Address: 10 Belfield Downs, Goatstown, Dublin 14.
Agent: Property Team O'Mahony.
The property: three-bed townhouse for over €585,000.
The look: modern redbrick end-of-terrace townhouse.
The landscape: cul-de-sac in leafy suburbia. Off Goatstown Road, Belfield Downs is close to UCD, Clonskeagh village, Dundrum Town Centre and the Luas.
Features: side garden, sittingroom and kitchen / breakfastroom with a sliding door to the rear. All of the bedrooms have built-in wardrobes. Rear garden with side entrance.
How much to buy: for people purchasing a second or third home, at a 92 per cent mortgage based on a tracker rate of 3.6 per cent APR over 20 years, the repayments would be €3,131 per month. This would be €2,706 over 25 years and €2,426 over 30 years.
How much for an investor: at 80 per cent of the purchase price based on a tracker rate of 3.9 per cent APR, the repayments would be €2,428 over 25 years and €2,793 over 20 years. On an interest-only basis, at 75 per cent of the purchase price based on a rate of 3.9 per cent APR, over 10 years, the repayment would be €1,405.
Potential: the house is on a corner site with potential to extend subject to planning permission. It may be bought as an investment by parents whose children are going to college in the area, or an investor with an eye to long term capital growth. It could fetch a rent in the region of €1,400-€1,600 per month.
Verdict: the price seems a bit too good to be true given the location and the potential to extend at the side. Likely to appeal to investors who are looking at the long term dividends rather than at rental return.
Calculations by the Bank of Ireland
