Cash incentive sparks interest
FIRST- TIME buyers were especially interested in Budget 2017, as the government announced a new scheme to help with the costs of buying a new home.
The new initiative gives first time buyers an income tax rebate of five per cent of the purchase value of a newly built home up to the value of € 400k, meaning there is a maximum tax rebate of € 20k in cash. New homes to the value of € 600k will also qualify for the scheme, but the tax rebate cannot exceed € 20k.
However, according to Peter Breheny, Director of Oates Breheny Group, first time buyers in Sligo were left disappointed by the announcement due to the fact that it is only available for newly built homes.
He said: “There was a lot of anticipation in the lead up to the budget and we would have felt there was a lot of disappointment because it didn’t extend to second- hand homes.
“There is a lack of supply of new builds in Sligo, and we felt that a lot of first- time buyers were holding off in hopes that the budget would give them some sort of incentive. It definitely measures to help the construction industry, but because it doesn’t extend to second- hand homes many first- time buyers have been left disappointed.”
One project that will excite first time buyers is the launch of Ballisodare Town Centre in a few weeks’ time and properties will qualify for the help- to- buy scheme. Mr Breheny said buyers can expect a rebate of € 5k on houses and anticipates a lot of interest.