When you are in the market for a new home, all the jibber jabber from your real estate agent gets a bit confusing. If you have heard about spec homes, inventory homes and feature homes and missed what they are all about, then the information below is all you need. But first, know that all three terms are the same. For your convenience, the term spec homes is used in this article.
Spec homes are simply newly constructed homes which are ready to be moved into but have no buyers yet. Since they were not commissioned by clients, they are based purely on speculation about what the buyers might want. A Mandurah new home builder will offer will offer a spec home to a home buyer looking for a quick move in since newly constructed homes take about 3 to 4 months to finish and not every buyer is willing to wait that long for their dream home.
They are frowned upon sometimes and it might not be constructed especially for you, but there are a lot of reasons to consider buying a spec home.
The biggest selling point is how quickly you can move in. They are either finished or nearly complete. After you purchase it, you can claim your key and get settled in right away. When you have sold your old home, you are usually given just a month or two to find a new house and move out and in this case, a spec home is the answer. Also, there are clients who are not keen on the complications that the construction process will bring with it. True, being a part of building your new home is rewarding in the end, but you will have to go through a fair amount of hassle and stress. There are tons of decisions to make – from the design to the materials, down to the finishing. Getting a spec home will mean bypassing all these.
Moreover, since it has already been built from the ground up, you get to see exactly what you are buying before you sign the paperwork. You will be able to examine the actual house and figure out how you’ll utilize the space. Instead of looking at a computer screen, you will be able to touch, feel and see the home before you cash in. And because everything is already finished, you will be spared from all the financial surprises.
If you’re someone who wants to get into the nitty-gritty of everything, then spec homes are not for you. You do not have much option when it comes to designing a beautiful house. The builder makes the choices. You will not be able to downgrade to cheaper features since they are already there. Although, since it has been doing well in the market, there are plenty of spec homes to choose from. There might be a few new home communities in your area, and there’s bound to be spec homes there, too.
Real estate agents have the latest information, and it will be helpful if you have their assistance. But you won’t need a real estate agent to know this little secret: the end of the year is always a great time to purchase a spec home. A Mandurah new home builder will want to clear out his inventory by year end and hopes to sell out to make room for new sales in the following year. So you’ll be able to negotiate and press on for incentives.