Agreed price for apartment was increased

S

Skippydoom

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I put a deposit on an apartment (for €290k) which I bought off plans a year and a half ago in the Dublin area. Now the developer is saying that the development is being re-valued because of extra costs incurred in the building. My estate agent has informed me that I can get my deposit back or otherwise up my deposit, to cover the new value of €330, which is the price I will ultimately have to pay if I complete the sale in late October.

I feel frustrated. I have fortunately been able to get more money from the bank. But it’s really going to stretch me and I feel the whole thing is totally unethical. I will lose the equity if I pull out and I know I will not get anything better at that price. In fact what’s available now for that price will be a lot worse.

Is there anyway he can be held to the original price of €290k?
 
I was afraid of that,it's pretty unbelievable that they can do it though.
 
If you bought it a year and a half ago, I presume you exchanged initial contracts with the developer and paid more than a booking deposit. Ask your solicitor where you stand.
 
Hassled said:
I was afraid of that,it's pretty unbelievable that they can do it though.
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Well i presume the builder is thinking that seen as he's done all the hard work,he's going to split the capital appreciation with Skippydoom,rather than him/her getting it all for doing nothing.I take it the market value is more than E330k at the moment ?

I'm actually surprised this is not a widespread occurence in the present market,maybe most builders are not as bad as they are made out to be.
There's no such thing as free money.
 
thewatcher said:
Well i presume the builder is thinking that seen as he's done all the hard work,he's going to split the capital appreciation with Skippydoom,rather than him/her getting it all for doing nothing.I take it the market value is more than E330k at the moment ?

I'm actually surprised this is not a widespread occurence in the present market,maybe most builders are not as bad as they are made out to be.
There's no such thing as free money.
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Well the builder isn't going to give away the apartment cheaper if prices fall instead of appreaciate so he can't have it both ways. He decides on the price that he is happy with when selling and should stick to it.
 
Sunny said:
Well the builder isn't going to give away the apartment cheaper if prices fall instead of appreaciate so he can't have it both ways.
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But if there's no contract and the price falls you can just get your deposit back and walk away.The builder is taking the risk,not the buyer.
 
A year and a half seems a long time for contracts not to have been signed and exchanged. Have you exchanged signed contracts?
 
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