Am fascinated by Shakeel’s suggestion to ask the developer for a discount on completion.
In theory this strikes me as a brilliant idea.
Surely there are many many developers out there who face ruin when their multiple “off plan investors” are having to complete and cannot afford to for many reasons including the Spanish banks clamping down on their lending policies.
OK, so the legal eagles out there might have a word or two to say about the fact that there is a contract in place but surely this is worth a try. The profits that some of these developers stood to make are decent enough to warrant a reduction, especially if they are willing to give back 12,000euros in the event that you don’t complete. Yes, they get to keep your 36,000 but they still have to find another buyer in a tricky market.
Do see one big downfall though. If they do give you or anyone else a discount once and it becomes public knowledge then surely they’ll have to give all of their clients the same reduction?
As to whether or not to complete? Well it seems to me like its either Jockey Villas or the 3:30 at Newmarket on that one. A gamble, pure and simple…and not my place to comment.
Good luck with it all.