While turnkey new properties are a smooth and usually stress free option, for the adventurous among us, refurbishing an older property can be an excellent way to build your ideal home for a fraction of the cost.
Aided by Government supports like the Vacant Property Refurbishment and energy retrofitting grants, it has never been easier to receive financial backing from the State to polish a diamond that had been lost in the rough.
Refurbishment
Introduced in 2022, the Vacant Property Refurbishment (VPR ) grant can provide up to €50,000 depending on the state of the property and whether it is derelict. Initially introduced only for vacant homes in rural towns and villages, the criteria for eligible applicants changed in November 2022, allowing the VPR grant to be applicable for all areas. It is an ideal option for the lovers of older properties and architecture but without the capital for the hefty price tag of already renovated period properties. While this option is not for the faint of heart, it can be a brilliant way to cultivate your dream home from the ground up adding facets and alterations to suit your family. There is also the additional benefit of the property being an existing structure, therefore alleviating the need to apply for planning permission as internal alterations are generally exempt.
The VPR grant provides funding for owners of a property built before 1993 which has has not received prior funding under the grant. The beauty of the VPR is that it can be used on buildings which have not been used as residential properties before, e.g. farm buildings, old factory buildings, redundant church buildings etc. To be eligible, the applicant must own or be in the process of buying the property and will be using it as their principal private residence when the work is complete. Applicants can get up to €30,000 for a vacant property, with an additional top-up grant of €20,000 if it is derelict.
The VPR can be used for structual and substructure works including; foundations, rising walls, damp-proofing, chimneys, suspended timber floors and structural timbers, as well as works to internal and external walls, roof completions and building services including plumbing, heating and electricity. The funds can also be used to extend the property, to complete necessary external works and site development, demolition work and painting and decorating.
Retrofitting
In February 2022, the Government introduced The National Retrofitting scheme and through the SEAI (Sustainable Energy Authority of Ireland ) there are currently three home energy grants available. The allocation of the three grants offered are determined by when the property was built and occupied, the works that need to be completed and the background of the applicant.
The first grant is the Better Energy Homes Scheme (BHES ), which is partially funded and is for homeowners and landlords who want to do certain energy upgrades and manage the process themselves. Similarly to the Better Energy Homes Scheme, the National Home Energy Upgrade Scheme (NHEUS ) is partially funded but differs in that the project is entirely managed by a private company. The private company will then complete an initial energy assessment which can be then used to advise on necessary requirements to bring the property up to a B2 BER rating or higher. The company will then assign a contractor and manage a contractor to do the work and conduct a final BER assessment when the work is complete. The final grant is for those who are in receipt of a certain welfare payments like working family payment, one-parent family payment, disability allowance and carers allowance. Unlike the BHES and the NHEUS, the Better Energy Warmer Homes Scheme is a fully funded process.
Relocation
According to last report of 2022 looking into the Average House Price Index by Real Estate Alliance: Estate Agents Ireland Galway city and county have seen a hike in house prices. Galway city has seen a 0.3% increase in the last quarter bringing the average house prices to €311,000. In Galway county, the prices of houses have risen by over 24% in the past year from €178,000 to €220,000 showing the biggest annual increase in the country.
Despite this increase, derelict and vacant properties are consistently available for purchase on property advertiser, Daft.ie, in commutable distances away from Galway city. At the moment, there are 10 properties under €100,000, all within one hours drive from the city. With properties available in rural settings and in smaller towns like Moycullen, Clonberne, Dunmore and Tuam, the beauty of purchasing a house which is 'worse for wear' also is that you do not have to worry about 'rural housing need'.
The current rules surrounding rural housing need when it comes to planning, means that hopeful home owners who are looking to buy a site and build on it must fit a strict criteria regarding their link to the local area. These can differ depending on the zoning of land in areas across the county. For locals who have lifelong ties to an area this is often not an issue, but for those hoping to leave the hubbub of city life for the countryside, this can pose a problem. For further information check with Galway County Council.
Reward
Thanks to RTÉ programmes like My Bungalow Bliss and thousands of home improvement shows on nearly every channel you can think of, renovation is something that people look on favourably. Sure, it will come with more stress, paperwork and be more hands-on than a turnkey new house, but it can be extremely rewarding. After all, as the saying goes 'nothing worth having comes easy'.
