Buying a property under construction is one of the most significant financial decisions a person can make. For many buyers, this option offers the chance to acquire a new apartment with modern construction standards and, in some cases, a more favorable price compared to a completed property. However, a property under construction should not be seen merely as an apartment that will be ready in the future. It is an investment that requires careful evaluation of the project, the construction company, the documentation, timelines, and contract terms.
Before making a decision, it’s important to know exactly what you’re buying, from whom you’re buying it, and what conditions accompany this purchase.
Why do properties under construction attract so much interest?
One of the main reasons is the opportunity to choose a property in the early stages of the project. Buyers often have more options regarding the floor, orientation, size, and positioning of the apartment. In many projects, early sales phases may also come with prices that can change as construction progresses. This makes a property under construction appealing even to those who view it as a medium- or long-term investment. However, a lower initial price should not be the sole factor determining your decision.
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1. Start with the construction company
Before analyzing the apartment, analyze the developer behind the project. The company’s experience in the market, past projects, and reputation are elements that should be taken seriously into consideration. A company with a solid track record and completed projects can give you greater confidence in how the project is managed, the quality of construction, and adherence to promised standards. It’s worth reviewing past projects, assessing their quality, and, when possible, gathering feedback from previous buyers.
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2. Verify the property documentation
Documentation is one of the most critical aspects of such a purchase. Before signing the contract, you must verify the property and project details, the legal status of the land, relevant permits, and construction-related documentation. The buyer should have a clear understanding of exactly what they are purchasing and the legal basis for the transaction. Given the significant value of the investment, consulting a notary or legal professional before finalizing documents is a crucial step.
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3. Don’t focus solely on the price per square meter
The price per m² is one of the first elements buyers consider, but it doesn’t tell the whole story. Two apartments with the same size may have different values depending on the floor, orientation, view, layout, natural lighting, position within the building, and other features. Additionally, you should clarify whether the advertised price includes additional elements such as parking, storage, or other spaces that may be part of the purchase package. A thorough cost analysis helps you better understand the true value of the investment.
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4. Understand the layout accurately
When buying a property under construction, you’re often making a decision based on plans, designs, and visual materials. Therefore, it’s important not to focus solely on the number of rooms or total area. Examine how spaces are organized. Are there unnecessary corridors? How much space does the living room have? Where are the bedrooms positioned? What is the size of the balcony? How do the rooms connect to one another? A well-thought-out layout can make an apartment much more functional, even if its total area isn’t among the largest.
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5. Pay attention to orientation and natural lighting
Orientation is a detail that can significantly impact your daily living experience. An apartment with good natural lighting can be more comfortable and attractive to live in, while orientation can also affect temperature and the use of spaces throughout the day. Before purchasing, make sure you understand the apartment’s orientation, the position of windows, and the view the property will have once the project is completed. Don’t rely solely on 3D renderings. They showcase the design concept but may not fully reflect the final reality.
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6. Inquire about construction standards
“New construction” should not be the sole criterion. It’s important to know what standards the project offers. The materials used, thermal and acoustic insulation, heating and cooling systems, electrical and plumbing installations, façade quality, elevators, and common areas are all important aspects of the property’s value. The more information you have about the technical specifications, the easier it becomes to compare different projects.
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7. Ask about the completion timeline
One of the most important questions is: When will the property be completed? If you’re buying to live in, a delay in project completion can directly impact your plans. If you’re buying as an investment, a delay can postpone the moment when the property can be rented out or sold. For this reason, the completion timeline should be clear and reflected in the relevant documentation. You should also understand what the contract stipulates in case of changes or delays.
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8. Read the payment terms carefully
A property under construction may have a different payment structure than a completed apartment. Payments may be divided into installments tied to different project phases. Before committing, you must clearly understand the down payment amount, the value of installments, payment deadlines, and any other financial obligations. Don’t evaluate a property based solely on the total price. Also consider whether the payment structure fits within your budget throughout the construction period.
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9. What happens if the project changes?
Construction projects can undergo changes during the process. For this reason, it’s important to know which specifications are part of the agreement and which elements may change during project execution. The area, layout, materials, common spaces, or other features should be as clearly defined as possible in the documentation. The more detailed the property description in the contract, the clearer the relationship between the parties.
--- 10. Look at what’s happening around the property
An apartment does not exist in isolation from the area where it is located. Before buying, examine what currently surrounds the property and what is expected to develop in the future. Roads, public transport, schools, shopping centers, services, green spaces, and new urban projects can all influence your lifestyle and the potential of a property. An area that is developing today may have a completely different profile in a few years.
--- 11. Consider the property’s future value
If the property is being purchased as an investment, the question isn’t just “How much does it cost today?” but also “What potential does this property have in the future?” Location, area development, project quality, rental demand, and apartment typology are some of the factors that can influence its potential. A well-chosen property can be an asset that preserves and increases its value over time.
--- 12. Don’t forget additional costs
The purchase budget shouldn’t be limited to just the apartment price. There may be costs related to notary procedures, documentation, furnishing, parking, deposits, or other property elements. For this reason, it’s wise to create a complete overview of the expenses you’ll incur before the purchase, so the investment doesn’t end up exceeding your planned budget.
--- In the end, what should you keep in mind?
Buying a property under construction can be a very interesting opportunity, but it requires more than just finding an apartment you like. You need to analyze the construction company, documentation, location, layout, construction standards, orientation, pricing, payment terms, and completion timeline. A good decision isn’t based solely on what you see in a 3D project or the price per square meter. It’s based on the information you gather before signing.
In a real estate market with many choices, being informed and seeking professional advice can make the difference between an ordinary purchase and a well-thought-out investment. Illyrian Home helps you analyze the options and find the property that best suits your needs and goals.
