I've noticed on many brokers websites
Thats yet to be agreed. I'm guessing around the 200k mark.Hi, what's the value of the apartment?
There are just a small few 1 beds, and they rarely go on the market (its a tiny development of just 24 homes in a converted period house with 14 of them newer builds, including the one I live in. The last sale of a 1 bed has not been in many years. I'm just curious as I bank with PTSB and saw from reading here that they don't lend for 1 bed apartments full stop. I have an appointment with them next week but would be wasting my time if they have a no 1 bed apartments policy. It would be better spent talking to a broker in that case.The best approach is to contact a mortgage broker.
They would know which lender was most likely to oblige.
Have any of the one beds been sold recently? You could ask them which lender they used.
If you have 20% and if you are borrowing just over twice your income, it should be doable.
Brendan
Correct, but if you push this line too hard the offer might be off the table.buying wouldn't be able to increase the rent above the 4% threshold and this would obviously impact the price they would pay for the apartment.
Landlord actually inherited the property and immediate put up the rent, it had been owned by a family member who was too busy dying to be concerned about their rental properties! So lucky for myself and the tenant in another property they own in same development. But yes - they - according to the law anyway - cannot let to another tenant at more than 4% more than my current rent (which is already about 65% of local market rent), but of course, same goes - I understand - to a subsequent investment purchaser, who would be constrained by the same RPZ capping.Yes, it's definitely a balancing act, could annoy the landlord who seems to have been very decent to you.
I'd put it at 200k based on size and needs about 10-15k of work (mould in bathroom needs treatment, and then some modernising prob 6-7k for that, fixes to plumbing and removal of a fixed gas fire that never worked). 1 beds round here go from anything from 180-230k. They are slow to sell as clearly there is very little market for owner occupiers (why would you save 40k to buy a 1 bed when you can buy a 2 bed locally for 20-50k extra but only need a 22-25k deposit?) Its not an investor hotspot - literally everything I've previously looked at (2 bed apartments) was investors fleeing the local market.Hi, what's the value of the apartment?
Well only apart from it being against the law!So technically, I'd say there's nothing to stop a new investor from chancing their arm.
Note that the 4% limit is per annum and since the last rent review. The RTB calculator will confirm the max allowed.But yes - they - according to the law anyway - cannot let to another tenant at more than 4% more than my current rent
You are correct, applying the RTB formula would put it closer to 75% of the market rent for the area. So it probably would be more attractive a sale to investors after 2 more rent increase cycles, assuming that the market rents stay level.Note that the 4% limit is per annum and since the last rent review. The RTB calculator will confirm the max allowed.
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