The address: The Paddocks, Monamolin, Co Wexford.
The property: four-bedroom house on around 0.5 acres with 204sq m (2,200sq ft) of space in shell condition.
The agents: DNG O'Sullivan Kinsella Estates.
The landscape: a one-off house in the countryside, The Paddocks is about half a mile from the village of Monamolin and about 10 minutes by car to Gorey and the N11. Commuting time to the capital, according to the agents, is about 70 minutes. The house originally came off the market at €440,000 but is now quoting €299,000.
How much for an owner-occupier?Ideally suited to someone looking for a change of lifestyle, there is no stamp duty on The Paddocks for first-time buyers who, with Bank of Ireland, could borrow up to 92 per cent of the value at a one-year fixed rate of 3.1 per cent APR. Monthly repayments over 20 years would be €1,450 or €1,226 over 25 years. Lower interest rates are offered to first-timers who can come with 20 per cent or more of the asking price.
How much for an investor?Bank of Ireland will offer investors full-repayment mortgages of up to 75 per cent of the asking price at 4.6 per cent APR, giving monthly repayments of €1,244 over 20 years and €1,417 over 25 years.
Potential?The property could achieve a rent of around €900 a month, according to the agents, but this would be for a long-term rather than a holiday let.
Verdict?A bit off the tourist trail
Calculations by Bank of Ireland
– Justin Comiskey
