Are you planning to have a new home but are confused about whether you should purchase a spec home or build a custom home? If so, then it’s important to know the difference between these two. Other factors that can influence your decision are your personality, life stage, and budget.
What Is a Spec Home?
Spec homes are built based on the builders’ plans. Builders have particular types of home buyers in mind, such as empty nesters or couples with children. However, a spec home can also include some additional features that can be appealing to the public. In most cases, home buyers can’t get involved in the interior design and floor plan of the house. But the best thing about it is that you will be able to move in faster if you choose a spec home.
What Is a Custom Home?
Simply put, a custom home is a unique home designed and constructed for a specific client. The idea of a custom house is that you’ll get the chance to turn your dream home into a reality. You will be working with the builder while bringing your ideas to life. Aside from contributing to the floor plan, you can also make decisions on the interior design, including the countertops and paint colors.
When choosing the type of home that’s perfect for you, you have to consider your goals and personal circumstances. For instance, if you plan to relocate due to a job offer and need to move into a new home quickly, then it’s best to choose a spec home.
If you have a growing family, then you will likely need a bigger yard and several bedrooms. A spec home would be ideal if you need to urgently move before the new school year begins. Empty nesters or retirees should invest in a custom home so they can live in a home that they’ve always dreamed about.
Involvement of the Owner
As the owner, you can involve yourself in a custom-built home, from its initial plans and preconstruction process to its completion. It is important to do site visits, such as during the design phase where you have to decide where to position the house to take advantage of the sunlight.
A consumer who chooses a custom home is interested in getting involved and is more creative in their own way, while a spec buyer is simply interested in solving the problem quickly. Keep in mind that before deciding to have a custom build, you should consider your tolerance for stress. However, most often, consumers enjoy the process, especially during the design phase, where they can make a lot of decisions.
Pros and Cons of Choosing a Spec Home
For couples, it is important that they understand the difference between a custom home and a spec home before they even begin looking for houses or finding architects and builders. It’s more about their dynamic. They should not only consider which one is more fun, but which one is more practical for their family.
If you prioritize your children and work, then a better option would be a semi-custom or spec home. Spec homes are usually close to completion or have been completed before they’re sold. Builders have already decided on the floor plan, features, appliances, etc. Hence, the buyers only have limited options when it comes to some things such as the flooring and paint colors.
Spec homes are perfect for those who need to enroll their kids in school beforehand, relocate for a new job, or don’t have enough time to dedicate to building a custom home. Just take note that some spec builders might be implementing the “take it or leave it” policy. This means that you can decide on the flooring and even the appliances; however, you cannot change the floor plan.
Even if they have not started breaking the ground for the new home, some builders might not provide you with any leeway on the floor plan, elevation, and even on the finishes. However, they might give you some room to negotiate for the sale price, but this will depend on the projected costs.
While working on the project, builders and owners might develop a close relationship, especially if the builder helped in finding the appropriate lot and design for the home. During the selection and design process, you’ll be able to understand more about how a house is built. Additionally, you’ll feel more comfortable about the way you spend your money.
If you’re planning to live in your home for a long period of time, then it would make sense to choose a custom-built home for a better quality of life. Otherwise, if you’ll be living in your home for a short period of time, then you should choose a spec house. If you want to know how much a custom home costs, then you can ask the builder how much their clients generally spend. Afterward, you can create your own comprehensive budget.
After the price has been settled and before signing the contract, you have to consider the expenditures you want to add in your home, for instance, a wine room or a wine refrigerator.
Think about the furniture and appliances that you want to purchase. These are important decisions and should be made at the start of the project. Also, it’s important for you and your builder to communicate regularly and stick to the plan.
Cost Considerations
For a new custom home, there are three important variables involved in the planning process—budget, size, and specifications. So far, the fixed variables are the site preparation and lot condition. So, if you want to determine the size and price of the house, then the style and specifications should be variable to satisfy the required size and price.
Although some spec builders might permit you to make a few changes to your home during the early stages, be careful since this could end up costing you more than a custom build. The genuine difference between a spec home and a custom home is that the custom home is non-existent during your first meeting with the builder.
It needs to be built. With a custom home, there won’t be any counteroffers. Its cost is as is, so you have to stick with the budget. So, if you spend some time working with your builder, make sure that you’re comfortable with them and their pricing.
Time Considerations
Custom homes differ; some take more time to build and are bigger and more expensive, while others are not. It usually takes four to five months to design smaller homes, and they can probably be completed within a year. Mid-sized homes could be designed within six to seven months and can be completed within a year. For the landscaping, it will take an additional six to eight weeks.
Titan Homes Utah can help you in constructing your custom-built home. Just give us a call at 801-494-4463 or email us at titanconstructors@gmail.com.