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The goal is to give home buyers a good deal for a well-built home. A spec house – short for speculative house – is a new house that a home builder constructs on the speculation that it will sell easily for a profit. Builders design these move-in-ready homes to be as appealing to home buyers as possible. To avoid or minimize risk, begin by browsing quality spec house plans. Once you find a spec home plan that you like, make sure you build the house in a good area. The way to determine if a location is a good area is to find out information about the comparables of the homes that have sold in the area.
• A Designs Unlimited designer can attend your pre-approval meeting as your advocate. This often reduces or eliminates punch list items as they’re often resolved or mitigated during the meeting. With over 775 stock house designs it’s easy to find the styles you’re looking for.
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All of these expenses put a dent in your return on investment. From Spec Verified floor plans to professional photos, virtual tours and a lead generating digital brochure for every property, we’ve got you covered. It’s unlike a spec home because a spec home does not allow you to choose the details from start to finish – most items are already chosen for you by the builder.
This includes recycled content, salvaged materials, and products that are made from renewable resources, such as bamboo and hemp. Builders prioritize appliances and lighting, both of which account for a large percentage of your overall energy use. His focus ranges from ecommerce and restaurants to small business and real estate. Make a cash offer now, and Orchard will sell your old home after you move. A cash offer is 4x more likely to be chosen by a seller. Our Home Advisors are experienced local agents who know how to sell for top dollar and help win your dream home.
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Showcase your business, get hired and get paid fast with your premium profile, instant invoicing and online payment system. Our Expert Team has over 20 Years of Professional Homebuilder Marketing Experience. You can rely on our portfolio of services to enhance your current marketing efforts. Recent increases in materials cost that have raised the price of a new home should be a forewarning to potential resale buyers. Spec Homes offer quicker move in timelines than traditional contract to build homes. Get the home you want with less wait for your next move.

Developers have to build to a strict budget that reflects each home’s eventual market value. And, especially with tract homes, they can save on architects’ fees by repeatedly using the same plans, buy materials in bulk and do deals with subcontractors that generate savings. If you want to take your time and think a lot about your purchase, a spec home might not be for you. Most builders have several projects going at once and they’re trying to sell as many homes as possible in as little time as possible. With buyers lining up, they want to sell fast and won’t have much patience for potential buyers waffling and weighing their options. The plus side is that buying a spec house is often a quicker process than buying a custom or new construction home because spec homes are move-in ready.
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On top of a guaranteed sale, 95% of Orchard customers sell for more on the open market. By clicking "Get the guide," I agree to Orchard's Terms of Use and Privacy Policy. Property is one of the biggest investments a person can make. Regardless of whether or not you see a home as a financial asset, it is. You want to buy a house that will appreciate in value rather than depreciate to help secure your future.
So they often bust the budget by choosing more expensive specs than developers would. Whether you’re brand new to real estate or have closed a few deals, our new online real estate class covers everything you need to know to help you get started. Expert investor Than Merrill explains the best real estate strategies for today's real estate market to help get you on the path towards a better financial future. Next, spend time researching these builders by checking reviews, looking at their websites, and scrolling through their social media pages. Then, you’ll likely be able to narrow your list down to three to four builders that you like. Vet your preferred builders by conducting informational interviews, calling their references, and visiting some of their listings in person.
Selling Spec Homes
But a spec home is also an affordable, move-in ready option that can be appealing to home buyers and real estate investors alike. Add in the Covid 19 pandemic along with the lowest mortgage rates on record and the situation only gets better . Individuals and families are moving at a record pace in hopes of creating a better tomorrow for themselves.

However you do it, custom building is strictly for the endlessly patient. Last but not least, don’t be afraid to negotiate with your builder. Spec home prices tend to be fixed, but that doesn’t mean they can’t accommodate you in the form of upgrades and modifications. This will help you get more value for your money without adversely affecting the value of your neighborhood. Energy-efficient home designs in Port St. Lucie allow for exceptional affordability when it comes to the cost of ownership.
To search our entire database of nearly 40,000 floor plans click here. About 70% of my home building business consists of spec homes.. It is more risky to build a home that isn't pre-sold, but it sure is easier, quicker and generally turns out nicer.

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If you’re considering a spec home, there are a number of pros to consider. These items allow the website to remember choices you make and provide enhanced, more personal features. For example, a website may provide you with local weather reports or traffic news by storing data about your current location. Builders usually construct several comparable spec homes, which means that the style of home will likely have a going rate. They may not want to negotiate with you and may want to stick with their base price. However, depending on your specific situation, you might be able to negotiate the price.