In search of a brand new building dwelling? A spec home may simply be the one for you. Shopping for a house might be one of many largest choices you’ll make, so we’re explaining all there’s to find out about a spec dwelling to assist your search. So, whether or not you’re shopping for your very first dwelling in Atlanta, GA or on the lookout for a brand new construct in Salt Lake Metropolis, UT, this text has you lined.
Key takeaways
A spec home is a superb move-in-ready possibility for these on the lookout for a contemporary new building dwelling.
Whereas spec properties have trendy options, you usually don’t get to choose finishes like with a customized construct.
When shopping for a spec home, strategize your timing or negotiate on perks as an alternative of worth to get the most effective deal.
What’s a spec home?
A spec home, brief for speculative home, is a brand new dwelling constructed by dwelling builders and made to enchantment to a wide range of dwelling patrons. Since there’s no specific dwelling purchaser in thoughts, these properties are constructed “on speculation” that means that they’ll usually function extra stylish points folks might want in a house reminiscent of an open format, a kitchen island, and walk-in closets.
Ought to I purchase a spec home?
Whereas we are able to’t make that call for you, take into account your own home needs, wants, and budgets when weighing the professionals and cons. Redfin Actual Property breaks it down for you in two lists.
Advantages of a spec dwelling
Transfer-in prepared: Spec properties are usually already constructed or near being completed, so that you’ll be capable of transfer in immediately.
Pre-designed: Good for indecisive people, the finishes, layouts, and different touches of a spec dwelling are already picked out for you.
Fashionable design: Spec properties have trendy layouts with stylish options like open flooring plans, en-suite loos, and walk-in closets.
Decrease upkeep and repairs: With you being the primary to stay in the home, you gained’t need to cope with or fear about any hidden wear-and-tear, upkeep, and restore points for some time.
Comparatively inexpensive: Whereas it is determined by the native market and every scenario, spec properties usually value lower than absolutely customized properties.
Drawbacks of a spec dwelling
Restricted or no customization: You usually gained’t have a say within the cupboards, flooring, and different finishes, limiting private model.
Mounted floorplan: You additionally usually gained’t have a say within the floorplan which couldn’t suit your private life-style and preferences.
Lack of ability to decide on location: You gained’t be capable of select the precise lot or neighborhood because the spec home has already been (or is near being) constructed.
Paying for unused options: Since a spec house is constructed for all kinds of homebuyers, you could find yourself paying for options you could not essentially need or want.
Much less room for negotiation: When you can negotiate, there’s usually restricted negotiation when shopping for a spec home, particularly if demand is excessive.
How do I purchase a spec home?
The method of buying a spec dwelling is comparatively the identical as shopping for any dwelling:
See how a lot you may afford utilizing a house affordability calculator.
In case you’re planning to purchase with a mortgage, resolve which sort is greatest for you and get pre-approved.
Discover a actual property agent and start working with them to search out the suitable dwelling.
Tour numerous spec properties to slim down your choice.
Talk about your provide together with your agent, take into account contingencies, and make a suggestion. When you can negotiate with spec properties, the builders usually have already set a worth flooring.
Regardless that the home is model new, it’s nonetheless a good suggestion to get a house inspection.
Shut on the house and start transferring in.
How is a spec dwelling completely different from a mannequin or customized dwelling?
Spec properties are constructed with out a particular purchaser in thoughts and are excellent for these on the lookout for a brand new building dwelling.
A mannequin house is made to show the most effective upgrades, options, and format choices a brand new improvement has to supply, that are greatest for these on the lookout for a well-upgraded dwelling. These properties are solely out there for buy after the builder finishes promoting the opposite properties locally.
A customized dwelling can be a brand new construct that’s utterly customizable, in contrast to spec and mannequin properties. These are perfect for patrons who’re on the lookout for a customized house and don’t want to maneuver in rapidly.
Spec home FAQs
When you have a query about spec homes, likelihood is, another person is asking too. Check out the generally requested questions on some of these properties.
Is there a proper time to purchase a spec home?
There’s no proper or unsuitable time to purchase a spec home, however take into account shopping for on the finish of the builder’s fiscal quarter, throughout a slower market season, or when building is close to completion for a greater deal.
How a lot does a spec home value?
The price of a spec dwelling varies vastly relying on location and market circumstances, however a typical mid-range worth brackets from $400,000 to $700,000.
Are you able to negotiate on a spec home?
Sure, you may negotiate on worth, however builders often have a worth flooring set. You’ll doubtless have higher luck negotiating different perks like closing value help, dwelling warranties, or upgrades and options if the house isn’t completed.
