When looking for a home, or considering building new, you may have heard of a spec home. For some, spec home may sound like a vague name, so we are here to clarify and instil a few reasons why you may actually want to purchase a spec home.
Spec homes are also described by a few other names; move-in ready, immediate possession, and model home, or other similar combinations. These names capture the nature of a spec home accurately.
A spec home is a home designed and constructed by a builder, typically alongside show home builds, but in other parts of the community. Spec homes are built to the builder’s specifications (specs), using their floor plans, designs, and materials. These homes are great for buyers who don’t want to wait the 6 to 12 months for a new home to be built and aren’t concerned about being involved at each phase of the build. You don’t make every single design choice, but you still get a modern brand new home and all of its warranties.
What is the difference between a spec home and a show home? Be it custom or premium, show homes are built to showcase what is possible with your builder and are open for a year. This allows prospective buyers to visit the home for inspiration, get a feel for a floor plan in person, meet the builder’s sales team and learn about their process of building new.
What are the benefits of Buying a Spec Home?
What you see is what you get
One of the primary benefits of purchasing a spec home is being able to see what you’re buying before making the purchase. When building new, you’re relying on drawings and help from your builder to picture your new home. When walking through a pre-built, or under construction home, you can actually see how the floors, windows, room sizes, and other features are built. You can also visualize what it may look like with your furniture.
Fewer decisions to make
When buying a spec home, you also reduce the decision-making process, and you completely avoid bridge loans and progress payments. These payments are made at each step of a new home build, such as pouring the basement or starting the main floor. In other words, a spec home may be a better fit for you depending on your financial situation and carrying costs of your existing home.
Negotiate your offer
You can make an offer! Spec homes are advertised at a certain price, but they’re like any other home on the market where you can offer what you’re willing to pay for it. Unlike a new build, where materials and labour are totalled for your final cost, a spec home is near or completely finished. Sometimes builders want to sell them quickly and move onto their next build, which can result in cost savings for you!
If you’re interested in looking at a spec home or potentially purchasing one, don’t be afraid to get in touch with our builders and arrange a time for a tour. You can also go on any of our community websites’ Lot Map sections and find out where spec homes are located and who built them.
Oak Bluff West