What Is a Spec Home? Why and When to Buy

Congratulations on the prospect of your new home build! Now that you've put aside a nest egg and have finally got the funds you need to build a home, you face an important question. Would you prefer the convenience of a move-in-ready spec home or the complete control that comes with a new construction home?

Deciding exactly what you want your home to be is no small task. When it comes to spec homes or new builds, one is not necessarily better than the other. You just need to determine what's a better fit for your personal preferences and situation. Before making this big decision, here's what you need to know about spec homes versus new builds. 

What Is a Spec Home?

Also called an inventory home, spec homes are move-in-ready, brand-new properties. These types of houses are either complete or nearly complete right before you are ready to make your purchase. Spec homes make it simpler and more affordable to plan and build a brand-new house. 

Not everyone has five or six months to wait for their new dream home to be built. If you don't want to wait, spec homes offer a convenient option. Plus, many spec homes can be customized with lots of designer options, finishes and features to make your home all your own. Homebuilders offering spec homes often have lots of communities to choose from, so you can find a location that works for your family's needs.

Why Buy a Spec Home?

If you're debating between a spec home or a new build, there are a few factors to consider. With spec homes, you get all the benefits of a brand-new home with a few added advantages: 

• Faster move-in time: Most spec homes are either already under construction or completely finished by the time you enter the picture. Once you've sold your current residence, your inventory house should be ready to go. 
• Simplified design process: Spec homes offer a more hands-off approach. While it may be fun to build a brand-new home from the ground up, it's also a lengthy process with many decisions, from countertop style to flooring to paint selections. While you can customize some details and features in a spec home, these choices require minimal effort on your part. 
• Excellent value for your money: While you may not get to choose every single detail, spec home builders are able to pass significant savings on to homebuyers. Many include high-end items like hardwood floors or stylish appliances that can be very expensive when purchased individually. 
• Simplified financing: Building a home from scratch tends to be a complex financial endeavor. Spec homes avoid all that, and many spec home builders can even walk you through the financing process. 

When Is the Best Time to Buy a Spec Home?

When it comes to buying a spec home, anytime is the right time. The real estate market today is on fire. Interest rates are at historic lows, and homes are selling in days and seeing unprecedented closing times. That means now could be a great time to sell your current property. You may not want to wait too long to buy a spec home as housing prices are only expected to rise.  

Differences Between Spec Homes and New Builds

Both spec homes and new builds allow you to be the first person to live in that house once it's built. How you go about the process of building is where the main difference lies. 

New builds are more customizable. You can personalize your home to include all those details and features you've always wanted, including the perfect number of rooms at just the right size. Plus, you don't need to add on anything you don't need. New builds, however, require a longer planning and building process. This means you will probably have to wait longer to move into your new home.

Pros and Cons of Spec Homes and New Builds

If you're struggling to choose between a spec home or a new build, it may be helpful to weigh the pros and cons. The main positive attributes of spec homes include:

• Quicker to move in with little to no delay
• More affordable
• Less involved
• Move-in ready

There are a few disadvantages that come with buying a spec home, such as:

• Less control over the finished product
• The design may include features you don't need
• Your home may be similar to others built by the same builder 

 Building a brand-new construction comes with some attractive pros:

• The home's design is suited to your specific needs and preferences
• You have more control over every detail, from flooring to the placement of interior lights
• Your home is perfectly tailored to your style

Gorgeous and Customizable Homes by SK Builders

If you want to build the home of your dreams in upstate South Carolina, SK Builders offers the exceptional quality and value you deserve. For over 25 years, we've crafted beautiful homes with innovative floor plans and semi-customizable options. This means a faster, more affordable brand-new home that you and your family will enjoy for years to come.

Take a look at our spec homes to find your move-in-ready home. If you're ready to build, contact our team online for more information or give us a call at 864-292-0400.