Launched in 14 July 2022 and expanded on 1 May 2023, the Vacant Property Refurbishment Grant is available to those who wish to refurbish a vacant or derelict house or building into their principal private residence, or a rental property.
The amount of funds available goes to a maximum (including VAT) of €50,000 (vacant properties), €70,000 (derelict properties) and €84,000 (offshore island properties).
Each local authority processes applications for the Grant. Certain proofs will have to be provided to the local authority to qualify to the grant.
Proofs
- You must either own the property to apply or be engaged in the process of purchasing the property.
- The property must have been built before 2008.
- You must have tax clearance from Revenue and not be a registered company or developer.
- You must provide a quotation in respect of the works proposed.
- In the case of vacant property, you must prove the property has not been inhabited for two years. The property must not have been intentionally left vacant for two years to qualify for the grant.
- In the case of derelict property, the property must be on the Derelict Property Register or you must obtain confirmation from a surveyor that the property is derelict.
- You must live in the property as your principal private residence when the work is completed or make it available for rent. If you are going to rent the property, you must register the tenancy with the Residential Tenancies Board.
Upon validating the application, the local authority will send a qualified person to the property to assess its suitability for the scheme and the cost of the proposed works.
How does it work?
Once the application is accepted, a letter of approval will issue, and you will have thirteen months to complete the work. When the works are completed, the Local Authority will review the property along with all invoices and vouching documents.
The security for the grant is in the form of a Deed of Charge, entered into by the property owner and the Local Authority which is registered against the property. If the Local Authority is satisfied that works have been completed as agreed and you have signed the deed of charge, they will pay out the value of the grant which you obtained.
Clawback
The deed of charge enables the clawback mechanism in the grant which is to prevent profiteering. If you decide to sell the property within 5 years of receiving the grant, you will have to pay back the full amount of the grant, if you sell between 5-10 years, you will pay back 75% of the grant and after 10 years, you will not need to pay back anything.
Link: Grant Statistics
For more information on how your property purchase may be eligible for the grant, please contact our property team.
