Walk away ?

Hi everyone,

Here’s my current situation: I’ve been working with a builder (let’s call them Pandora Builder).

In February 2024, I visited their studio for selections and spent almost a year finalizing the colour choices, façade, price, and other details. Right now, I have all their drawings (95% finalized) and the building specifications (95% finalized).

Last week, Pandora Builder contacted me and stated that they are now requesting an additional $20K because the base price is no longer valid.
For context, I signed the agreement and paid the deposit back in November 2023 to lock in the base price, which, according to their terms, is valid for 30 days. I have done my part.

My question to you all is:
What are my options? If I don’t want to pay the extra amount, can I walk away from Pandora and request my deposit back, and then approach a different builder?
If anyone has had a similar experience, what did you do?
Also, which builder did you work with?
I’d prefer not to change my floor plan if it can be avoided.

Thank you

Your deposit is gone, you won't get it back
Any drawings belong to the builder, you cannot shop them around to other builders.
If the base price validity expired in December 2023 it's not surprising that they are telling you it's no longer valid.
If you walk away now you might save yourself from spending an additional $20k with "Pandora" but you're going to have to pay another deposit to another builder and go through the entire process all over again.

Builders are really bad at communicating their expectations, because they are afraid of losing business ... but a year deciding what you want is too long, and yes the prices of everything has gone up. Their business-model expected you to decide within maybe 2-3 months.

You almost definitely can't take your floorplan with you, but if you "describe" what you want to someone else they'll be able to do it.

I wouldn't expect to be able to get 18-months-ago pricing out of anyone else, though.

Its usually the client who is bad at understanding the expectations set by the builder (as evidenced by the OP).

A base price lock is not indefinite and is usually well documented, if not well explained as well. Client is here complaining that their base price of a 2023 contract is now more expensive? With the price of everything going up around them, they didn't have the forethought to think about what that means to their contract until teh builder hit them up well over a year later? not read a real-estate article abut the prices of building or material? Who are these people Yolo-ing building a house and not knowing the most basic of things about the things they are signing for?

@ Op, you have a sunk cost that you wont be getting back if you restart the process, which regardless of whether you get going in 3 months or 1 year again, the prices of materials have gone up. Your BASE price of a new home + the prices of all inclusions on a new home have gone up with EVERY builder. Some adjust their pricing monthly. If the 20k is the only reason you're thinking of walking, you're shooting yourself in the foot. that 20k is nothing compared to people who were being hit with 100k plus increases on covid period contracts. Thy house prices in your area you are building have likely gone up more than 20k.