Address: 120 The Maltings, Boham Street, Ushers Island, Dublin 8.
Agent: Young's.
Apartment type: One-bed apartment at €215,000.
What do you get? A typical one-bedroom apartment with an open-plan sitting/diningroom and a standard galley kitchen off the dining end. It has 36 sq m (390 sq ft) of living space and there is a laminate wood floor in the kitchen and livingroom.
The apartment will come with the white goods in the kitchen. Optional car-parking is available to rent. (The current owner rents one space for €50 a month.) Number 120 is on the third floor of this four-floor block. It is in good condition and is in a well-maintained and secure development. The apartment also has a south-facing balcony.
Where? Just off Ushers Island, The Maltings is across from the new James Joyce Bridge. The Maltings is a 10-minute walk from town centre. It was built nine years ago and its Section 23 status made it very popular with investors. Now there is a good mix of owner-occupiers and investors involved in the scheme.
What will it cost an investor to buy? On an investment property valued at €215,000 at 85 per cent of the property value of the property over 25 years at a tracker mortgage variable rate of 3.6 per cent APR, the repayments per month would be €917.83. If the customer opted for an interest only loan for the first five years, at 85 per cent of the cost based on a 25-year term, and an investment tracker rate of 3.6 per cent APR, repayments per month would be €537.59.
What will it cost to buy? At 92 per cent of the property value, at a current account mortgage variable rate of 3.3 per cent APR over 25 years, the monthly mortgage repayments would be €968.10. If the customer chose a repayment term of 35 years, the monthly repayments would be €793.61. The same mortgage could be taken over 40 years and monthly repayments would be €741.55.
Service charge: €835 per annum.
Stamp duty: None for an owner-occupier, €8,600 for an investor.
Solicitors fees: Typically 1 per cent of the purchase price plus land registry fees and VAT. Some are willing to negotiate a fixed fee.
Potential: Rental return is likely to be in the €800 to €900 per month region for this one-bed apartment, which would fall short on the 85 per cent 25-year mortgage mentioned previously, but would cover the 35-year mortgage.
Verdict: Although rental income for apartments in outlying areas of Dublin has slowed down in recent times, number 120's location in the city centre so close to all the hot spots ensures good rentability. When the units were first sold nine years ago they went for between £30,000 (€38,000) and £50,000 (€63,500).
Mortgage calculations by First Active
- Fiona Tyrrell
