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Yes they probably will. And the legal process for you to fight that demand will cost a lot of time and money. And they know that. Most juridical people will advice you to pay the extra but you might be able to negotiate a little less. We need to pay 20% more on a 4+ years pre-con project that is close to completion.

This needs to be covered in your contract so you know exactly what you could be liable for.

@Papito NL Was the 20% in the contract?

@planner Yes, of course... the % needs to be stipulated in the contract. What I am wondering is what are the ''chances'' a builder will ask you to actually pay the extra when the project is complete. I mean, a building today should factor in ''inflation'' in his asking price, no? Covid was exceptional and most probably will not happen again IMO... but who knows...

    @Papito NL Was the 20% in the contract?
   

    -@Antonio_REMAX

No. Nor was there any obligation of the buyer (us) to pay extra costs. It was a fixed price.

Pre-con is risky in time and money and some builders may violate parts of the contract during the build. It is very difficult to counter that. There are several threads here about projects that are in trouble or haven’t even started yet.

I have never heard of a builder not passing on price increases or at least trying to!

We just closed.  The final price was the exact same as the contracted price two and a half years ago.

There were no additional charges.

However, his new-release condos are way more expensive.  Those will be ready I think in two years.

For those of us who managed to buy a few years ago,  of course, we are lucky and are closing below current market prices.

Now I have heard of one. Thanks for sharing!

We contracted and started construction in 2021, completed in 2022. Our builder bought all the gray work material up front to avoid price increases. The items we had that took us over the planned budget were changes that we made after construction started.

@ddmcghee

AS I GUY that understands construction "gray work" means concrete or block... for those of us that have not had that experience...

@sueh234 glad you have a good expierence, what town ?

Appreciate all your responses, thank you!

@sueh234

Seems like you hit the jackpot on this.  I hope your new place is exactly as you expected.  Please let us know here once you get in and use it.