With the fast-paced lifestyles and upgrading technologies, we have witnessed many significant changes in each sector. Invention and innovation are the mothers of necessity, and the same trend can be seen in the real estate industry.
Ready-to-use, pre-constructed, newly built spec homes are now trending as they are pre-constructed, ready-to-move-in homes that require no waiting period on the side of buyers.
Buying a home might bring you challenges like planning the architecture from scratch and a long wait until your dream house is constructed. Till then you might be bound to stay in a rented space. Buying a spec home might be considered a good idea instead. Buying a spec home has various benefits as spec home builders understand that time is money and provide you with newly constructed, ready-to-use Spec homes.
Let us first understand what exactly spec homes are?
What is a Spec home?
Spec homes are pre-built houses that are ready to move in and are open for sale. There is very little space for customization in such homes. Spec homes are built under speculation so that the spec builders may sell them soon and earn profits.
The Spec builders may leave finishing the flooring and painting the home for the buyers to give them ample scope to choose according to their desires.
Building a spec house means preparing an almost completed home, including the ongoing decor and space ideas. It leaves some room for customizations requested by the home buyers.
Let us quickly look at some of the considerations which must be kept in mind when purchasing a spec home.
How to buy a Spec home?
Buying a Spec home requires a specific process in itself. Here are some tips that can help you crack the best deal while buying your Spec home:
- Don't skip the research
Shortlist the Spec homes that you would like to buy and get an idea about the professional background of the builders. You can research the spec home builders through some local builder's associations. The next step is to check their building portfolio, public records, websites, and social media handles.
- Approaching a real estate agent
Although many builders have some preferred real estate agents, it's good to do your research and choose the professional who can guide you through the entire process of buying a Spec home. Select the professional with ample knowledge and skills to customize the process according to your requirements and current situations.
- Be ready to compromise with the features of the home
Before hunting for the best Spec home, be comfortable with the fact that it might not resemble your dream house. As the home is built according to the builder's specifications, you may not get a chance to get it through enough modifications. However, asking the builder for possible moderations and upgrades is not a bad idea. They will guide you through the customizations and even help you to upgrade the appliances.
- Grab the space to get more value
Mostly, spec builders won't agree to reduce their sales price, impacting the neighbourhood's properties' prices. Instead, you can request them to complete some custom modifications without charging anything else.
- Get the home professionally inspected
This is the most crucial step. It's advisable to get your Spec home professionally inspected for quality and construction before you sit for a deal. Most importantly, do your research and choose a professional yourself rather than considering the builder's recommendation.
Let us have a look at some PROS and CONS of the Spec homes:
Pros of buying a Spec home
- It saves the time that goes into planning and construction.
- The home comes with a warranty most of the time.
- It's a newly built home where you can get immediate possession.
- No construction delays.
- Rather than relying on the construction plans, you can walk into the space before committing the ownership.
Cons of buying a Spec home
- Less space for customization
- The original plan of the house might not match the ideology of your dream home.
Spec homes can be your next living space. However, you should execute all the steps mentioned above before committing to the ownership.
The overall idea of Spec homes can be considered remarkable as it provides the buyers with the knowledge of the latest trends of housing industries and the houses come equipped with the existing smart gadgets.
If you have decided on buying a home, try visiting our website for some excellent home plans. Browse through the various projects available and choose the one you find entirely within your reach.
With 7 OCEAN HOMES, you will have access to the best home builder teams available in the entire Edmonton region. Good luck!
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