The Government has announced plans which will allow first-time buyers to purchase a derelict or vacant property and turn it into a home without the need for planning permission.
Proposing of new grant for repurposing derelict properties for First-Time Buyers under new measures being drawn up by the Government this month.
A residential buildings report from geoDirectory published this week found that there are more than 100,000 vacant and derelict homes across the country. Mr O’Brien has said a grant of between €20,000 and €30,000 will be announced shortly to encourage first-time buyers to purchase derelict properties.
While the full details of the scheme, due to be announced in the first quarter of 2022, have yet to be finalised, it is understood that those who buy a vacant house will be able to secure funding of “in the region of €20,000 and €30,000” through their local authority towards renovation and other costs, a grant on par with the existing Help To Buy grant for new homes.
It is expected that the property would need to have not been used for a certain period and must be used as the main residence of those who buy it. Only time will how this new initiative will work and if it will be beneficial for first-time buyers.
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