Irish Teen Revolutionizes Home Buying with €50K Scheme Before 20

A young man from west Cork, Seán O’Shea, has successfully purchased two homes before his 20th birthday, utilizing a little-known €50,000 cash scheme aimed at assisting young buyers. With the Irish housing market notoriously challenging, his achievements stand out as a beacon of hope for potential homeowners.

Seán began his journey towards home ownership at the age of 12, taking on part-time jobs to build his savings. He initially worked in a restaurant and helped his uncle with fishing during summer breaks. Upon completing school, he embarked on a plumbing apprenticeship at 17, a decision that would ultimately equip him with the skills necessary for property renovation.

“My first job was when I was 12 in a restaurant before I started working with my uncle,” Seán explained. “It has really been non-stop saving ever since. It’s all so I can be financially free when I’m older.”

Seán’s disciplined approach to saving and financial management enabled him to set a clear goal: to buy his first property while still in his teens. He meticulously tracked his income and expenses in a spreadsheet, consciously avoiding unnecessary spending and forgoing vacations for two years to maximize his savings. By the time he reached his late teens, he had saved enough to explore properties in the €150,000 to €200,000 range.

After a couple of unsuccessful bids, he purchased a vacant fixer-upper in Castletownbere for approximately €150,000. While the property needed significant renovation, Seán was determined to undertake much of the work himself, leveraging his plumbing skills and contacts within the trade.

“I would say I have completed about 80 percent of the renovation work myself,” he stated. “I ripped out everything, did the bathroom, and upgraded the hot press. I got someone professional to do the kitchen and electrical work, but all the rest of it was me.”

The renovation cost exceeded €50,000, funded primarily through the Vacant Property Grant scheme, which Seán found to be invaluable in making the project affordable. Since completing the renovations, he has moved into the refurbished home and has actively shared his journey on social media, building a following interested in his property ventures.

Seán’s success in the housing market did not stop with his first home. He recently acquired another vacant property in Cork for just under €100,000, which he plans to renovate using the knowledge gained from his first project. This second home is in need of substantial refurbishment, but Seán sees it as an opportunity to further cement his financial future.

“I’m actually renovating my second property now. It’s even an older property,” he shared. “I’m planning on doing a lot of the work in this house myself. It was less than €100,000, so it came out as a good deal.”

Recognizing the interest from his peers, he created a group called the Property Crew to share advice on navigating the property market. Seán emphasizes the importance of researching available grants and support schemes before making any decisions. He believes that programs like the Vacant Property Grant can significantly lower the barriers for young buyers.

In addition to understanding available grants, he advises securing mortgage approval in principle early in the process. This not only clarifies a buyer’s budget but also allows for quick action when the right property appears.

Seán also suggests direct engagement with bank managers, asserting that personal advice tends to be more reliable than online estimates. Furthermore, he stresses the necessity of arranging a full engineer’s report before making an offer to avoid unforeseen issues later on.

“If you’re looking at getting a property, I would say go into the bank first and get your mortgage approval,” he recommended. “You must also keep looking at MyHome or Daft because there are still affordable houses cropping up every now and then.”

Seán’s journey illustrates that with determination, careful planning, and the right resources, home ownership is not merely a dream but an achievable goal for young people in Ireland. His proactive approach not only serves as inspiration but also provides practical insights for others looking to enter the property market.