The Home Renovation Incentive scheme is already reported to be very successful in Ireland alone, this gives cues as to how the country will stay afloat after Brexit. The government has issued an effective incentive scheme back in 2013.
This Home Renovation Incentive scheme grants property owners a 13.5 percent tax credit for any qualified expenditure done on home improvement projects. The Construction Industry Federation revealed that homeowners have spent over 1.3 billion Euros in home renovation.
According to The Irish Times, Construction Industry Federation director Tom Parlon revealed that the Home Renovation Incentive scheme is already considered as "very successful on several fronts." The average expenditure per project is about 15,695 Euros, and there had already been about 77,000 projects done within the previous years.
With that said, the Home Renovation Incentive scheme certainly gave the economy a significant boost, even more so within the construction business industry. It's reported that Dublin has been the biggest contributor to the scheme, with over 35,000 projects done and expenditure amounting to over 18,000 Euros within the past three years alone.
According to Independent.IE, this might be a major factor in helping out EU, after Brexit begins to fully materialize in about two years time. Stock shares for Irish companies such as Kingspan could be a great asset, since the construction building industry is seeing a huge boost in profits, specially with the increased rate of home improvement in the country.
With the aid of the Home Renovation Incentive scheme, along with reality shows that encourage and motivate property owners, the economy is expected to flourish in the years ahead.
It's also worth noting that, while the government issued the Home Renovation Incentive plan back in 2013, this was supposed to expire by the end of 2016. However, given its positive results, the government hopes to extend the HRI by up to the end of 2018.
