The address: 28 Grosvenor Square, Rathmines, Dublin 6.
The property: four-bedroom period house with 227sq m (2,443sq ft) of space currently divided into three units. In very good decorative order and overlooking the square, it would cost around €80,000 to convert it back into a family home. There is potential for rear vehicular access to a storeroom/garage in the back garden.
The agent: Lisney.
The landscape: a short walk to Rathmines town centre with its shops, schools and social outlets while the city centre is closeby.
How much for an owner-occupier? The maximum loan considered for a first-time buyer with AIB is 92 per cent of the value, or €915,400, leaving them requiring equity of €79,600. To qualify, a single buyer would need an income of €233,500 or two individuals €105,000 each. At a one-year fixed rate of 2.4 per cent, monthly repayments on this mortgage would be €4,806 over 20 years and €4,055 over 25 years. Repayments at AIB's variable rate of 2.65 per cent (APR 2.68 per cent) are €4,916 over 20 years and €4,174 over 25 years.
How much for an investor?The maximum loan considered for an investment property by AIB is typically 75 per cent of the value and the maximum term is 25 years. So the mortgage required is €746,250 leaving a buyer needing equity of €248,750. At AIB's buy-to-let variable rate of 4.2 per cent (APR 4.27 per cent), monthly repayments on this mortgage are €4,597 over 20 years and €4,015 over 25 years.
Potential: fully rented the house would make around €3,100 a month while, on its own, the garden level unit would make €900 a month, according to the agent.
Verdict: suits an owner-occupier or someone looking for a home and income.
Calculations by AIB
– Justin Comiskey
