Buying New Construction: Is it Better to Build or Purchase a Spec Home?
Thursday Jul 11th, 2024
When buying new construction, homebuyers often face the choice between building a custom home or purchasing a spec home (also known as a speculatively built home). Both options have their advantages and considerations, so it's important to weigh your priorities and budget before making a decision. Here are some key points to consider:
Building a Custom Home:
Personalization: Building a custom home allows you to design a home that meets your specific needs and preferences. You can choose everything from the floor plan to the finishes.
Control Over Budget: While building a custom home can be more expensive upfront, you have more control over the cost by selecting finishes and features that fit your budget.
Timeline: Building a custom home typically takes longer than purchasing a spec home. The timeline can be affected by factors such as weather, permits, and the complexity of the design.
Involvement in the Process: Building a custom home allows you to be involved in every step of the process, from design to construction. This can be rewarding for those who want a hands-on approach.
Purchasing a Spec Home:
Quick Move-In: Spec homes are already built or in the process of being completed, so you can move in sooner compared to building a custom home.
Less Decision-Making: Since spec homes are already built or under construction, you have fewer decisions to make regarding design and finishes. This can be less overwhelming for some buyers.
Price: Spec homes may be priced more competitively than custom homes, as builders may offer incentives to sell them quickly.
Limited Customization: While you may be able to make some minor customizations to a spec home, you won't have the same level of control over the design and finishes as you would with a custom home.
Ultimately, the choice between building a custom home and purchasing a spec home depends on your preferences, budget, and timeline. Consider your priorities carefully and consult with a real estate agent and builder to explore your options and make an informed decision.
