Long Closing on new house

bmount

Frequent Poster
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91
Looking at a new house built and finished in a great location in Dublin where new developments are very rare, maybe once every 10 years.

It suits us for many reasons and are very keen to offer but not to sign contracts or close until next summer/July 1st. (many reasons for this without explaining).

I realise this is the developer/builders point of view as well but we feel in our favour out there, there is less appetite for 900k houses and Covid may have an impact. And we are in a good position overall relatively.

Our current house is worth 200k more, it will sell within 3 months due to its location, and we want to have a cash surplus at the end and keep the mortgage same approx (maybe +- 25k depending on factors).

Any thoughts are on long Closing welcome. Has to be July 1st 2021.
 

Blackrock1

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639
i doubt they will go for it, but what have you got to lose, say if they have trouble shifting them, and they start to drop prices, you arent going to want to stick to the current agreed price are you?

also i cant think of many places in dublin where new developments are that rare, plenty of infill sites with small numbers of houses everywhere i can think of, you might just not be aware of them.
 

Leo

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11,864
Developers don't want to have money tied up in a development for a week longer that they have to. So I doubt any would be willing to wait 12 months unless there was a significant incentive.

That said, developments are often launched well in advance of completion. Is the unit you're interested in complete at this point?
 

bmount

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91
hi, thanks for taking the time to reply objectively.
, askaboutmoney very good...

Yeah @Leo house is complete, the 2nd last one of 12 houses, the overall development completely finished, 9 or 10 bought off plans I think 2 years ago...

@Blackrock1, would certainly be interested by dm in any coastal dublin land in a wait state for development you may have insight on !

I was wondering would offering non refundable pre contract deposit work (but <30k) if the regular long closing offer was not a runner.
if everything went pear shaped, we lose that but at least developer gets something out of it.

thanks again
 

Brendan Burgess

Founder
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42,159
You want to pay a deposit on a completed house worth €900k and not complete the contract for 11 months?

You have nothing to lose by asking as long as you don't mind being laughed at.

Forget about it or rearrange things so you can buy it now.

Brendan
 

Blackrock1

Frequent Poster
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639
hi, thanks for taking the time to reply objectively.
, askaboutmoney very good...

Yeah @Leo house is complete, the 2nd last one of 12 houses, the overall development completely finished, 9 or 10 bought off plans I think 2 years ago...

@Blackrock1, would certainly be interested by dm in any coastal dublin land in a wait state for development you may have insight on !

I was wondering would offering non refundable pre contract deposit work (but <30k) if the regular long closing offer was not a runner.
if everything went pear shaped, we lose that but at least developer gets something out of it.

thanks again
I’m out of the market now but Blackrock dalkey Killiney Monkstown and dun Laoghaire have all had new build small estates released over the past 5 years so I don’t think what you are after is as scarce as you think .
 

bmount

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91
@Blackrock1 yes spot on with the locations. Its the rareness of smaller developments in those areas thats driving our interest, knowing it would be great timing next summer but just not right now.

Lets see what happens, the house might hang around for a while.
 

em_cat

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96
I’m out of the market now but Blackrock dalkey Killiney Monkstown and dun Laoghaire have all had new build small estates released over the past 5 years so I don’t think what you are after is as scarce as you think .
Finally went to see our little infill site we bought, Dun Laoghaire, got the keys to it last week, must be one of the last on the market as the infil site up the way seems to be off the market, wouldn’t be surprised if the builder we out bid to get ours bought it... It was the first time I actually felt a twinge of excitement it took 8 mos to close...
 

Blackrock1

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639
@Blackrock1 yes spot on with the locations. Its the rareness of smaller developments in those areas thats driving our interest, knowing it would be great timing next summer but just not right now.

Lets see what happens, the house might hang around for a while.
there has been a number of small estates built over the past 3/4 years, Dalkey Manor 19 houses all sold, Enderley 18 Houses (still some left 2 years ), Albany 20 Houses (still some left 3 years later), St Pauls Square Glenageary (new), Broadlands 28 houses (all sold)

So the house may well hang about if they arent under pressure for the funds and prepared to drop prices, also, a house may become available in one of the places above next year.
 
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