Booking deposit on unbuilt house

R

rgar

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Myself and my partner are very interested in a new development of houses in our area. The building firm which has a good name have already built and sold 8 houses. Now they are building 8 more.
The booking deposit is €5000 which the estate agent has assured me is refundable if we are not successful in securing a mortgage. Is it foolish to put a deposit on an unbuilt house considering the way the house market and construction industry stands at the moment?

Thanks
 
A booking deposit, as the agent has told you, is refundable. You only committ once you sign contracts and pay the balance of a 10% deposit normally.

There is nothing wrong with buying a house off plans per se but your solicitor will probably want to put strategies in place for you in case the builder goes bust.
 
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