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Bought off plans..now the delay

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  • 03-08-2007 1:53pm
    #1
    Travellerinterp
    Closed Accounts Posts: 27 ✭


    Put down a deposit on a home in the summer of 2006, and according to the company looking after it, it won’t be completed until March of next year.
    Does this seem unusually long? Why would it take so long?
    They only starting building in June and I’ve been to the site, seen with my own eyes that its going up.
    Nearly two years from the time I paid deposit to moving in seems strange..
    I thought with the downturn builders were trying to finish things off as quickly as possible?
    Is it grounds for pulling out of a purchase and getting deposit back?


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    #2
    ciarsd
    Registered Users Posts: 2,326 ✭✭✭ciarsd


    What type of deposit have you paid? Is it a booking deposit with a small cash sum, or is it a contract deposit (i.e. you've been to your solicitor to review and sign house sale contracts and paid the balance of 10%)?


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    #3
    jdivision
    Registered Users Posts: 4,260 ✭✭✭jdivision


    Two years is standard between sales off plans and completion. Add the normal three month delay to that too. Depending on how many are sold developer could speed up or slow down. I seriously doubt you'll be getting deposit back, unless it's a huge developer who's got a lot of money in the bank they're not going to take a house back in a market with falling prices.


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    #4
    Victor
    Registered Users Posts: 78,349 ✭✭✭✭Victor


    Travellerinterp wrote:
    I thought with the downturn builders were trying to finish things off as quickly as possible?
    They would merely be rushing to put more properties on an over-supplied market. Thry will be taking their time getting hte cheapest quotes and using the least possible amount of overtime.

    Ask you builder / developer if they have anything ready.


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    #5
    arctictree
    Registered Users Posts: 4,302 ✭✭✭arctictree


    Travellerinterp wrote:
    They only starting building in June

    Wow - looks like the builder got a great deal there. Sell all the houses first and then start building but with lower costs due to over supply of labour ATM.

    BTW - Are people still buying apts/houses off plans??


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    #6
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,208 Mod ✭✭✭✭godtabh


    arctictree wrote:
    Wow - looks like the builder got a great deal there. Sell all the houses first and then start building but with lower costs due to over supply of labour ATM.

    BTW - Are people still buying apts/houses off plans??


    Buying houses off plans has been going on for a very long time.

    If you put a 5% deposit on a house it would hardly cover materials, labour etc.

    Your buying a right to the house once its finished.

    OP if your buying off plans what do you expect? The house to be finished next week? Seriously these things take a while to go up.

    I waited 18 months from when I put the deposit on my apartment. When I put the depoist down all there was was builders rubble from the rest of the site.

    Take a look at your contract. That will give you an estimate of how long it will take to go up and is more than likely a worst case scenario.


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