Know the advantages and disadvantages before buying a spec home.
Buying a home can be a headache.
Its no wonder many buyers opt for a spec home instead.
Credit: Kritsada Panichgul
So what are spec homes, and are they the perfect solution for everyone?
What Is a Spec House?
A spec house is a term short for a speculative house.
Spec House vs.
Custom Build House
Spec homes usually have some key features.
First, theyrenew builds done with the latest design trends.
They are considered move-in ready immediately after theyre built.
Because spec homes are new builds, theirlocations are often uniquecompared to custom builds.
However, they require a lot of work, time, and decision-making.
You have to be willing to take that on.
With a spec, you walk in and its finished.
you’re able to move right in!
Pros of Buying a Spec Home
The main perk of a spec home is that itsbuilt quickly.
Spec homes are alsonew, meaning you wont have to worry about the problems that come with older homes.
You are getting a brand new, move-in ready home, Raney says.
You get to enjoy the convenience of buying a new property without having to waitmonths or years for completion.
Most spec homes come with a one-year warranty.
If anything goes wrong within the first year, the builder must fix or replace it.
Theone-year warrantyis a huge benefit, says Incorvaia.
This benefit, along with the peace of mind it brings, is truly invaluable.
The security of knowing any problem can be replaced or fixed is truly priceless, he says.
Its also common for spec homes to beaffordablecompared to other options on the market.
In todays market, many buyers budgets are being squeezed by high home prices and interest rates.
Cons of Buying a Spec Home
There are also downsides.
Folks who dont like spec homes usually find that theyrenot unique or custom enoughfor their tastes.
You might have the option to choose certain finishes, even if its from a list of choices.
These homes are designed to appeal to most buyers, buttrendy looksarent necessarily right for everyone.
Spec homes can be vanilla or plain and/or trendy, Raney says.
It may not be a timeless design.
Should You Buy a Spec Home?
There are tradeoffs to buying a spec home.
For that reason, many buyers opt for a completely custom home.
It generally is far more costly, but there is more attention to detail.
Custom buildings tend to have finishes that are far more personalized.
Therefore, deciding whether to purchase a spec home involves weighing these options and deciding whats right for you.
