DUBLIN: In a groundbreaking move, the Irish government has approved a new scheme set to provide substantial financial support to individuals constructing their own homes. Housing Minister Dara O’Brien is set to officially announce the initiative today.
Under this scheme, those building their first homes on their own land will be eligible for government grants covering up to 30% of the total construction costs. Furthermore, there are expectations of extending this program to incentivize rural housing development.
This move expands the existing Shared Equity Scheme, primarily designed to aid first-time homebuyers. The scheme currently caters to homebuyers looking at properties up to €475,000 for houses and €500,000 for apartments, with price variations by county.
Notably, a significant majority of participants in the existing scheme hail from urban centers such as Dublin, Cork, Kildare, Meath, and Wicklow. Minister O’Brien expressed optimism that these revisions would open the door to more applicants.
The initiative also involves collaboration with major banks, including AIB, Bank of Ireland, and Permanent TSB, aiming to bridge the gap between mortgage costs and the expense of new homes. For additional details about the existing scheme, please refer to the official link below.
This bold step by the Irish government is poised to empower aspiring homeowners and encourage sustainable housing development in Ireland.