Are you in the market for a new home? If so, you may be wondering whether you should buy a custom-built home or a spec home. Both types of homes have their pros and cons, and it can be difficult to decide which option is right for you. In this blog post, we will discuss the differences between custom-built homes and spec homes and help you decide which option is best for you!
Choosing Your Dream Home
Building your dream home is one of the most important decisions you will ever make. After all, your home is where you will spend the majority of your time! You want to make sure that you choose a home that suits your needs and that you will be happy with for many years to come.
What is a Spec Home?
A spec home is a house that is built speculatively by a builder. The builder builds the home without having a specific buyer in mind with the hope that home buyers will buy the house after it is built or even during construction. These homes are built to appeal to a large audience and are typically pretty generic. Spec homes are usually built in areas where there is high demand for housing. And the homebuyer usually has little to no input into the details because most things have been decided by the builder ahead of time.
What is a Custom Built Home?
A custom-built home is a house that is specifically built for one buyer. The buyer has a lot of input into the details and can choose things like the floor plan, finishes, fixtures, and appliances. The builder will work with the buyer to create a home that meets their specific needs and wants.
Spec Home vs. Custom Built Home
But before you decide whether you want a spec home or a custom-built home, there are a few other things to take into consideration and a few questions you should ask! The first is, which option fits my budget best?
Which Costs More?
When comparing similar-sized homes, spec homes are typically much more expensive than custom-built homes in the long run. The reason for this is that you may need to plan a remodel or two down the road to make the home fit your specific needs and wants.
On the other hand, custom-built homes are more expensive upfront but will likely save you money in the long run as you won’t need to do any remodeling!
Which Takes Longer to Build?
Another important factor to consider is how long it will take to build your home. Spec homes are usually built much faster than custom-built homes because the builder already has a plan in place and doesn’t need to make any changes.
Custom-built homes, on the other hand, can take anywhere from a few months to over a year to build depending on the complexity of the design and the availability of workers. If you are ordering special materials for your home things can take longer than normal due to shipping and other outside factors.
Which is More Lucrative When Reselling?
If you think you may resell your home in the future, it’s important to consider which type of home will be more lucrative. If you are building your dream home you most likely don’t have plans to sell. However, you should still take into account the fact that things don’t always go to plan and you may find yourself needing to sell.
Typically spec homes are more appealing for resale, however, it depends on a lot of different factors including the home’s location and finishes. On the other hand, custom-built homes can be easier to sell because they are designed with unique features that a potential buyer may be looking for!
Which has better Design Options?
If you are someone who likes to have a lot of design options and be involved in the design process, then a custom-built home is probably the better option for you. With a spec home, you are limited to the builder’s designs and choices.
A custom-built home gives you the opportunity to be involved in every step of the design process. You get to choose the layout, finishes, fixtures, and appliances. You can also add any custom features that you want!
Pros and Cons of Spec Homes
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Pros:
- They are usually more affordable upfront
- Spec homes are move-in ready
- You can move in within a few months
- They are easier to resell
Cons:
- They have very few unique features
- Spec homes use basic materials and fixtures in neutral colors
- You have little to no control over how the house is built
- You may not like the location
- You may have to require upgrades to make it exactly how you want it to be
Pros and Cons of Custom Built Homes
And just like there are pros and cons for spec homes there are pros and cons for custom-built homes too!
Pros:
- You are building the exact home you want
- You have a lot of control during the building process
- You decide on the materials and fixtures
- You choose the location and size of the lot
Cons:
- Custom built homes are oftentimes more expensive
- You may not have a large return on your investment
Let Us Help You Decide Which Is Best For You!
No matter which type of home you choose, it’s important to do your research and weigh out all of the pros and cons before making a decision. If you’re still not sure which is best for you, reach out to one of our experts at Built Right Homes and we’ll be happy to help you decide! spec homes or custom-built homes.
