In a bid to empower first-time buyers, Ireland has unveiled an enticing opportunity—the First Home Scheme (FHS). Let’s delve into the details of this game-changing initiative:

  1. Shared Equity Scheme:
    • The FHS operates as a shared equity scheme. Here’s how it works: The government and participating banks contribute up to 30% of the cost of your new home. In return, they hold a stake in the property.
    • You have the option to buy back this stake at any time, but it’s not mandatory.
  2. Eligibility Criteria:
    • First-Time Buyers: If you’ve never owned or built a property for residence, you qualify. Fresh start applicants—those who previously owned a home but no longer have a financial interest in it—are also eligible.
    • Age Requirement: You must be over 18 and have the right to live in Ireland.
    • Property Type: The scheme applies to newly-built homes in private developments or self-built properties on your own site.
    • Price Limits: Your new home must cost less than the price limit set for your local authority area.
  3. Tenant Home Purchase Scheme:
    • If you’re renting a property and your landlord decides to sell, you can participate in the Tenant Home Purchase Scheme under the FHS.
  4. How It Helps:
    • Deposit Assistance: The FHS provides a deposit—ranging from 2.5% to 30% of your property value—to reduce your mortgage burden.
    • Affordability Boost: Owning a home becomes more achievable, especially for young buyers.
  5. Remember:
    • The FHS doesn’t cover second-hand homes unless you’re buying the property you currently rent.
    • Make informed decisions and explore this pathway to homeownership!

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Real Estate