Buyer Tips: What is a Spec House?
Are you interested in purchasing a new home? If so, you might want to give serious consideration to purchasing a spec house. While you will not have as much flexibility in terms of deciding upon the features that will be included in the house, purchasing a spec house can be a great way to save money and to move-in to your new home more quickly.
When it comes to purchasing a brand new home, the process can be quite time consuming. Not only do you need to look through all of your options and meet with the builder in order to design your final plan, but the process of building a home can take several months to complete. In the meantime, you are left with finding some place to live while your new home is being built. While this may not be a problem for some people, it can be quite inconvenient and even costly for others.
If you want to save time and money on a new home, purchasing a spec home might be the answer you are looking for. Also referred to as move-in ready homes, immediate delivery homes, featured homes or inventory homes, spec homes are those that the builder designs and constructs on his own. When building spec homes, the builder selects those features that he believes potential buyers will be the most interested in having. In other words, he “speculates” on what he thinks buyers will want in a home. The builder then begins constructing the home with no buyer in place, as he is confident someone will be interested in purchasing the home after it is complete.
Depending upon when you place your bid on a spec home, you may be able to provide minimal input into some of its features. For example, if you purchase the home while it is still being built, you may be able to choose from a predetermined list of cabinetry finishes, carpet colors or flooring. The amount of options you have available to you will be largely dependent upon the stage of construction as well as the builder’s discretion.
Since the builder begins the process of constructing a spec home before he has a buyer in place, you can move into one of these homes far more quickly than you would if you were purchasing a new home that was being built from scratch. While there may still be a short wait as the builder completes the finishing touches, it will be a fraction of the amount of time you would have to wait when building a home from scratch.
About The Author – Eric Bramlett specializes in Westlake Hills and Austin luxury real estate. Stay up to date on Westlake homes at westlake360.com.