Both options can be sound purchases. The difference is mostly about what you can see today and what you are trusting someone to deliver later.
This guide is general information, not legal advice. Have the sale agreement reviewed by a qualified advocate before you pay.
Ready flat
Advantages: you can inspect the actual unit, check dampness, finishes and fittings, see the neighbourhood and move in or let it out soon.
Check: - Ownership documents and the chain of previous transfers. - Whether the building was approved by the relevant authority and built to that approval. - Outstanding utility bills, service charges and taxes. - A physical inspection for cracks, dampness, plumbing and electrical faults.
Under-construction flat
Advantages: the price per square foot can be lower, payment is often in instalments, and you may be able to choose a unit or layout.
Check: - The developer's track record: completed projects you can visit. - That the land is clean and the developer has the right to build. - Approvals for the project, and whether the construction on site matches them. - The agreement: unit size, specification, payment schedule, handover date and what happens if it is late. - Progress — visit the site and compare it to the payment schedule you are being asked to follow.
How to decide
| | Ready | Under construction | |---|---|---| | What you see | The real unit | Plans and a sample | | Delay risk | Low | Present | | Price per sq ft | Usually higher | Often lower | | Payment | Mostly upfront | Often staged |
Whichever you choose, verify before you pay. A verification review checks that the seller can sell, that the documents agree with each other and that the property on the ground matches the paper.
