IS it possible to buy a fine home in Cork with a mortgage payment of between €400 and €800 per month? A home near to schools that you can move into immediately?
Yes, it is. I have found six properties for under €200,000 that are available to view and buy now.
With a 10% deposit for first time buyers and the new housing assistance payment launched by the government, a roof over your head is still attainable, despite the depressing outlook and talk of a housing crisis.
Here are the six properties I found, available now.
1. CLOYNE: €185,000
The first property is in the Cloyne area, just outside Midleton. 7, Dun Orga is on the books for €185,000. This three-bed semi is billed as being in a sought-after area, offering an easy commute to the city. With a 10% deposit, this would leave you a monthly payment over a 35-year mortgage of €617 per month or around €768 per month over 25 years.
The house is a three-minute walk from a primary school, shop, chemist and playground. The back garden is private and secure.
The estate itself is mostly owner occupier and the area has excellent wi-fi for those working from home.
Note: From the first floor bedroom, you can see into the neighbouring graveyard. For me this means you have lovely, quiet neighbours but it may be an issue for some!
The contact at Cronin Wall properties is Shay Cronin. See https://www.daft.ie/for-sale/semi-detached-house-7-dun-orga-cloyne-midleton-co-cork/3933269
2. YOUGHAL: €192,000
Our second property is a two-bed two-bath apartment in Youghal, up for €192,000: 68, Carleton Village Apartments, Youghal.
Imagine waking in the morning and trying to decide if you should have a swim in the sea at the blue flag beach, or have a swim in the complex’s heated swimming pool... or perhaps have a spot of tennis before brunch on the complex’s private court.
These are the pressing questions that will be asked by whoever buys this property. The apartment looks out over the water from the balcony, and at 74 square metres, is a fine size. All the furniture is available to purchase if desired.
A couple of things to note. First, the management fees are €2,000 per annum which works out at €166 per month. However, this includes the maintenance of the complex, including the pool, painting, gardening, property insurance, refuse, etc.
Also, this property may not be suitable for people with mobility issues as there are no lifts.
Your contact for this apartment is Grainne Hennessy on 087/2441414. See https://www.daft.ie/for-sale/apartment-68-carleton-village-apartments-youghal-co-cork/3942812
3. GARDINERS HILL: €195,000
Our third property is in a very much sought after area of the city, Gardeners Hill. No.11, Ashburton Row is a three-bed, two-bath town house at 78 square metres. Everything the city offers is on your doorstep at the exceptional price for the area of €195,000.
The house is said to be deceptively spacious and ready to move into. The area is mostly owner occupier and the wi-fi is good. But the special feature of this property for me has to be the long garden, at an elevated height so it benefits from sunlight for most of the day.
A 10% first time buyer deposit would leave a mortgage of €665 per month over 35 years, or about €823 over 25 years.
Your contact for this is Jeremy Murphy on 087/2652000 - see https://www.daft.ie/for-sale/townhouse-11-ashburton-row-gardiners-hill-st-lukes-co-cork/3968169
4. DUNMANWAY: €165,000
Next on our list is a fine house six miles from the town of Dunmanway, in a little estate of only five houses, on the market for €165,000.
No.4, Castle Heights, Togher, is a three-bed, two-bath property over 84 square metres, with a pre-school and primary school within walking distance. The area benefits from the rural broadband network and is said to be beautifully maintained, ready to move into.
The houses in the little estate are currently owner occupier and this property includes an attic with pull-down stairs for storage and a gorgeous garden.
A 10% deposit would leave a monthly mortgage over 35 years of €563, and about €696 over 25 years.
Your contact for this property is Martin on 086/8818888 - see https://www.daft.ie/for-sale/terraced-house-4-castle-heights-togher-dunmanway-co-cork/3957047
5. NEWMARKET: €195,000
The next property is a four-bed, two-bath house in Newmarket on for €195,000 - West End.
This 130 square metre property is an interesting option for those that might be in the mood to renovate. The price was recently reduced from €220,000 and you get a lot of house for your money.
The property is directly across from the preschool and boys’ primary and is walking distance from the centre of town.
Through a side door, I found the area that was once a shop and could now be easily transformed into a granny flat, a teenager’s den, or even a one-bed with a view to renting it out. The plumbing is already there for a shower room.
Your contact at DNG Ryan is Mark - see https://www.daft.ie/for-sale/detached-house-west-end-newmarket-co-cork/3957737
6. CHARLEVILLE: €135,000
The final property for me is the bargain buy - 17 Corney Ring Place, Dromina, Charleville. It’s a three-bed and one-bath semi for €135,000.
The houses are owner occupier in this quiet and peaceful cul de sac estate, and across the road is a primary school and shop. A side gate leads to a private and beautifully laid out secure garden. The area has new wave rural broadband for those that want to work from home. The house has a back boiler but doesn’t have central heating installed.
Over 35 years, the mortgage repayments for a first time buyer would be about €460 per month.
Your contact at Sherry Fitzgerald Walsh is Cathy - see https://www.daft.ie/for-sale/semi-detached-house-17-corney-ring-place-dromina-charleville-co-cork/3929107.
State of the property market
According to the Society of Chartered Surveyors Ireland (SCSI), national property prices are set to rise by 4% this year and 3% in the next three months alone. However, Chair of the SCSI John O’Sullivan believes recent high inflation is not sustainable in the long term and expects to see a slowdown - but with supply outstripping demand, property prices will remain at the higher level in the short-term.
Economic factors such as uncertainly around Ukraine, predicted rising interest rates, and supply chain issues will keep the pressure on for home-buyers too, while the cost of building materials will continue to rise
The Central Bank’s forecast for housing completion is 24,500 for 2022, 29,000 for 2023 and 33,000 for 2024.
According to the latest Daft report, in Cork the average price of a home in the city stands at more than €330,000 and in the county it is over €277,000. This equates to a rise of over 9% in both city and county. Despite this, unit sales have gone up by 14% in the last 12 months.
According to the Davy report for the second quarter of the year, the average time for sale agreed is a fairly speedy 2.6 months.
It’s a fast paced and confusing circle for those wanting to get on to the first rung of the property ladder. But fear not! With remote working becoming a lifestyle choice for many since the pandemic, there are some fine homes available at a monthly rate much lower than the average rental rate in Cork city of €1,607 per calendar month, and €1,258 in the county.