YESTERDAY’S BUDGET BROUGHT came with a host of changes for those wishing to enter the property market. 

Alongside changes in the Rent Tax Credit to make it easier for renters to save for a deposit on a house, Budget 2024 tweaked the Help To Buy (HTB) scheme. HTB is a tax rebate from the Government, providing you with up to 10% of the price of the new build.  

It is aimed at first-time buyers to help with the deposit needed to purchase or self-build a new house or apartment. Saving for a deposit is an issue many first-time buyers face, and HTB helps overcome this problem by giving those entering the market for the first time a head start on their home-buying journey.

As part of Budget 2024, HTB has been extended until the end of 2025. This means first-time buyers can avail of €30,000 when purchasing a home. This can help those entering the property market purchase a new build worth up to €500,000. 

No changes were made to the First Home Scheme (FHS), which provides first-time buyers and other eligible home buyers with up to 30% of the market value of their newly built home in a private development anywhere in the Republic of Ireland. It works in tandem with HTB, helping first-time buyers purchase a modern home.

HTB applies to new builds only. These new builds come with a minimum A2 BER, as well as other modern features. Many recently built homes have integrated sustainable practices, such as solar panels, into the property. 

New builds are often located in new communities alongside other recently-built homes.

New builds are a hugely attractive choice for first-time buyers. They come with the feeling of a brand new home and are a much more sustainable build, as pointed out earlier. They can also be great value for first-time buyers, thanks to the numerous supports available.

There are no tiresome renovations or upgrades needed with new builds that can be found in some previously owned properties. Most new builds are built in large groups or communities, bringing a social element and neighbourly feel to the area. 

Gracefields @ Drumaconn, a newly-built community by Glenveagh, is perfectly suited for first-time buyers as it qualifies for the Help-To-Buy Scheme. 

Let’s take a two-bed property in Gracefields @ Drumaconn (be sure to take a virtual tour of the community here) as an example of how you can avail of both schemes together. The home purchase price is €310,000 and first time buyers are required to have a deposit of 10% of the property value.

With the Help to Buy scheme, you can get a maximum of €30,000 towards your deposit, meaning the remaining deposit needed is €1,000. This means the mortgage needed to purchase the home would be €279,000 (less Help-to-Buy and deposit).

For more information on the Help To Buy scheme, visit Glenveagh. Glenveagh is one of Ireland’s leading community builders.