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What is a "Spec" home?

Posted by Sharon Rosshirt on Monday, January 23rd, 2017 at 4:53pm.

When buying new homes, one of the most unique opportunities is buying a spec home. So what is a spec home? A spec home is when a builder speculates on a development by starting the process of building homes there. They have money sunk into the project and they hope to recoup it by having someone buy the home before it is finished. The buyer can see a lot of benefits from buying this “Spec home.” The main benefit they will see is that they will have a wide latitude in choosing the finish out of the home.
 
 

However, if a buyer steps in to purchase the home at some time before completion they will be able to customize it in any way they see fit. For the purposes of this blog, we are talking about a real, available Milestone home South of William Cannon off Cooper Lane. So what kind of things can you customize? And how does customizing a spec home work? For Milestone at least you get a large packet of options. The earlier you start the process, the more of the options are applicable. So exterior colors and siding types can be mixed and matched if the exterior isn’t on the home yet

Right now we are talking about for the time being we are talking about a development where the siding is completed, though. Doors, gating, appliances, interior paint colors, interior door styles, and more are all customize-able. And while all of those features could be viewed as somewhat cosmetic, your options really go above and beyond. For someone that really loves their kitchen, the exact placement of kitchen cabinets and drawers can be specified. For someone with more of an engineering mindset, or someone that loves their power tools more outlets can be added in specific locations, even larger outlets. Technical folks can make sure they get USB outlets added where they intend to keep their desk. The important thing is that you buy the home when it looks like this so that you can customize it like you want to! All of the costs of your customization fold into the total price of your home and can be paid for with your home loan. Often, builders have a preferred lender that can give incentives making the purchase process easier or more affordable (in this case try Kelly Ollendorff with Ameripro home Loans)

Everything in a new home is warranted and there will be very little maintenance costs after the purchase. Lots of things might break in a resale home, but everything is brand new in a new home. However, you will have to buy some things to go with your new home. Some might not include a refrigerator, washer, or dryer the landscaping might be light and it will certainly be young. Curtains, drapes or blinds may not be installed in the standard package of a new home, though you may want them.

A really interesting and fun thing about a new home subdivision is that often what drew all of the people to the new subdivision makes them similar. Instead of people coming one at the time, everyone moves in at about the same time and the community has a good chance of developing an identity and a culture that you can connect with and enjoy. An established neighborhood might have established pattern (cliques if you will.) So if you had the courage to buy a home in a new build are you might find camaraderie with the other people that did as well.


 

Other Opportunities

Inventory homes, ones that the builder has finished all the way out, that are sitting on the market, owned by the builder, may actually be cheaper and are usually ready to move into within 30 days. The builder may be really tired of owning all of the materials it takes to build a house, already assembled. They may start being willing to negotiate as the house sits on the lot. 

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