Address: 4 Ashurst, Mount Merrion Avenue, Blackrock, Co Dublin.
Agent: Lowe & Associates.
Property type: a two-bedroom first floor apartment for €465,000.
What do you get? A 102sq m (1,100sq ft) apartment that has been remodelled and renovated. It has an entrance hall, large lounge with a balcony, a separate kitchen, storage, recessed lighting, video intercom and car-parking. Both bedrooms are en suite.
Where? At the junction of Mount Merrion Avenue and the Stillorgan Road.
What will it cost an investor to buy? On an investment property valued at €465,000 at 80 per cent of the property value over 25 years on an investment mortgage tracker variable rate of 3.2 per cent APR, the repayments per month would be €1,793.23. If the customer opted for an interest-only loan for the first five years - at 80 per cent of the cost based on a 25-year term, and an investment mortgage variable rate of 3.2 per cent APR - repayments per month for the first five years would be €976.50.
What will it cost an owner-occupier? At 92 per cent of the property value, at a current account mortgage variable rate of 3.3 per cent APR and over 25 years, the monthly repayments are €2,093.79. On a repayment term of 35 years, the monthly repayments are €1,716.40. The same mortgage could be taken over 40 years and monthly repayments would be €1,603.81.
Single income required: a single person would require an income of approximately €83,000 to fund a 92 per cent mortgage over 40 years.
Joint income required: a couple purchasing as investors require a combined salary of around €81,700 (€51,700 and €30,000) to fund an 80 per cent mortgage over 25 years. This is an estimate only and individual cases will vary, based on circumstances.
Stamp Duty: first-time buyer - €27,900. Trader-upper - €34,875.
Potential: rental return on this apartment would be upwards of €1,400 per month. A prime rental location in an area that is close to UCD, the coast and the city centre.
Verdict: the development looks a little dated from the outside but the apartment has been completely refurbished and modernised. Reasonable value for a two-bed apartment in this location and the prospects for capital growth look good.
