Worth the Investment

D7 redbrick needing modernisation

The address: 32 Goldsmith Street, Phibsborough, D7.

The property: four-bedroom redbrick period house with 116sq m (1,248sq ft) of space for €415,000. While having many period details, high ceilings and a south-west facing rear garden, the house does need some modernisation (approximate cost €50,000, according to the agent). Parking is on-street.

The agent: Sherry FitzGerald.

The landscape: Goldsmith Street is located within the veritable warren of pretty streets between the Broadstone Basin and the Mater Hospital. Phibsborough village is a short walk away, while Croke Park, the Botanic Gardens in Glasnevin and the city centre are also within easy walking distance. There are plenty of schools, shops and recreational facilities close by, and lots of bus routes to and from the city.

How much for an owner-occupier?A first-time buyer can secure up to a 92 per cent mortgage, or €381,800, with Bank of Ireland. At a one-year fixed rate of 2.35 per cent, monthly repayments work out at €1,995 over 20 years and at €1,683 over 25 years. At a variable rate of 2.6 per cent, monthly repayments work out at €2,040 over 20 years and €1,731 over 25 years.

How much for an investor?Stamp duty is €20,300. The maximum loan Bank of Ireland would consider for this property is 75 per cent of the price, or €311,250. At a variable rate of 4.25 per cent monthly repayments work out at €1,925 over 20 years and €1,684 over 25 years. On a two-year fixed rate of 4.75 per cent, monthly repayments work out at €2,008 over 20 years and €1,771 over 25 years.

Potential?As is, the house would rent for around €1,400 a month and, with upgrading, for around €1,600 a month, according to the agent.

Verdict: suits an owner-occupier.

Calculations by Bank of Ireland

– Justin Comiskey