Max to spend on 2 bed in Dublin

coredev123 wrote: »

Hi

This isn't a personal situation, however, I'm just curious.

How much would be recommended to spend on a 2-bed apartment on Dublin, 10 minutes from a train station?

There's one in my estate that cost 275K for a 765 sqft apartment. This sounds like a lot to me, but is it really? What would be your cap.

Recommended or realistic? To me that place in your estate sounds like a bargain, particularly given current rents.

You get a nice one for 180k if you're willing to move to Finglas, Ballymun or Tallaght.
Tallaght would have the best commute links (luas).

Saw that sort of price for a 2 bed in Donaghmede recently. It really depends what train station it's near.

There are 2 bed apartments around the €1million mark in Dublin right now - granted they're large and in the best areas, but all the same.

€275k isn't madness depending on the apartment. If the management fees are reasonable, the amenities good, energy rating etc etc.... not to mention a good location.

Its far from the ceiling price for Dublin.

thencamethen wrote: »

Artane (Killester dart station 20 mins by foot), Timber mills, around 225-280k.

You'd be hard pushed to find them at that price any more I think, few in Timber Mills were very steep the last time I was looking.

OP, if you let a room and pay 20% for the average of 240k, with 3% interest rate, 32 years term, the rent will cover the mortgage almost completely (even though I rented for 30% lower than what I saw on daft for my apt block, to a friend). What's left to pay is LPT around 100 per year (will increase most likely, so maybe 200 next year), insurance (300 per year), management fee (1000 - 1500, but it depends, mine for example is 1200). Say, you realistically got 650/month for a room. You'll be paying around 3000 euro per year + bills for owning the apartment. But you'll be sharing it at the same time.

My worst case scenario was - the market falls into a hard recession and prices fall 2 times. What am I going to do?
So instead of 650 you'll get only 400 for renting a room, your interest rate is now 5%. Instead of 750 per month you'll need to pay around 1000. still, its pretty much ok, you'll need to cover 600*12 + lpt/fees + bills. Not good, but it's fine for some time.

I think 250 is the good price for 2 bed apartment, but for me personally (I'm single in early 30s) it seemed too risky to go up. I don't know your circumstances, but if you have more capital, then for 300 I guess you can find something pretty decent, with better views / dart / 2 bath / gas heating / fresh renovation. But prices for managing it will be higher as well.