The address:24 Strandside South, Abbeyside, Dungarvan, Co Waterford (in centre with green door).
The property:recently restored waterside period house with four/five bedrooms and 139sq m (1,500sq ft) of space for €425,000. On-street car-parking to the front and a decent-sized yard to the rear.
The agent:Flavin McCarthy Walsh of Dungarvan.
The landscape:the house is in a sought-after part of Dungarvin and is a five-minute walk to the beach. There are great views from a large livingroom on the first floor across the harbour to the An Rinn peninsula. Dungarvan's retail/restaurant offering is within easy walking distance. The nearby N25 offers connectivity to Cork/Waterford.
How much for an owner-occupier? A first-time buyer could borrow (from AIB) 92 per cent of the price, or €391,000, leaving them needing €34,000 in equity. A single first-timer would need a salary of €63,000 to fund the mortgage over 35 years while two individuals would require minimum incomes of €30,000 each. At AIB’s one-year fixed rate of 2.4 per cent (APR 2.52 per cent), monthly repayments are €1,376. Repayments at AIB’s variable rate of 2.9 per cent (APR 2.94 per cent), available where the loan-to-value (LTV) is greater than 80 per cent, would be €1,482 a month.
How much for an investor?The maximum loan considered by AIB for an investment property is 85 per cent of the value, with up to 100 per cent LTV considered for portfolio investors, subject to overall LTV of the portfolio not exceeding 75 per cent. An 85 per cent loan (€361,250) over a maximum term of 25 years requires equity input of €63,750. At AIB's buy-to-let two-year fixed rate of 3.6 per cent (APR 4.16 per cent), monthly repayments would be €1,824. On an interest-only basis monthly repayments work out at €1,264.
Potential?The house would rent for around €950 a month on a long term lease and for €800–€900 a week during the high season (June-August), according to the agent.
Verdict: may suit someone looking for a holiday home with rental potential.
- Calculations by AIB
