With home prices rising, the path to homeownership becomes increasingly daunting. You’ve searched and searched, but existing homes don’t have what you need and creating a custom home just takes too long.
What if there was another option? Luckily for you, there is.
If you’re in the market for a house, you may have heard of a spec home. But what exactly are they and are they worth your time? Spec homes can be a surprisingly attractive option to homebuyers, so read on to learn if a spec home is the right fit for you.
What is a Spec Home?
A “spec” home is short for speculative home. These are new, turnkey houses made by builders that are “speculated” (hence the name) to attract new buyers quickly.
Since the main goal of a spec home is to sell quickly, they often include many amenities that homebuyers are looking for, such as granite countertops, open layouts, and walk-in showers.
Spec homes offer convenience if you want a semi-customizable home but don’t want to wait months or years for it to be completed. Usually, they are move-in-ready, so you can set up your home quickly.
How Much Does a Spec Home Cost?
There are a couple of factors that determine the price of a spec home. Generally, though, they are cheaper per square foot compared to a custom home.
Some factors that affect the price are:
- Design of the home
- Square footage
- Amenities and upgrades
- Material quality
- Location
- Cost of labor
- Land size and supply
Some spec homes have some customizable features, so this can make the price of your home more or less expensive than other homes nearby.
Pros and Cons of Buying a Spec Home
Pros
- They’re more affordable than custom homes. Since builders try to control the costs of building, spec homes are usually more affordable compared to custom homes. That’s because builders account for details like where the home is located and the quality of materials being used.
- They’re new and move-in-ready. Spec homes allow you to move in with ease since they’re built with quality and comfort in mind. No need for a long list of home improvement projects when you move in.
- There’s no waiting for construction to finish. Spec homes are available almost immediately, even if you customize some of the features. You get to enjoy a new build without the hassle of building.
Cons
- You have a fixed floor plan. While you may be able to choose from available floor plans, you won’t be able to design the layout yourself. However, builders typically select floor plans that work well for most people.
- Customization is limited. Since the builders select the home features, there’s limited customization. However, builders usually include features that follow real estate market trends. And sometimes they let you customize features anyway.
- The home may be generic. Spec homes typically follow a set floor plan and use the same building materials. That can make your home and your neighbor’s home very similar.
Spec Homes Designed For You
While spec homes can have their limitations, they have significantly more benefits that are appealing to homebuyers. That’s because when good builders design your spec home, you have a place you’ll love for years to come.
Hunt Custom Homes creates luxury spec homes that are designed with you in mind. We offer several floor plans for you to choose from, so you get a home that truly fits your needs.
Tired of waiting and just want to move in? Check out our available homes.
Ready to get started? Contact us today to find the right spec home for you.
