What’s in it for You?
The government plays a pivotal role, offering up to 30% of the house’s value in exchange for an equivalent share of the property. It’s a mutually beneficial arrangement, providing a stepping stone for those who might otherwise struggle to afford a home. The best part? You have the flexibility to buy back that share at any time, and there’s no obligation to do so.
Who Qualifies?
To dive into this opportunity, you must be a First-Time Buyer or a ‘Fresh Start’ applicant. Moreover, the home you intend to purchase must be a new build, emphasising the government’s commitment to fostering the growth of new housing developments.
Navigating the Criteria
When it comes to price limits, the cap for a new build is set at €425,000 in Co. Meath. While you can avail yourself of up to 30%, it’s worth noting that this percentage is adjusted to 20% if you’re simultaneously taking advantage of the Help To Buy scheme. Qualifying for the scheme requires you to have saved your deposit, and for the initial five years, there are no changes. However, a service charge comes into play beyond that timeframe.
Equity and Flexibility
Flexibility is a key feature of the FHS. You can buy back the equity in your home at any stage, with no strings attached. However, bear in mind that if the value of your property has appreciated, the amount you need to repay will also increase. For instance, if you purchased your home for €400,000 and four years later wish to buy back the equity when the property is valued at €440,000, your original 10% equity valued at €40,000 will now cost €44,000 to repurchase.
Responsibility and Repayment
It’s crucial to note that if, at any point, the property ceases to be your primary residence—whether due to selling or renting—the equity must be repaid. This ensures the scheme remains accessible to those genuinely seeking a home to live in.
For a comprehensive understanding of the First Home Scheme and its intricacies, visit www.firsthomescheme.ie. Take the first step towards securing your home, making the dream of homeownership a reality with the First Home Scheme.
