Interested in a newly constructed home, but you don’t want to wait months and be saddled with what feels like endless decision-making? A move-in-ready spec home could be the right option for you.
Spec homes are homes built by real estate developers without an individual buyer in mind. During construction, the builder chooses commonly desired layouts and design choices to appeal to a larger group of buyers.
Pointing out the pros
To start, the stressor of owning a home under construction is immediately factored out. There’s no worrying about required permits, vendor selection, design decisions, increased material costs, or any other headaches that come with homebuilding.
The burden of a high price tag is also lessened, as spec homes are considered more affordable. The more fiscal advantages that a builder benefits from, the more they can offer concessions, like a permanent interest rate buy-down when they put the project up for sale.
Compared to a custom construction project, which often requires multiple loans — one for the land purchase, one for construction, and one to purchase – a spec home requires just a single mortgage loan for homebuyers. It’s a simpler, faster, and less expensive process overall.
For these and other reasons, the inventory of spec homes across the U.S. continues to grow as they account for approximately half of home sales.
Considering the cons
Though spec homes do offer a lot of attractive add-ons, they’re not immune to potential drawbacks.
If you’re passionate about your impeccable taste being reflected throughout your home, a spec home may not be for you. Since you did not choose the finishes beforehand, it won’t be customized to your liking. In some cases, if the builder’s finishing choices were too “of-the-moment,” your resale value may be lower later if buyer preferences change.
the location of a pre-built home is predetermined. It may not be in the neighborhood you were hoping for, or it may have limitations like an unfinished yard or close proximity to other homes if it’s in a large development.
Knowledge is power
Legacy works with more than 150 builders across the Greater Seattle Area. Our close, longstanding relationships with these developers mean that we can point you toward the ones whose style, floor plans, and approach line up with what you’re looking for. Our experts offer an easy way to explore new construction options that fit your preferences without the common obstacles associated with custom homes.
If you’re interested in purchasing a spec home and don’t know where to start, give: 425-635-4700.
