, Chrome Capital Ltd, Fitzwilliam Square, Dublin 2
– Justin Comiskey
