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A home buyer usually has little or no input into the details of a spec home, unless you buy one before the finishes are done. When it comes to custom home vs. spec home cost, spec homes are often much more affordable. Spec homes are often ready for move-in already, so homebuyers can get into this type of house quickly and easily. If you’ve saved for years to buy that forever home you’ve been dreaming of, make sure it’s truly the home of your dreams. Building time for a spec home will depend on the type of builder, as well as the type of home being constructed. Others have a small team and can take a long time to finish construction.
This timeline could be anywhere from two to eight months, and Custom Homes could take eight months to over a year. It’s more difficult to sell many custom homes because they were made for such specific needs. There are many factors that impact the construction time of a custom home, so you should speak with the builder for the most accurate estimate.
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When you build a custom home, the homebuyer often goes to a builder with a plan they’ve chosen or had an architect draw up for them. They typically have a clear idea of what they want the home to look like and the type of materials they’d like to use. Whether you decide on custom or spec, interview several builders and identify the one you’re most comfortable with, says Cataldo. Spec homes can either be designs that the builder has used previously, or a one-off design developed for a specific site and buyer demographic.
Usually, faucets, hardware, counter tops, and finishes may not be what you like, unless your builder waits to allow the homebuyer to choose the finishes. Other types of homes are also available including existing homes and production homes. Buying an existing home is often the least expensive route to go upfront.
Cons
The trade-off being that you can move in quicker with a spec home. What’s more common is that you experience delays in the building of your custom home and you’re ready to sell your current home before the new one is finished! Your buyer will likely be willing to accommodate you give or take a few weeks, but if your project drags on, this may dissuade prospective buyers from pulling the trigger on a purchase. It’s no secret that a custom home builder and a prospective owner will have a close relationship throughout this process. From start to finish, you will be in direct contact with the builder, especially if you need help finding the right lot.
Your risk dramatically decreases if you buy a house since you will avoid much of the unanticipated delays. After all, a delay means more time spent on the project, which means more money goes out of your pocket to the builders – and we want you to conduct an efficient purchasing process. A spec home is a property that has been designed with no buyer in mind.
Limited Design
A spec home is great for those looking for a starter home or people who are on a budget. You can get many of the benefits of a new home without having to break the bank. Weighing out the pros and cons of a spec home can help you decide if it’s the right choice for you. Custom homes can take anywhere from a few months to up to a year or more, depending on how everything goes. If you don’t already own your land, then you’ll need to find and purchase land. Then you’ll need permits, which can take some time depending on where you live.
To ensure these homes sell quickly, spec builders pick out features that appeal to the broadest market. Beautiful spec homes are built every year, and buyers are able to see exactly what their money is buying them. However, most decisions are already finalized at the time of construction. Custom home builders construct homes specifically for an individual buyer.
Cons Of Buying A Custom Home
A custom home is made specifically for one buyer and tailored to that person's particular desires and needs. The buyer actually chooses the design or helps to design the home personally. And the buyer selects all of the finishes and materials that will be used. A home buyer has much more control over the final product with a custom home than with any other type of home. Overall, spec homes are a good option for those who have a short timeline and want a great new construction house.
Cataldo urges buyers to look closely at the cost/value equation. If you build on your own land, the total cost will be slightly higher to build your spec home since you’ll have to pay for the land that it’s built on as well. It could be that the housing market is great and your builders are selling a lot of homes.
Potentially save money in the long term because you got the home you needed and don’t have to renovate or add on to the house later. The house will be rather generic, or, at the least, possibly not best for your specific needs and desires. For those that don’t have a full idea of what they want in a home or are looking for a place to move into quickly, a spec home may be the way to go. Steiner Homes is building beautiful new homes in all of Northwest Indiana. With this information in mind, you can determine which home option is best for you.
Whether it is the layout, design, materials used, amenities, or finishes, you have a say in everything. Floor plan designs are pretty basic and say very little on home design, however expect this build to be very cost efficient and a quicker turn around time than both spec and custom homes. They especially appeal to buyers who are in a time crunch, who want to move into a new home right away. These homes are perfect for home buyers who value a fast home building process over a customized one. There is no need to envision what your home will look like because you will be able to physically check it out in its entirety before purchasing. By being available immediately or in a very short period, spec homes eliminate the lengthy process of new construction.
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