Ready-to-move or under-construction flat: how to choose

When you shop for a flat to buy, you will see two kinds: ready-to-move homes you can see and occupy, and under-construction homes that are still being built. Neither is better in every case. The right one depends on how soon you need a home and how much uncertainty you can accept.

Ready-to-move: what to expect

• You see exactly what you are buying, including the view, the light and the neighbours.
• You can move in, or start renting it out, soon after you finish the paperwork.
• You are not paying rent somewhere else while you wait.
• There is usually less choice of layout and fittings than in a new project.

Under-construction: what to expect

• You buy from a plan, so you rely on the builder to deliver what was promised.
• Payments are often spread over stages of construction, which can suit your cash flow.
• Delays are possible, and during them you may pay rent and a loan at the same time.
• You may get more choice of unit, floor and layout, and newer facilities.

What to check for each

1. For a ready home: the completion and occupancy papers, the society's dues, and who owns the parking space.
2. For an under-construction home: the project's approvals, the builder's earlier projects, and the promised handover date in writing.
3. For both: the payment schedule, what is included in the price, and what happens if either side cancels.

Rules for builders and buyers differ by state and project. This is general information, not legal advice. Have a lawyer read the agreement.

Browse apartments for sale and compare the listings you shortlist. Our flat viewing checklist covers what to inspect on a ready home, and the home loan EMI guide helps you plan the payments.