November 5, 2013

The Benefits of Buying a Spec Home

If you’ve been shopping for a new construction home for any length of time, you’ve probably heard the term “spec home.” Spec homes are new homes that the builder has started constructing before there is a designated buyer for that home.

For the homebuilder, it is more efficient to keep construction at a community moving before the sales are finalized. But spec homes have benefits for the homebuyer as well.

Shorter timelines

The most obvious benefit of buying a spec home is that construction is already underway. Waiting for initial permits and foundation to be poured is most likely behind you. Depending on how far along the home is in the process, you may be able to close on a spec home in as soon as 60 days.

Design freedom

Perhaps one of the most attractive reason to buy a brand new home is the ability to personalize the design with the fixtures and finishes of your choice. Unless the spec home you choose is complete, you will likely still be able to make some of the design decisions yourself. If you choose a spec home built to the drywall phase, for example, you will still be able to select cabinets, countertops and flooring.

Life-sized floor plans

Although most builders have at least one model home you can walk through at a community, there’s always the chance that the floor plan you want may not be built as a model home yet. Whether you choose to build from the ground up, or you end up going with a home already under construction, spec homes can give you a life-sized look at the bones of your floor plan before you ever sign on the bottom line.

Note: A spec home by any other name…
Spec homes have a lot of nicknames. Inventory homes, quick move-in homes, quick delivery homes, move-in ready homes and homes under construction are all terms synonymous with spec homes. At Richmond American, we typically refer to them as QUICK MOVE-IN HOMES.