If you are thinking about building a new custom home, you might be tempted to buy a spec home instead. After all, the design is already done, the decisions are already made, and the home is either already built or on a construction schedule that matches your timeline. This might sound appealing, but it’s not the whole picture. Before you sign on the dotted line, consider these downsides to buying a spec home.
It Wasn’t Designed for You
Perhaps the number-one reason not to buy a spec home is that the person who designed it has no idea who you are or what your family needs. Sure, they probably used some good design techniques, but that doesn’t mean the home has all the features that you want.
You’re about to make a significant investment in a home that you will probably live in for a long time. Why compromise on what you want? Building a new custom home allows you to select the features and floor plan around your unique needs, so take advantage of this opportunity to get exactly what you have been dreaming about.
Customizing Will Cost More
What if you see a spec home that’s almost what you want? Change a few paint colors, move a wall, upgrade the finishes, get new appliances… That might help you get closer to what you are envisioning, but when you add all that up, you’re probably not saving much, or you could possibly even be spending more, compared to the cost of building a new custom home.
You Pay for Features You Don’t Need
In some cases, spec homes include features that the builder thought would be desirable to homeowners, but they are not the things you care about. For example, a spa tub in the master bath might be an amenity that isn’t particularly attractive to you, but you will be paying for it because that’s what was installed.
On the plus side, these types of features might add to the resale value of the home, but in the time that you’ll be living in it, wouldn’t you rather have the amenities that will make you happy?
Hidden Costs Can Add Up
When a contractor builds a spec house, they are taking on a certain amount of risk. The longer the house is on the market, the more it costs them in interest and financing expenses. These costs are typically not absorbed by the builder, but passed through to the buyer.
Spec homes also include a real estate commission of 5-6%, which is included in the price of the home. If you are thinking of buying a spec house, do the math first to determine what you could get if you spent the same on a new custom home. You will probably find that you could either spend less money overall, or invest those additional costs in upgrades that you wouldn’t be able to get in a spec home.
Why a New Custom Home is a Smart Choice
One of the reasons people decide to buy a spec home instead of building a new custom home is that the process feels easier. While it’s true that the construction process can be daunting, especially if you have never done it before, working with a partner like Adair Homes makes it much easier. We help you through every step of the process so that you can get the home of your dreams within your budget.
When you customize one of our floor plans, you know exactly what you’re going to get—and most importantly, you know it’s what you want. Investing in a new home is a major decision. A spec home might seem easy, but it could actually cost you more than a new home with the features and floor plan you would rather have.