The Vacant Property Refurbishment Grant
The Vacant Property Refurbishment Grant recently caught my eye as I saw it being availed of by very enthusiastic participants. It has become the catalyst for many residential refurbishments around the country. The scheme is funded by the Croí Cónaithe (Towns) Fund “with the aim of bringing vacant and underused buildings back into residential use”. From what I can see the Grant is particularly popular in provincial areas where it is otherwise unviable to refurbish a property due to lower end values.
There are two main criteria to the Grant; it must have been vacant for at least 2 years; it must have been built before 2008. Then there are two forms of the grant:
- A sum of up to a maximum of €50,000 is available for the refurbishment of a ‘vacant’ qualifying property.
- A sum of up to a maximum of €70,000 is available for the refurbishment of a ‘derelict’ qualifying property.
The grants are inclusive of VAT and the required expert certification is of course required confirming the prior status of the property. When works are complete the property is to be used as either a principal private residence or to be made available for rent.
Interestingly, the grant can be availed of on a property that was not previously in residential use. What also caught my own attention is that the grant is now not only available to owner-occupiers, but also to investors.
This is a generous and creative concept from government, so long as it is well managed. It will assist in the supply of much needed rented residential accommodation, as well as providing an owner-occupier home for those who have secured a vacant or derelict property and are faced with the challenge of an expensive refurbishment programme. It should also assist in the rejuvenation of urban areas and town centres where vacant buildings, previously in commercial use, require to be repurposed in order for them to be reutilised and avoid dereliction.
Author: Paul Doyle, Managing Director, Bannon
Date: 10th April 2024
