What to Know About Buying a Builder’s Spec Home – and Why it’s a Smart Move
You’ve probably heard of a spec home, but what about inventory, showcase, or feature homes/houses? Same concept. Different names.
Ok, so what is a spec home? Buying a spec home, meaning a quick move-in house crafted with builder-selected finishes and other designer options, is a great choice for some homebuyers. Speculation homes are ideal for those who prefer to live in a new home community like Lilyana by Hillwood in Celina, TX but can’t wait 6-12 months while their home is being built.
Now that you’re up to speed on the term’s meaning, let’s run through the benefits and tips for buying a spec home.
Spec Home Benefits for Buyers
- Less time. Some new construction homes can take up to a year to complete. That makes the time and cost savings associated with spec homes all the more appealing, especially considering that rising North Texas home prices may increase even more next year. Can you afford another 21% increase? If not, it’s time to move quickly. Also consider that when your move-in date is a moving target, as with new construction, it can really complicate things like knowing when to sell an existing home. For immediate availability of a brand-new home, there’s almost no quicker option. You can put an offer on a house the same day you see it (or while it’s under construction in many cases) and typically close on it within a matter of weeks.
- Fewer decisions. Building “from dirt” isn’t just time-intensive, it can also be labor-intensive. Depending on your choice of builder and home design, you may need to make a flurry of decisions on everything from the wall and trim color to flooring, countertops, and tilework throughout the house when doing a build from scratch. When you choose a spec home, this type of heavy lifting has been done for you. Most builders have a team of designers that plan these finer points in concert with one another.
- No surprises. You may prefer to see what your house is going to look like before you spend hundreds of thousands to buy it. With a spec home, you know exactly what you’re getting down to the last detail. You’ll have the opportunity to test everything out on your walk-through and ensure the space is just right.
- More affordable. Buying a home is a huge investment! Spec houses are typically efficiently constructed with high-quality appliances and finishes. Those savings and smart design options get passed on to the buyer. Given how quickly the housing market in North Texas changes (the area is up 18% year over year), every little bit helps!
- Reduced risk. With existing homes and model homes that were built years ago, you never really know what you’re going to get. Take down a wall and you could discover a hidden mold infestation or expensive wiring issue. Build from the ground up and you may regret your choices down the line, especially if you’re known to be indecisive. Builders plan their spec home designs and home features around lasting trends with the most popular appeal, so you have a better chance of eventually selling the home and recouping your investment, or living there forever!
- Modern amenities. Who has time to research all the latest and greatest? Leave it to the spec designers to know which in-house and community amenities will resonate most with modern homebuyers.
Spec Home FAQs:
Knowing what questions to ask when buying a spec home can help smooth the process and leave you feeling confident you’ve made the right choice. Here are some frequently asked questions about inventory homes:
Why is it called a spec home?
The term is short for speculative venture. Builders construct homes to be sold as-is or with minimal changes to some colors and finishes.
How do I buy a spec home?
The process is similar to buying other new and existing homes. You can contact your real estate agent to schedule a showing or contact the builder for more information.
Is a spec home a model home?
No, model homes show different floor plans in new home communities and are usually only sold once the neighborhood is fully built if they are ever sold at all. Spec homes are built to sell as soon as they’re complete and some are sold during construction.
Are spec homes cheaper than custom homes?
Typically, yes. Customization can add up quickly and it’s easy to lose track of seemingly small upgrade costs. Spec homes take the guesswork out of the home price.
Once you understand the process of buying a spec home and how it can benefit you as a buyer, the next step is to get in touch with the new home community of your choice and inquire about their spec home inventory.
Come Take A Look at Lilyana by Hillwood
Want to move into a new home community? Lilyana by Hillwood in Celina, TX within Prosper ISD is opening a new phase in early 2022 which will include spec homes and ready to build lots! Check here for the latest updates on our inventory availability.