The address:Crosbies Yard, alongside the Royal Canal with an entrance on Ossory Road (off North Strand Road) in Dublin 3.
The property:brand new one-bedroom apartment with 46sq m (495sq ft) of space for €155,000. A designated car-parking space costs €15,000 extra. The service charge is around €1,100 a year. When first launched off-plans in 2004 one-beds were from €270,000.
The agent:Douglas Newman Good.
The landscape:designed by architects Scott Tallon Walker, Crosbies Yard is a contemporary 200-unit apartment scheme around an inner courtyard. It is within easy reach of Connolly Station, Busáras and the new docklands Luas extension. The scheme is in a fast-changing area that has attracted a lot of first-time buyers.
How much for an owner-occupier?A first-time buyer could borrow 92 per cent of the price, or €142,600, over 25 years leaving them requiring equity input of €12,400. To qualify, a single first-time buyer would require a salary of around €29,000 to fund this mortgage over 25 years and two individuals would require minimum incomes of around €14,500 each. At AIB's one-year fixed rate of 2.4 per cent (APR 2.29 per cent), monthly repayments on this mortgage would be around €632 over 25 years. Monthly repayments at AIB's variable rate of 2.65 per cent (APR 2.68 per cent), applicable where the loan-to-value rate is greater than 80 per cent, would be €650 over 25 years.
How much for an investor?The maximum loan considered by AIB for an investment property is 75 per cent of the value, or €116,250, while the maximum term is 25 years. An investor would require equity input of €38,750 and stamp duty of €2,100. At AIB's buy-to-let standard variable rate of 4.2 per cent (APR 4.27 per cent), the monthly repayments on this mortgage would be €716 over 20 years and €625 over 25 years.
Potential:the apartment would rent for around €900 a month, according to the agent.
Verdict:suits an investor.
- Calculations by AIB
