The address:141 Bellevue, Islandbridge, Dublin 8.
The property:One-bedroom first floor apartment for €150,000. It's in walk-in condition, has 48sq m (518sq ft) of space, underground car-parking, overlooks an internal courtyard and has attractive walnut flooring in the livingroom and underfloor heating in the bathroom. The annual service charge is €1,413.17.
The agent: Douglas Newman Good.
The landscape: Just off the SCR and on the banks of the Liffey, Bellevue is an attractive scheme with the Phoenix Park and War Memorial Gardens as a backdrop. The city centre is within easy reach, as is the M50, Heuston station, the Luas and the Royal Hospital, Kilmainham. Its leafy grounds also include an old weir.
How much for an owner-occupier?A first-time buyer could get a 92 per cent mortgage, or €138,000, with Bank of Ireland. This leaves them requiring equity of at least €12,000. To qualify for the loan, the household income would need to be around €30,500. Over 25 years, at a one-year fixed rate of 3.1 per cent, repayments work out at €662 a month. At a variable rate of 3.35 per cent, repayments are €680 a month.
How much for an investor?Stamp duty is €1,750. An investor could secure an 80 per cent mortgage, or €120,000, with KBC, provided they have strong independent residual income after paying all existing commitments and are in a good occupation sector with income sustainability. Monthly repayments at a variable rate of 4.5 per cent are €873 over 20 years and €767 over 25 years.
Potential?The apartment would rent for about €800 a month.
Verdict: Suits an investor in for the long haul.
Calculations by Barry Sheridan, Chrome Capital Ltd, Fitzwilliam Square, Dublin 2.
