However, there are new construction homes that are move-in-ready (or at least almost ready), called spec homes. These houses are designed by the builder and intended to be a display similar to the model homes. The difference: spec homes are for sale!
Model vs. Spec vs. Resale Homes
Model Home vs. Spec Home
Spec homes, however, are essentially models that can be converted into a custom home depending on which stage the build is in—if the home is completely constructed, then buyers could potentially change out hardware, light fixtures, or any easy-to-swap items. If the home is still under construction and the builder consents, the home buyer can have the option to swap the shower tile, change the kitchen countertops, add in an accent wall—things that would need to be decided on beforehand. Home buyers may also customize the basement if finishing it out, as many spec and model homes have unfinished basements.
Spec Home vs. Resale Home
The 2020-2021 housing market has been one for the books…houses are on the market for 24 hours and then sold after receiving multiple offers over asking price. Let’s be honest…who really wants to submit that many offers and pay over asking? With a spec home, the market isn’t near as competitive. You walk through the home, fall in love with the design, have your agent or the community manager write up a contract, and get ready for closing. Oh, so simple.
You might be thinking, “I could just remodel my current home.” You absolutely can, but keep in mind that remodels rarely go as planned or stay on schedule. With a remodel, homeowners run the risk of finding other maintenance issues that often cause costly repairs. Whether it’s water damage that wasn’t known, rotted boards waiting to give-way, or scuffs and cracks through the remodel process, your task could go from one small, simple update to a much larger project.
Remodeling also means living and trying to function in an incomplete home—you could be out of a bathroom, kid’s bedroom, kitchen, or laundry room! Regardless if you are a DIY-er or hire a professional to update your home, at some point, that room is going to be decommissioned for a short period of time. Not only will your home atmosphere become hectic, remodeling and putting more money into a home may not be worth it. Some changes aren’t returned in resale value, which makes one wonder if those updates are truly worth the hassle.
The Best of Both Worlds
Purchasing a spec home is a great way to have a new construction home without having to hand-pick every detail as you would with a custom home. These display homes are a way for the builder to add their own flair and unique features that buyers may not have thought of themselves, such as a built-in broom cupboard.
With a new build, homeowners don’t have the typical maintenance issues with their purchase that resale home buyers may run in to. Their home is move-in-ready with the latest colors, flooring, and appliances. The home shouldn’t need any updating for years to come, making a spec home the best of both resale and custom home worlds.
Talk to one or our agents about purchasing a new construction home.
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