What is a “spec home?”
The term “spec home” is used a lot here in Florida and simply stands for “speculative.” Builders will take a lot that they own and simply start building a home they hope to sell later. The builder picks the design and finishes for the home and gets to work.
For the builder, this is an educated guess that someone will come along and purchase the home they’ve decided to build. That doesn’t guarantee that they will turn a profit on the home but here in Naples, FL that’s usually the case.
How is a spec home different from a custom home?
A custom home is just that—custom. The buyer gets to choose all of the details that go into a brand new home and can often make layout changes as well. If the buyer plans on being in the home for many years, custom homes are a great way to go since the buyer can make it exactly as she wishes. Spec homes will have many of the design elements chosen already and if the home is far along on the build the buyer likely can’t make changes.
Also, a custom home could take months to build. A spec home may be ready in a week depending on when the buyer finds it.
Advantages of buying a spec home
The biggest advantage in my opinion of buying a spec home is that it is already being built. The buyer will be able to take ownership far quicker than if they purchased a custom built home.
Another great advantage is that since spec homes are commonly purchased while still under construction, many builders will allow the buyer to make their own selections regarding counters, cabinets, flooring or paint color.
Finally, you may save some money purchasing a spec home versus going the route of a custom home. Spec homes are priced for today’s market whereas custom homes often have a slightly higher price if the builder is expecting the market prices to appreciate.
How do I find out about available spec homes?
Easy! You give me a call, text or email. The process of finding them is a bit different between buying in Golden Gate Estates versus in a developer’s community. It’s quite easy with a gated community because the builder will have a “spec list” of all spec homes ready to purchase with their prices and their of completion. In areas like Golden Gate Estates, I’ll give builders a call and find out what they have available.
Ready to see what’s out there?
If a spec home is right for you, please feel free to give us a call, text or email. I would love to send you options for you to choose from!
