Help to Buy SchemeBrian Moloney
Help to Buy is a scheme designed to help first time buyers by allowing for income tax rebates of up to €20,000.00 OR 5% of the purchase price of a new home, whichever is the lesser amount.
So for example if you are to buy a house in Ros Mor which Rooney Auctioneers are selling;
HTB on a property in Ros Mor selling at €225,000.00 would be €11,250.00
That’s €11,250.00 of a contribution from the government toward the purchase of your new house.
HTB on a property in the Kylemore estate where sales prices are approximately €280,000.00 would be €14,000.00
It’s a huge sum of money that you can claim.
First time buyers buying either new homes or engaged in self builds can avail of the scheme.
Full details and all forms are available on the Revenue website.
In order to finalise your application you will need a scanned copy of your signed contract which your Solicitor can provide.
If you are buying a new home the Developer will be the party who actually receives the money from Revenue.
You should also check with the Revenue at the time of paying your booking deposit whether the developer is registered under the scheme. The full list of approved developers is available on the Revenue website.
Some key points to note are:
The maximum rebate is capped at 5% of the purchase price.
It is available to first time buyers only. Investors cannot avail of the scheme.
If you are buying as a couple, both parties must be first time buyers.
Cash buyers cannot avail of the scheme.
The scheme is available to people who meet the relevant criteria from July 19th, 2016 until December, 2019.
Clawback will apply if you sell the property within 5 years.
Should you have any queries on the Help to Buy Scheme or general conveyancing queries you can email me here in Limerick. email@example.com