My wife and I have purchased a home in Cork. This was built in his 1950’s and needs insulation, rewiring and repiping. The house has been vacant for 3 years. It has a highly rated builder, is ready to go, and is considering moving there as soon as possible. Can you recommend any grants/schemes I can apply for to help finance the renovation?I know grants are available on his website at SEAI but I find them very confusing.
Ireland have performed poorly so far and have a lot of work to do. This is obviously good news for someone in your position. Please note that not all grants are available at the same time and not all levels are available. Most of the time there are caveats and in some cases the standards can be very high.
I haven’t gotten enough information from your email to advise what you may be eligible for. They are usually not retrospectives and would be a shame to miss them. It is important that the contractor is registered with the relevant scheme (most are, but you should check).
Luckily, once the supporting documentation is provided, the approval happens very quickly. I think the most beneficial grant will be the new Croí Cónaithe for ‘vacant and derelict’ homes. will be provided with €30,000 (plus an additional €20,000). .
you can check this gov.ie The good news is that SEAI grants are allowed on top of this. Click the individual Better Energy Homes tab. seai.ie You can also check the contractor in the register.
There are a variety of grants out there, but rather than sifting through them, simply contact our one-stop-shop portal and they’ll take care of everything for you. maybe.
I recently purchased an apartment to use as a rental property. This is funded by a fixed share of 7 pc over 4 years and a personal loan of €15,000 to cover the rest and some upgrades.i know this is not It was the cheapest loan, but it was small and easy to apply.
It had been vacant for over two years before I bought it, so I understood that I could set the rent at market price and deduct pre-rental expenses up to €5,000 from the rental income. The loan was drawn in January 2022, but the property was not occupied until March 2022.
There was a cost to install the water pump and appliances/furniture and clean up the trash. Are these deductible in his year 1?The IRS website mentions mortgage interest deduction only and pre-rental spending.
Sinead replies: I turned to Gerry Scully of Tax Return Plus for advice. This is because Revenue has very strict rules about what you can and cannot deduct as a landlord.
he said: Interest components accrued before the first day of rental are not allowed as deductions and the property must be registered with his RTB to claim interest relief. “
He adds: These costs must have been incurred within his 12 months period prior to the first date of the rental, up to his €5,000 limit permitted. Appliances and furniture are not a pre-rent expense. Instead, they are classified as capital expenditures and are amortized at a rate of 12.5% per annum.
Major construction work, such as new windows and doors, fall under the Enhanced Expenditure category and are added to the home’s base cost. Other pre-rental expenses, such as trash removal, painting, and minor repair work, are deductions that are allowed as pre-rental expenses. “
It can be confusing, but best to follow. If you don’t, you’re inviting yourself into a world of pain in the future.Scully adds that if she stops renting the property within four years of her first rent, her deduction will be reversed.
Please email any questions to siryan@independent.ie.
