Buying half finished apartment.

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I have recently just bought my first home and an opportunity has arisen. I have been offered an Apartment located just outside the Dublin city centre by a builder that seems to be in financial difficulty to finish the project. He has offered me a two bed apartment that is unfinished in as far as there is no Plastering done, kitchen fitted, wardrobes, fireplace, all plumbing works will be done. Doors / skirting will be supplied. The asking price for the apartment is €170k which seems to be a good deal. He needs the money as quick as possible.

Questions I have are as follows.

What are my chances of loan approval for the €170k taken into account the fact I have just bought a house.

Is there any type of insurance I can get in chase the builder goes bust before the building work is finished?

Would it be possible to re mortgage my recently bought house.

Would I have to pay stamp duty on the apartment?

Can anyone give me advice as regards what is the best way to approach this opportunity?
 
if it was a house i would not have a problem with it but an apartment is another story. there are too many external factors outside your control that would have an impact on the value if he went bust.
 
/me likes Eamonns advice and would heed it well. What would it be worth if complete to spec ? If less than 400k then you are stage paying at 50% (kinda) and he could still go bust in the morning . if he offloads 10 of them and you meet the other 10 buyers and the builders bank manager who sez that 10 x 170k will finish the overall job ....then maybe !!.

a detached house is different as Eamonn said because you own all the land and the premises and can sell easily if you must thereafter .
 
tonka said:
/me likes Eamonns advice and would heed it well. What would it be worth if complete to spec ? If less than 400k then you are stage paying at 50% (kinda) and he could still go bust in the morning . if he offloads 10 of them and you meet the other 10 buyers and the builders bank manager who sez that 10 x 170k will finish the overall job ....then maybe !!.

a detached house is different as Eamonn said because you own all the land and the premises and can sell easily if you must thereafter .
Click to expand...

Thanks for the advice the sell price when finished will be approx €260k the project is near finish and he wants to be finished by the end of summer
 
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