The vacant property refurbishment grant is gaining traction among buyers seeking alternatives in today’s challenging housing market. With soaring house prices and limited supply, this grant serves as an incentive for individuals to purchase vacant or derelict properties, refurbish them, and transform them into their dream homes or lucrative rentals.
As an estate agent, I’ve witnessed first-hand the benefits and challenges that buyers encounter with this grant. It has notably surged the demand for derelict or vacant properties, drawing buyers in with its promising financial incentives. Let’s delve into some fundamental questions about the vacant property grant.
The Vacant Property Refurbishment Grant is a financial aid initiative designed to motivate homeowners to renovate neglected properties, making them habitable or suitable for rental purposes.
Eligibility requires proof of ownership or active purchase negotiations, intentions to make the property a primary residence or available for rent, tax compliance, and property vacancy for a minimum of two years.
Proving property vacancy involves showcasing evidence of non-occupancy for the specified duration. (2 years)
Proving dereliction involves presenting the property’s deteriorated state through detailed documentation or inspection reports.
Eligible homeowners can access up to €50,000 for refurbishing vacant properties and an additional €20,000 for derelict properties. The grant covers a wide range of renovation works, excluding complete property demolitions and rebuilds.
The application process involves submitting a comprehensive package to the local authority, including proof of vacancy, ownership details, renovation quotes, necessary permissions, and dereliction proof for the top-up grant.
Once the application is submitted, a qualified person will review the property and assess the cost of works. If approved, you’ll receive confirmation and have 13 months to complete the renovations. Upon completion, a qualified person will inspect the work, and a charge will be placed on the property for ten years as security for the grant. The application form is available here
Receiving the grant occurs post-inspection and document signing. However, repayment obligations arise if circumstances change within ten years post-grant receipt, impacting property use or rental availability.
While the vacant property grant offers numerous advantages, buyers face hurdles such as difficulties securing mortgages for older properties, high construction costs, and uncertainties associated with renovating older properties. Despite these challenges, I’ve witnessed successful grants in action, particularly among parents buying for their children or investors eyeing rental opportunities.
The vacant property grant remains a compelling opportunity for buyers to breathe life into neglected properties, but it’s crucial to navigate its complexities and challenges effectively.
More useful information can be found here
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