If you are house hunting and exploring the possibility of purchasing new construction in Cheyenne, WY, you probably have heard the term “spec home” and perhaps wondered what it means. A spec home differs from a traditional custom home in significant ways, the primary one being that the builder chooses the floor plan, features and finishes prior to completion. If you are drawn to a builder’s existing portfolio or you just don’t have time to wait for a home to be constructed from the ground up, buying a spec home can be a great decision.
On the other hand, a pre-sale home gives you the advantage of building your new home from scratch (or at an early stage of construction), so you can select the features that are most important to your family. Read on for more helpful information about these two options!
What Is a Spec Home?
Spec homes, also known as move-in ready homes, include the most popular amenities that a home builder offers to appeal to the broadest range of buyers. The name “spec” is short for “speculative,” meaning that a building company is speculating the home will sell once completed. Rather than imagining what a custom home will look like, with a spec home, homebuyers can see the completed new home prior to signing a contract. However, a spec home cannot be customized to the buyer since the floor plan, features and finishes are chosen before the home is listed for sale.
Here is a brief summary of the benefits of buying a spec home:
- Immediate availability. A spec house makes the most sense for those who want a quick move-in date. Compared to building a new custom home on a timeline of six months or more, buying a spec home eliminates months of wait time because it is already complete or nearing completion.
- Affordability. One of the most attractive benefits of buying a spec home is the financial savings. Builders of spec homes have developed a portfolio of proven floor plans and know how to build them efficiently, without sacrificing quality. This can result in greater cost savings over building custom.
- The same quality. When you buy a spec house, you’re still getting high-quality new construction in Cheyenne, WY, built by the same team of craftsmen who build Gateway’s semi-custom and custom projects.
What Is a Pre-Sale House?
A pre-sale home is a home that is available for purchase before it’s move-in ready. A pre-sale can be a true custom home, where the buyer chooses the lot, floor plan, features and interior and exterior finishes. If you sign a purchase contract later in the construction process, there will be fewer features to select. Get involved early to maximize your ability to customize a pre-sale home.
Pre-sales offer the following advantages:
- Choose the location. If the builder you choose to work with has land available where you want to live, you can select the lot. Now is the time to snag that corner or walk-out lot you’ve had your eye on!
- Greater control. You will be able to select design details, features and finishes when purchasing early in the process. The builder will offer a selection of popular options to choose from as a starting point. You can approve each item or further customize it to suit your taste.
- Pricing certainty. When you sign a contract, you will get a guaranteed price plus more time to save money to put down while the home is under construction. In addition, the property could start gaining equity immediately.
- Avoid the competition. A pre-sale buyer might not face the same competition as those buying a spec or resale property. You can avoid the stress and hassle of placing multiple offers on a home and being outbid.
Work With a Builder You Can Trust
Whether you purchase a spec or pre-sale home, choosing an experienced and reputable builder is crucial to a successful outcome. Meet with the builder’s representative to discuss project scope and their building process, then contact previous buyers to get their feedback on the building experience. Also, ensure that the builder you select offers warranty coverage that protects your investment after you receive the keys.
At Gateway, our goal is to exceed your every expectation, at every opportunity. We offer more than 20 years of experience building new construction in Cheyenne, WY, and we are ready to put our expertise to work for you! Get started by calling us at (307) 632-8950 or completing our online contact request form.