Agree with assurnet- it is a bit cheaper, but not by much, to buy on paper these days, since the risk has dropped so much. There are laws now mandating bank guarantees, and the days when unknown kablanim go bust or run off to Europe are past, B”H. There are projects where you pay a down-payment and then the rest when it is finished, but most have payment schedules like assurnet described. so a family has to come up with money for the new place on top of rent for the current place. And buying new means it is bare boned – extra money will be needed to put in for A/C/heating, bars on windows, mezuzas, etc, things that a second hand apt usually has.
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