Investment property in Cork area, should I buy in to first or second phase

A

animha

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Hi, I'm sure somebody has a template somewhere for figuring all of the following out and I would really appreciate some help:
I am considering buying an investment property, a 3 bed duplex. I want to figure out the following:
  • Stamp duty
  • Cost of interest only mortgage vs capital + interest mortgage
  • The advantages and disadvantages of buying in to Phase 1 (available in 12 months) vs. Phase 2 (available in 24 months)
  • Suggestions on how I can get good advice as to the rental income from such a property in the future (Cork area) (I remember something from college about NPV but haven't a clue how to apply it here

If anybody has any suggestions / feedback / spreadsheets to help me with these calculations, I would be really grateful!
 
What area in Cork are you talking about?
How much is the house?

D
 
480K is quite a lot for a 3 bed duplex.
As from my experience the max rent I think would be in the region of 1,000 pm.There is a lot of competition for that style house(rentals) there at the moment so you would also have to furnish it with quality furniture and always put down timber floors etc.
I think stamp is 7.5% but check that out.
I other question is this on Old Blackrock Rd or the new Eden Development?

D
 
I know this is quite expensive, it is the new Eden development. These houses have high quality kitchens and bathrooms included...still trying to figure out whether it's worth it. Letting agent reckons you could get €1200 rent for it
 
Before you buy have a look at the development on the Old Blackrock Rd.Go past the South Infirmary hospital and as you go down the hill its on you right hand side.A friend of mine bought on there at roughly the same price.The advantage to me would be you are within in walking distance of town and its in a nice street.I would have to question the letting agent about his claim that you would get 1,200pm.....
I have a few rented properties and I get that for a 4 bed semi close to the city centre.
Have a look at the Old Blackrock rd though before you buy.
Best of luck

D
 
Hey
thanks, what's the name of the development on the old Blackrock Rd or who is developing it? Any info available online? Thanks for the advice!
 
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