The address: 9 Bayview Park, Killiney.
The property:three-bed semi asking €450,000.
The agent:DNG.
The landscape:number 9 is one of 100-odd homes in the quiet Bayview Park estate, which is off Killiney Hill Road. This house overlooks the green and is about a 15-minute walk to the Dart station.
The features: with 93sq m (1,000sq ft), the house has a typical family home layout. Accommodation includes livingroom, kitchen-diner and three double bedrooms. The house comes to the market in good decorative order and the price includes some of its furniture, including beds, sofas and kitchen table.
How much for an owner-occupier?Bank of Ireland is offering owner-occupiers a 12-month discount mortgage rolling to a variable on a rate of 3.25 per cent (APR 3.4 per cent). Mortgage repayments over 25 years will be €1,753 on a 80 per cent LTV.
How much for an investor?Investors borrowing up to 75 per cent on a variable rate from Bank of Ireland can expect monthly mortgage repayments of around €1,873 over 25 years. This is based on a rate of 4.5 per cent (APR 4.6 per cent). On a two-year fixed rate interest-only mortgage at a rate of 4.75 per cent (APR 4.6 per cent) over 25 years, monthly mortgage repayments will be €1,331.
Potential?Located within striking distance of the city via the Dart, as well as Cherrywood, this house will achieve between €1,400 and €1,600 a month in rental income. When it first came on the market in mid-April 2008 the price was €585,000 – now it is down to €450,000, a drop of 23 per cent.
Verdict?Going on a monthly rental of €1,400, investors will just about cover their costs for an interest-only mortgage. The only trouble is getting the money out of the banks!
Calculations by Bank of Ireland
– Fiona Tyrrell
