Homeowners Miss Out on €84,000 Grant for Property Renovations

Many homeowners are unaware that they could be eligible for the Vacant Property Refurbishment Grant, which offers substantial financial assistance for property renovations. This grant can provide up to €84,000 for refurbishing derelict buildings, making it an attractive option for those looking to invest in vacant properties, especially given the current market filled with abandoned homes.

The Vacant Property Refurbishment Grant is designed to revitalize vacant and derelict homes, allowing individuals to either occupy these properties or rent them out. This funding is particularly beneficial for those who can purchase properties at lower prices compared to new builds or well-maintained homes. The grant is funded by the Department of Housing, Local Government and Heritage through the Croí Conaithe (Towns) Fund and applications are submitted to local authorities.

To qualify for the grant, applicants must meet specific criteria. If a property is vacant, homeowners can receive up to €50,000 for renovations. For properties classified as derelict, the amount increases to €70,000. Notably, these figures include VAT costs associated with the renovation work. As of May 1, 2023, these grant amounts have been increased, which means that even if an application was submitted prior to this date, applicants can still benefit from the enhanced amounts, provided they are waiting for approval.

For homeowners residing on off-shore islands, the grant amounts are even more favorable. They can claim up to €84,000 for derelict buildings and €60,000 for vacant properties. It is important to note that these caps are further boosted by 20% if the property is located on one of these islands.

In order to apply for the Vacant Property Refurbishment Grant, individuals must fill out an application form and submit it to their local authority along with the required supporting documents. Detailed information about the necessary documentation can be found on the relevant governmental websites.

The availability of such grants highlights a significant opportunity for those interested in property refurbishment. With numerous vacant and derelict homes available, homeowners should consider taking advantage of these financial incentives to not only improve their living conditions but also contribute to community revitalization.