The address:6 Court Apartments, Wilton Place, Dublin 2.
The property:one-bedroom first-floor apartment for €245,000. It's spacious for a one-bed at 58sq m (625sq ft), is in good condition and overlooks Wilton Place Park and the Grand Canal. There is also a good-sized separate storage area and a residents' laundry. Parking is on-street and the annual service charge is €1,789.
The agent:Savills.
The landscape: in a quiet location within easy walking distance of the Dart at Grand Canal Dock, bus routes and the wider central business district. Great choice of leisure, retail and social facilities close at hand. Settled and mature location.
How much for an owner-occupier?A first-time buyer could get a 92 per cent mortgage, or €225,400, with Bank of Ireland. To qualify, the household income would need to be around €50,100. This leaves them with an equity requirement of at least €19,600. Over 25 years at a one-year fixed rate of 3.1 per cent, monthly repayments are €1,081 and €1,110 at a standard variable rate of 3.35 per cent.
How much for an investor?Stamp duty is €8,400. An investor could get an 80 per cent mortgage, or €196,000, through Bank of Ireland and KBC – but this is only available to experienced investors with strong independent residual income in a good occupation sector. This leaves an equity requirement of at least €57,400. Over 20 years at a variable rate of 4.5 per cent, monthly repayments work out at €1,426 and at €1,253 over 25 years.
Potential?The apartment would rent for around €950 a month.
V erdict:suits an owner-occupier looking for a good-sized city centre apartment in a settled area.
Calculations by Barry Sheridan, Chrome Capital Ltd, Fitzwilliam Square, Dublin 2
– Justin Comiskey
