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Worth The Investment?......irish Times.............

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Worth the investment?

Edel Morgan

The address: Number 7 Home Villas, Donnybrook, Dublin 4.

The agent: Sherry FitzGerald

The property: two-bedroom house for €775,000.

The look: Victorian terraced red brick with appealing interior.

The landscape: backs onto Herbert Park in what the agent calls a "leafy enclave" . Within a short walk of Donnybrook village.

The features: A 72 sq m (776 sq ft) house with a livingroom with original floor boards and understairs storage. The diningroom has semi solid floors and an original fireplace. Two skylights make the fitted kitchen a bright space. The bedrooms are doubles with original fireplaces and built-in wardrobes. It has a 30ft back garden. Residential disc parking.

How much for an investor? An investor requiring a 90 per cent mortgage at a PTSB tracker rate of 3.6 per cent over 20 years will have annual mortgage repayment of €48,975. Interest-only mortgage repayments would be €25,110. The shortfall when the rental income of €15,000 a year (calculated to allow for one month's costs and one month's void) is taken into account would be €33,974, while the shortfall on an interest only mortgage would be €10,110. On a 28 per cent mortgage at a PTSB tracker rate of 3.6 per cent over 20 years, an investor would break even on rent.

How much to buy? An 80 per cent mortgage at PTSB tracker rate of 3.6 per cent will have annual repayment of €47,714. On an interest-only mortgage it would be €24,464.

Potential: the house could be extended to the rear subject to planning permission.

Verdict: good rental location of interest to an investor willing to hang in for long-term gains.

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