36 Granitefield Manor, Rochestown Avenue, Dún Laoghaire, Co Dublin.
The agent: Brian Dwyer & Partners Ltd.
The property: a two-bedroom penthouse for €550,000.
The landscape: surrounding area is a mix of mature residential developments with a few modern apartment complexes. Granitefield Manor is within easy reach of Killiney shopping centre, Cornelscourt shopping centre and Cabinteely. There are around 150 units in the development .
The features: a 77sq m (826sq ft) penthouse with a 32.5sq m (350sq ft) west-facing sun terrace. It has a lounge, kitchen and dining area, two bathrooms, a laundry room, storage and underground car-parking space.
How much for an investor? At 85 per cent of the value over 25 years at a standard variable rate of 3.76 per cent APR, the repayments would be €2,387 per month. The repayment for an interest-only mortgage would be around €1,443 per month.
How much to buy? If borrowing 100 per cent at a one-year fixed new business rate of 3.49 per cent APR, the repayments would be €2,096 per month.
If borrowing 92 per cent of the property price at a one-year fixed new business rate of 3.49 per cent APR, the repayments on this mortgage would be €1,928 per month. A current tracker rate of 3.40 per cent APR would have repayments of €2,044 per month.
The potential: a two-bedroom penthouse in this location could fetch up to around €1,300-€1,500 per month.
The verdict: a good location which should appreciate in value. However, an investor dependent on rental return may have to go the interest-only mortgage route.
Calculations by AIB
