Michelle Maloney (QFA)

From Show House to Front Door

For a lot of buyers, the dream home is not one with someone else’s wallpaper – it is a brand‑new build, with fresh paint, modern insulation and no DIY surprises lurking behind a wardrobe.

If you are currently scrolling through new‑build developments and wondering if this route is right for you, it helps to understand how new‑build purchases work in practice, what supports are available, and the key questions to ask before you reserve a unit.

Why new builds are so popular right now

New‑build homes are attracting a lot of interest from buyers in Ireland, especially first‑time buyers. That is not just because everything is shiny and new. New builds can offer:

Higher energy efficiency, which can mean lower monthly bills.
Modern layouts – open‑plan living, good storage and better use of space.
Access to key government supports that are only available on new properties, like Help to Buy and the First Home Scheme.
New builds are also a big part of the Government’s overall housing strategy, so many of the main schemes are designed with new‑build purchasers in mind.

The flip side is that buying a new build is a bit different from buying a second‑hand home. The timeline, paperwork and even the snagging process will feel new if you have not done it before.

Decide if a new build fits your budget and lifestyle

Before you fall in love with the show house, it is worth stepping back and asking a few practical questions:

Location: Are you happy with the estate’s location, commute and local schools/amenities, or are you being drawn in purely by the finish and layout?

Price and ceilings: Does the price fit within current Central Bank borrowing limits and, if you are using schemes, within local price caps (for example, First Home Scheme ceilings by county and property type)?

Timeline: Is the house ready to go, or is it being sold “off‑plans” with a build‑out timeline that could impact when you need to move?

Having clarity on these points up front can stop surprises later in the process.

Understanding the key schemes for new‑build buyers

One of the biggest advantages of buying a new build is access to new‑build‑only schemes that can make a big difference to your budget.

Help to Buy (HTB)

Help to Buy is a tax‑back scheme for eligible first‑time buyers of qualifying new‑build homes and self‑builds.

It can refund up to 10% of the purchase price (capped at €30,000) in income tax and DIRT you have paid in the previous four tax years.
The property must be a new build (or qualifying self‑build), used as your principal private residence and under the current price limit.

For many buyers, HTB effectively becomes part of their deposit, reducing the amount they need to save in cash.

First Home Scheme (FHS)

The First Home Scheme is a government‑backed shared equity scheme designed to bridge the gap between what you can borrow under Central Bank rules, and the actual price of a new‑build home.

Key points:

It can fund up to 30% of the purchase price (reduced to 20% if you are also using Help to Buy).
In return, the scheme takes an equity share in your property, which you can buy back in the future.
It only applies to new builds (or certain tenant‑in‑situ purchases) and has price ceilings that vary by county.

Thousands of buyers have already used the First Home Scheme to purchase or build their homes, so it is well worth checking if it could be part of your plan.

Using schemes together

It is possible in many cases to combine Help to Buy and the First Home Scheme:

HTB helps boost your deposit.
FHS helps bridge the affordability gap if your mortgage plus deposit still is not enough.

The trade‑off is that you carry an equity partner in the background and may pay a service charge after a number of years, so it is important to understand how this works over the long term.

How buying a new build actually works

New builds follow the same broad legal process as any home purchase, but there are some twists that buyers are often not expecting.

Booking deposit and holding a unit

You reserve a particular unit by paying a booking deposit to the agent or developer (usually fully refundable at this stage).
You will typically be given a timeframe to get your mortgage approval and move to contracts.

Mortgage approval and scheme applications

You secure Approval in Principle (AIP) with your lender.
If using HTB and/or FHS, you complete the additional online applications, using your AIP and property details.

Contracts and legal checks

Your solicitor will review contracts, planning, management company details (if applicable) and warranty/insurance.
Once you are happy, you sign contracts and pay the balance of the 10% contract deposit (often partly funded by HTB).

Build completion and snagging

If the property is not yet finished, you will be given an estimated completion date.
Before closing, you (or a professional) complete a snag list – a detailed list of defects and issues the builder must fix.

Final payment and getting the keys

Your lender releases funds, your solicitor completes closing, and you receive the keys to your new home, with any agreed snags to be addressed within the defect period.

Because there are more moving parts – especially with schemes involved – having a broker and a good solicitor can make a big difference to how smooth that journey feels.

What to watch out for with new builds

New builds are attractive, but they are not automatically the best choice for everyone. A few areas to pay attention to:

Price vs older homes

New builds often come at a premium price compared with nearby second‑hand properties, even once you factor in better energy ratings.

Estate‑wide issues

It is not just your own unit that matters; ask about estate completion timelines, roads, lighting, landscaping and management charges.

Snagging and after‑care

Make sure you understand your rights around snags and warranty cover, and budget time to push for fixes if needed.

Long‑term plans

Check that the property size, layout and location will still work if your circumstances change (family, job, schooling), not just for the first year.

How a mortgage broker can help you as a new‑build buyer

When you are buying a new build, there are several decisions stacked on top of each other:

Which lender?
Which rate and term?
Which scheme(s) – Help to Buy, First Home Scheme, Affordable Purchase, or none?

A broker like Irish Mortgage Corporation can help you:

Work out how much you can borrow under Central Bank rules and whether that fits your preferred developments.
Compare new‑build‑friendly lenders and products, including green and fixed‑rate options.
Check your eligibility for HTB and FHS, run the numbers, and explain the long‑term impact in plain English.
Coordinate the timing between approval, scheme applications and contracts, so you are not scrambling to meet developer deadlines.

The goal is simple: to make sure your new‑build purchase is affordable, sustainable and well‑structured; not just exciting on day one.

Thinking about a new build? Here is your next step

If you are on the lookout for a new build and want to understand what you can realistically afford and which schemes and lenders might support that plan. It is worth having a conversation before you pay any booking deposit.

Irish Mortgage Corporation can: